Section 35: Audit practice by firm
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
35. Audit practice by firm
(1) No licensed auditor shall practise as an auditor, on his own account,
or in partnership with other persons, in the name of a firm unless the name
of the firm has been approved by the Council.
F9 – 17 [Issue 5]
Financial Reporting Act
(2) Any licensed auditor who wishes to practise in the name of a firm
shall apply in writing to the Council, in such form and manner as the Council
may require, for the approval of the name of the firm.
(3) An application made under subsection (2) shall be accompanied by
such fees as the Council may determine and such information as the Council
may require.
(4) The Council shall not approve the proposed name or any proposed
change in the name of an audit firm where the proposed name or proposed
change in the name—
(a) is the same as a firm name already approved by the Council;
(b) so closely resembles a firm name that it is likely to cause confusion; or
(c) is, in the opinion of the Council, misleading, offensive or otherwise contrary to public interest.
(d) —
(5) Where a licensed auditor provides auditing services in partnership
with other persons in a firm, the firm shall submit to the Council, at the end
of each calendar year, a list of the names of the partners who are licensed
auditors and those partners who are not licensed auditors.
(6) Where a licensed auditor or any other partner resigns or joins a firm,
the firm shall forthwith inform the Council in writing of that fact.
[S. 35 amended by s. 12 (b) of Act 15 of 2006 w.e.f. 7 August 2006.]