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Public Accountants' and Auditors' Amendment Act, 1997 [No. 5 of 1997] - G 17912


Public Accountants' and Auditors' Amendment Act [No. 5 of 1997]

Government Gezette, Vol. 382, No. 17912, 11 April 1997

General Explanatory Note:

Words bounded by <> indicate insertions in existing enactments.

ACT

To amend the Public Accountants' and Auditors' Act, 1991 (Act No. 80 of 1991), so as to extend the powers of the Public Accountants' and Auditors' Board with regard to the prescribing of fees and the imposition of levies; to authorise that board to borrow or raise money with or without security; to authorise the board to recover the costs connected with the review by the board of an accountant's and auditor's practice from that accountant and auditor; and to provide for matters connected therewith.

(Afrikaans text signed by the President.)
(Assented to 5 April 1997.)

BE IT ENACTED by the Parliament of the Republic of South Africa, as follows:-

Amendment of section 13 of Act 80 of 1991, as amended by section 1 of Act 70 of 1993

  1. Section 13 of the Public Accountants' and Auditors' Act, 1991 (hereinafter referred to as the principal Act), is hereby amended-

  1. by the insertion after paragraph (b) of subsection (1) of the following paragraph: <"(ba) with or without security borrow or raise money in order to enable it to exercise any of the powers conferred upon it by this section;>"; and

  2. by the addition to paragraph (e) of subsection (1) of the following subparagraph, the existing paragraph (e) becoming subparagraph (i): "<(ii) in its discretion prescribe such other fees and impose such other levies, which shall be payable by every person registered in terms of this Act as an accountant and auditor in order to enable it to finance the performance of its functions and the carrying out of its duties>;".

Amendment of section 22A of Act 80 of 1991, as inserted by section 3 of Act 70 of 1993

  1. Section 22A of the principal Act is hereby amended by the addition to subsection (1) of the following paragraph, the existing subsection becoming paragraph (a):

  1. "<(b) The board may recover the costs connected with a review referred to in paragraph (a) from the accountant and auditor whose practice has been reviewed.>".

Short title

  1. This Act shall be called the Public Accountants' and Auditors' Amendment Act, 1997.