Auditing Profession Amendment Bill: Committee Report

Meeting report

The Chairperson welcomed everyone to the consideration and adoption of Committee Report on the Auditing Profession Amendment Bill. The Committee had informally voted and adopted the Bill during a previous meeting and the report had been sent to Members prior. He highlighted key issues raised during public hearings. Overall, the majority in the Committee supports the inclusion of the mandatory rotation of auditors in legislation, but decided, after careful consideration of all the relevant issues, not to go ahead with processing a new clause, and strongly recommends that National Treasury undertakes the necessary consultation with the stakeholders and brings a Bill to Parliament with a clause on the mandatory rotation of auditors within 24 months. He took the Committee through the Bill page by page and asked Members to give input as and when they deemed necessary.

There were no inputs from Members.

The Chairperson put the report up for adoption.

Mr E Njandu (ANC, Western Cape) moved.

Mr S du Toit (FF+, North West) seconded.

Mr Moletsane (EFF, Free State) rejected the report.

The Report on the Auditing Profession Amendment Bill was adopted without amendments.

The meeting was adjourned.