Auditing Profession Amendment Bill

The Standing Committee on Finance invites stakeholders and interested parties to submit written submissions on the Auditing Profession Amendment Bill [B2 – 2020].

Comments must be submitted to Mr Mr Allen Wicomb at [email protected] or Ms Teboho Sepanya at [email protected] by no later than  12:00 on Monday, 12 October 2020.

Enquires can be directed to both Committee Secretaries at [email protected] / 083 412 1475 or [email protected] / 071 363 2349

Public hearings will be conducted at Parliament on Wednesday, 14 October 2020 via the Zoom platform.

Those who want to make submissions at the public hearings should indicate so.

The Bill aims to:

• Amend the Auditing Profession Act, 2005, so as to insert a definition
• Strengthen the governance of the Regulatory Board
• Strengthen the investigating and disciplinary processes
• Provide for the power to enter and search premises and to subpoena persons with information required for an investigation or disciplinary process
• Provide for the power to issue a warrant for purposes of entering and searching of premises
• Provide for processes to be followed after an investigation
• Provide for a duty to disclose information
• Provide for sanctions in admission of guilt process and following a disciplinary hearing
• Provide for offences relating to investigation and disciplinary process
• Provide for the protection of personal information
• Provide for transitional measures; and
• Provide for matters connected therewith

Issued by Hon. J Maswanganyi, MP, Chairperson: Standing Committee on Finance (National Assembly)