Section 2: Interpretation

2. Interpretation In this Act— “annual report” has the same meaning as in the Companies Act; “annual revenue” means revenue accruing over the preceding 12 months; “approved auditor” has the same meaning as in the Companies Act; “audit” has the same meaning as in the International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants; [Issue 9] F9 – 2 Revised Laws of Mauritius “audit firm” means a firm which provides audit services; “auditing standards” means the auditing standards adopted by the IAASB; “Chief Executive Officer” means the Chief Executive Officer referred to in section 14; “code” means a code of practice or such other code as may be issued by the Council; “Code of Corporate Governance” means the Code of Corporate Governance issued by the National Committee on Corporate Governance under Part V; “Code of Professional Conduct and Ethics” means the Code established under section 46; “Council” means the Financial Reporting Council established under section 3; “director”— (a) has the same meaning as in section 128 of the Companies Act; and (b) includes a member of the Board of a State-owned enterprise; “entity” means any person or body of persons, whether incorporated or unincorporated; “financial reporting and accounting standards” means the financial reporting and accounting standards issued by the Council under section 72; “financial statement” has the meaning assigned to it in the International Financial Reporting Standards (IFRS) adopted by the IASB; “financial year” has the meaning assigned to it by section 2A of the Finance and Audit Act; “FIU” has the same meaning as in the Financial Intelligence and AntiMoney Laundering Act; “IASB” means the International Accounting Standards Board or its successor body; “IAASB” means the International Auditing and Assurance Standards Board as its successor body; “IFAC” means the International Federation of Accountants or its successor body; “IFRS” means the International Financial Reporting Standards issued by the IASB and any standards issued by the Board or its successor; “independence” means the independence of mind and the independence in appearance; F9 – 3 [Issue 9] Financial Reporting Act “independence in appearance” means the avoidance of facts and circumstances that are so significant that a reasonable and informed third party, having knowledge of all relevant information, including any safeguard applied, will reasonably conclude that the integrity, objectivity or professional scepticism of a firm or member of the audit team had been compromised; “independence of mind” means the state of mind that permits the provision of an opinion without being affected by influences that compromise professional judgment, allowing an individual to act with integrity, and exercise objectivity and professional scepticism; “International Standards on Auditing” means auditing standards issued by the IAASB; “licensed auditor” means a person who is issued a licence under section 33; “listed company” has the same meaning as in the Companies Act; “Mauritius Institute of Directors” means the Mauritius Institute of Directors set up by the National Committee on Corporate Governance under section 65; “Mauritius Institute of Professional Accountants” means the Mauritius Institute of Professional Accountants established under section 44; “member of the Mauritius Institute of Professional Accountants” means a person registered as a professional accountant under section 51; “Minister” listed company” has the same meaning as in the Companies Act; “Mauritius Institute of Directors” means the Mauritius Institute of Directors set up by the National Committee on Corporate Governance under section 65; “Mauritius Institute of Professional Accountants” means the Mauritius Institute of Professional Accountants established under section 44; “member of the Mauritius Institute of Professional Accountants” means a person registered as a professional accountant under section 51; “Minister” means the Minister to whom responsibility for the subject of corporate affairs is assigned; “National Committee on Corporate Governance” means the National Committee on Corporate Governance established under section 63; “non-compliance” means any act of omission or commission by an entity or a licensed auditor, either intentional or unintentional, which is contrary to any law, regulation, rule, code or standard; “officer”, in relation to a public interest entity— (a) means a person who is responsible for the preparation of financial statements; and (b) includes the Director, the Chief Executive Officer and the Chief Financial Officer; “Official Bulletin” means the official journal of the Council; “practice”, in relation to an auditor, means the practice of the auditor or audit firm; “professional accountancy body” means— (a) the Institute or Association specified in section 51 (2); and (b) such other accountancy body as the Mauritius Institute of Professional Accountants may recognise; [Issue 9] F9 – 4 Revised Laws of Mauritius “professional accountant” means a person registered as such under section 51 (5); “professional services” means services provided by a professional accountant— (a) requiring accountancy or related skills; (b) relating to auditing, taxation, management consulting and financial management; “public accountant” means a professional accountant registered as such under section 52; “public interest entity”— (a) means an entity specified in the First Schedule; but (b) does not include the holder of a Category 1 Global Business Licence issued under the Financial Services Act; “relevant enactment” means— (a) the Banking Act; (b) the Companies Act; (c) the Financial Services Act; (d) the Statutory Bodies (Accounts and Audit) Act; “revenue” has the same meaning as in the IFRS; “State-owned enterprise”— (a) means an entity which operates in the public sector to meet a political, a social or an economic objective; and (b) includes every entity specified in the First Schedule. [S. 2 amended by s. 10 (a) of Act 18 of 2008 w.e.f. 19 July 2008; s. 16 (a) of Act 14 of 2009 w.e.f. 30 July 2009; s. 12 (a) of Act 27 of 2012 w.e.f. 22 December 2012; s. 18 (a) of Act 27 of 2013 w.e.f. 21 December 2013; s. 23 (a) of Act 18 of 2016 w.e.f. 7 September 2016.] PART II – ESTABLISHMENT OF FINANCIAL REPORTING COUNCIL