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PUBLIC ACCOUNTANTS AND AUDITORS ACT
Act 13/1995, 22/2001 (s. 4).
ARRANGEMENT OF SECTIONS
- Short title.
- Constituent bodies.
PUBLIC ACCOUNTANTS ANDAUDITORS BOARD
- Establishment of Board.
- Functions of Board.
- Membership of Board.
- Qualifications for membership of Board.
- Terms and conditions of office of members.
- Vacation of office by member.
- Chairman and vice-chairman of Board.
- Meetings and procedure of Board.
- Committees of Board.
- Minutes of proceedings of Board and committees.
- Secretary and other staff of Board.
- Funds of Board.
- Financial year of Board.
- Accounts of Board and audit of accounts.
- Reports and financial statements of Board. PART III
REGISTER AND REGISTRATION
- Register of Public Accountants and Public Auditors.
- Register to be open to inspection.
- Qualifications for registration.
- Application for registration.
- Cancellation or suspension of registration.
- Restoration of registration.
- Prohibition against practice without practising certificate.
- Application for practising certificate.
- Issue or refusal of practising certificate.
- Period of validity of practising certificates.
- Terms and conditions of practising certificates.
- Withdrawal of practising certificates.
- Surrender of withdrawn or invalid practising certificates.
- Rules of professional conduct.
- Disciplinary proceedings.
- Review of disciplinary proceedings.
- Appeal to Board against disciplinary action.
- Use of certain designations.
- Offences by unregistered persons.
- Appeals from decisions of Board.
- Maintenance of standards of examinations.
- Transitional provisions.
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.]
1 Short title
This Act may be cited as the Public Accountants and Auditors Act [Chapter 27:12].
(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).