PARLIAMENT PASSES FINANCIAL MATTERS AMENDMENT BILL – WITH IMPLICATIONS FOR AUDITING PROFESSION

PARLIAMENT PASSES FINANCIAL MATTERS AMENDMENT BILL – WITH IMPLICATIONS FOR AUDITING PROFESSION

• 20 June 2023
• Parliament
• SA Legal Academy

The NCOP has passed a ‘B’ version of the Financial Matters Amendment Bill, which has been sent to President Cyril Ramaphosa for signature.

As SA Legal Academy has already reported, the Bill amends several pieces of legislation including the Auditing Profession Act, 2005, and the Auditing Profession Amendment Act, 2021. Once in force, the provisions concerned will adjust the powers of the enforcement committee where an auditor admits guilt to a misdemeanour.

The Bill also:

• amends various Acts dealing with pensions, and
• the Land & Agricultural Development Bank Act, 2002, among other things by replacing provisions for judicial management with business rescue measures in keeping with the requirements of the Companies Act, 2008.

For more details, please click the links below:

• Bill’s ‘B’ version
• parliamentary papers confirming that the Act has been passed by both Houses (page 2)
• Parliament’s media statement on the Bill

Published by SA Legal Academy Policy Watch

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