| (2) | Such a person must be— |
| (a) | a member of the staff of the Auditor-General who— |
| (ii) | is not so registered but has the qualifications, experience and competence referred to in subsection (3)(a); |
| (b) | a private practitioner who— |
| (i) | is registered as an accountant and auditor in terms of the Auditing Profession Act and is engaged in public practice as an accountant and auditor; or |
| (ii) | is not so registered but has the qualifications, experience and competence referred to in subsection (3)(a); or |
| (c) | a person with non-accountancy qualifications, experience and competence to the extent that a person with such qualifications, experience and competence is necessary for any particular audit. |
| (3) | The Auditor-General must— |
| (a) | determine the minimum qualifications, experience and competence for authorised auditors referred to in subsection (2)(a)(ii) and (2)(b)(ii) for appointment as authorised auditors; |
| (b) | after consulting the oversight mechanism, issue a code of conduct for authorised auditors, setting out— |
[Section 12(3)(b) substituted by section 7 of Notice No. 1260, GG 42045, dated 20 November 2018]
| (i) | standards of professional conduct for the performance of an audit or their other functions, taking into consideration the manner in which the accountancy and audit profession is regulated in this regard; |
| (ii) | any disciplinary steps for misconduct; and |
| (iii) | any other relevant matter; |
| (c) | determine the manner in which an audit referred to in section 11 must be performed; and |
| (d) | determine the manner in which any powers conferred on authorised auditors in terms of this Act may be exercised, and limitations on the exercise of any of those powers. |
| (4) | Authorised auditors exercise their functions and powers – |
| (a) | in accordance with the code of conduct referred to in subsection (3); and |
| (b) | subject to any directives issued by the Auditor-General. |
| (5) | The code of conduct for authorised auditors referred to in subsection (3) is subject to any code of professional conduct prescribed by any legislation applicable to public practitioners in the accountancy and auditing profession, and in the event of any inconsistency between the code of conduct referred to in subsection (3) and such code of professional conduct, the latter code prevails. |
