Notices > Regulatory Strategy for Independent Regulatory Board for Auditors > Part A : General Information

The amendments to the APA, which became effective on 26 April 2021, require, in section 4(3), that:

"(a)	The Regulatory Board must determine a regulatory strategy for performing its functions in terms of subsection (1).

(b)	The Regulatory Board must submit the regulatory strategy to the Minister for approval within three months after the date that the Auditing Profession Amendment Act, 2021, takes effect1.

(c)	The Minister:

(i)	may, after consulting the Regulatory Board, make amendments to the strategy referred to in paragraph (b); and

(ii)	must publish in the Gazette the approved regulatory strategy within six months after the date that the Auditing Profession Amendment Act, 2020 (sic), takes effect.

(d)	The Minister or the Regulatory Board may request an amendment to the regulatory strategy published in terms of paragraph (c) or a new regulatory strategy be determined in accordance with paragraph (c)."

This document, therefore, addresses these requirements and outlines the following:

•	Key priorities and strategic outcomes;

•	Guiding principles when performing our regulatory activities; and

•	Engagement with stakeholders, as we implement our regulatory strategy.

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1 The Act was assented to by the President on 23 April 2021 and it took effect on 26 April 2021 when it is published in the Gazette.

Auditing Profession Act, 2005 (Act No. 26 of 2005)