FINANCIAL MATTERS AMENDMENT BILL: FINAL OPPORTUNITY FOR SUBMISSIONS

FINANCIAL MATTERS AMENDMENT BILL: FINAL OPPORTUNITY FOR SUBMISSIONS

• 01 June 2023
• Parliament
• SA Legal Academy

Stakeholders still have until Monday 5 June 2023 to make written submissions on a ‘B’ version of the Financial Matters Amendment Bill – which, among other things, has implications for the auditing profession.

According to the NCOP notice calling for input on the Bill, on 6 June 2023 it will be the focus of a final round of public hearings.

Passed by the National Assembly on 26 May 2023, the Bill’s provisions include amendments to the Auditing Profession Act, 2005, and the Auditing Profession Amendment Act, 2021. Neither of the clauses concerned having been revised by the National Assembly’s Standing Committee on Finance, their provisions remain the same as those in the original Bill.

In that regard, a memorandum on the Bill’s objects states that these provisions seek to:

• adjust the powers of the enforcement committee where an auditor admits guilt, and
• deal with instances when the enforcement committee is of the view that the conduct in question:
  • does not warrant deregistration or disqualification from registration as an auditor (in which case the admission of guilt process would be initiated), or
  • warrants such sanctions (in which case it would be referred to the disciplinary committee).

Please click the links below for more information:

• Bill
• committee notice
• National Assembly committee report page 17 of the parliamentary papers)
• National Assembly committee amendments to the Bill

Published by SA Legal Academy Policy Watch

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