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AUDITING PROFESSION ACT: MAXIMUM FINES DETERMINATION TO BE REVISED?
- 05 January 2024
- Auditors & Accountants
- SA Legal Academy
National Treasury intends withdrawing and revising a notice gazetted in June 2023 proposing maximum fines where registered auditors or their firms are found guilty of an offence under the Auditing Profession Act, 2005.
According to the replacement notice announcing this, input is now sought by 4 February 2024 on proposed fines that would ‘provide for the maximum amounts for both sections 51(2) and 51B(3)(b) of the Act to apply per charge’. The move is apparently in keeping with a recommendation from the Independent Regulatory Board for Auditors.
The Act’s section 51 deals with proceedings after a hearing and was amended in 2021, when section 51B was inserted to provide for the process of determining sanctions following a disciplinary hearing.
- draft withdrawal and replacement notice
- June 2023 notice
- Act with amendments
Published by SA Legal Academy Policy Watch