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Comment on the Auditing Profession Bill

SAICA expresses support for the Auditing Profession Bill in South Africa. Emphasizing the roles of auditors, regulators, and professional bodies, the importance of education, training, accreditation, and competency testing is highlighted. The disciplinary process, multi-disciplinary practice, and regulatory regulations are key components for ensuring fairness, public interest, and ethical standards in auditing. Detailed regulations and clear guidelines on professional conduct and reporting irregularities are essential. SAICA advocates for a robust regulatory framework to uphold the integrity of the auditing profession.

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Comment on the Auditing Profession Bill

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  1. Comment on the Auditing Profession Bill The South African Institute of Chartered Accountants

  2. Thanks for the Opportunity

  3. Role of the Auditor

  4. SAICA Supports the Bill

  5. Education & Training • SAICA supports accreditation

  6. Role of the Regulator • Prescribe minimum competency requirements at entry level • Prescribe continuing development requirements • Accredit professional bodies • Monitor professional bodies

  7. Role of professional bodies • Prescribe own requirements taking into account minimum requirements • Run education programs • Run training programs • Accredit education institutions • Competency testing

  8. Education & Training • SAICA supports accreditation • Role of regulator • Role of professional bodies Make it clear that the regulator should only set exams etc, if there are no accredited professional bodies

  9. Disciplinary Process • Vital component in regulatory process • Speed important • Fairness • Public interest • Composition of Committee • Regulations • PAAB comment

  10. Reportable Irregularities • PAAB comment • Harsh penalty for using judgment • Grey areas and uncertainty

  11. Multi-disciplinary Practice • Skills • Safeguards • Ethical code

  12. Regulations • Detail in regulations • Disciplinary process • Committees

  13. Thank You!

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