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PUBLIC ACCOUNTANTS AND AUDITORS ACT (CHAPTER 27:12)

 

CHAPTER 27:12

PUBLIC ACCOUNTANTS AND AUDITORS ACT

Act 13/1995, 22/2001 (s. 4).

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

  1. Short title.
  2. Constituent bodies.

PART II

PUBLIC ACCOUNTANTS ANDAUDITORS BOARD

  1. Establishment of Board.
  2. Functions of Board.
  3. Membership of Board.
  4. Qualifications for membership of Board.
  5. Terms and conditions of office of members.
  6. Vacation of office by member.
  7. Chairman and vice-chairman of Board.
  8. Meetings and procedure of Board.
  9. Committees of Board.
  10. Minutes of proceedings of Board and committees.
  11. Secretary and other staff of Board.
  12. Funds of Board.
  13. Financial year of Board.
  14. Accounts of Board and audit of accounts.
  15. Reports and financial statements of Board. PART III

REGISTER AND REGISTRATION

  1. Register of Public Accountants and Public Auditors.
  2. Register to be open to inspection.
  3. Qualifications for registration.
  4. Application for registration.
  5. Cancellation or suspension of registration.
  6. Restoration of registration.

PART IV

PRACTISING CERTIFICATES

  1. Prohibition against practice without practising certificate.
  2. Application for practising certificate.
  3. Issue or refusal of practising certificate.
  4. Period of validity of practising certificates.
  5. Terms and conditions of practising certificates.
  6. Withdrawal of practising certificates.
  7. Surrender of withdrawn or invalid practising certificates.

PART V

DISCIPLINE

  1. Rules of professional conduct.
  2. Disciplinary proceedings.
  3. Review of disciplinary proceedings.
  4. Appeal to Board against disciplinary action.

PART VI

GENERAL

  1. Use of certain designations.
  2. Offences by unregistered persons.
  3. Appeals from decisions of Board.
  4. Maintenance of standards of examinations.
  5. By-laws.
  6. Transitional provisions.

SCHEDULE

Powers of Board.

AN ACT to establish a Public Accountants and Auditors Board and to provide for its functions; to provide for the registration of public accountants and public auditors; and to provide for matters connected with or incidental to the foregoing.

[Date of commencement: 12th April,1996.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the Public Accountants and Auditors Act [Chapter 27:12].

                       2    Interpretation

(1) In this Act—

“audit” means the verification or certification of financia1 statements, financial transactions, books, accounts or records;

“Board” means the Public Accountants and Auditors Board established by section four;

“by-laws” means by-laws made by the Board in terms of section forty-three;

“constituent body” means a body specified in subsection (1) of section three;

“holder”, in relation to a practising certificate, means the person to whom the practising certificate was issued;

“member” means a member of the Board;

“Minister” means the Minister of Justice, Legal and Parliamentary Affairs or any other Minister to whom the President may, from time to time, assign the administration of this Act;

“Register” means the Register of Public Accountants and Public Auditors established in terms of section nineteen;

“registered” means registered in the Register;

“secretary of the Board” means the person appointed as secretary of the Board in terms of section fourteen.

(2) For the purposes of this Act, a person shall be deemed to practise as a public auditor if he carries out or offers to carry out an audit or auditing services for hire or reward.

                       3    Constituent bodies

(1) Subject to this section, the following bodies shall be constituent bodies for the purposes of this Act—

  • the Zimbabwe branch of the Chartered Association of Certified Accountants incorporated by Royal Charter in the United Kingdom;
  • the Zimbabwe branch of the Chartered Institute of Management Accountants incorporated by Roya1 Charter in the United Kingdom;
  • the Institute of Chartered Accountants of Zimbabwe established by the Chartered Accountants Act [Chapter27:02];
  • the Institute of Chartered Secretaries and Administrators in Zimbabwe established by the Chartered Secretaries (Private) Act [Chapter 27:03];
  • the Zimbabwe Institute of Public Finance and Accountancy, a locally incorporated company limited by guarantee.

(2) The Minister may, on the recommendation of the Board, by statutory instrument—

  • declare that any body which is established in Zimbabwe to advance the interests of public accountants or public auditors shall be a constituent body for the purposes of this Act;
  • declare that any constituent body whose membership has fallen below a level which, in the opinion of the Board, no longer merits representation on the Board, shall cease to be a constituent body for the purposes of this Act;
  • amend subsection (1) to give effect to—
    • any declaration referred to in paragraph (a) or (b); or
    • any change in the name of a constituent body specified in subsection (1).

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