Section 54: Registration of member firms

54. Registration of member firms (1) (a) No person shall hold himself out as a firm providing professional services, or use any description or designation likely to create the impression that the person is a firm providing professional services, unless the person is registered as a member firm under this section. (b) No professional accountant in a firm providing professional services shall use along his name the title of his professional qualifications in any report, statement or other document of the firm unless the firm is registered as a member firm under this section. (1A) (a) Every firm which provides or intends to provide professional services shall apply for registration to the Mauritius Institute of Professional Accountants. (b) No firm shall provide professional services or offer its services for remuneration as a firm providing professional services unless— (i) it is registered as a member firm under section 55 (1) (b); (ii) it displays in a conspicuous place at each of its business premises its practising certificate issued under section 55 (2) or a photocopy of that certificate; and (iii) it submits to the person to whom the services are to be supplied a photocopy of its practising certificate. (c) — (2) (a) An application under subsection (1) shall be made in writing to the Mauritius Institute of Professional Accountants in such form and manner as the Mauritius Institute of Professional Accountants may determine. (b) An application made under subsection (1) shall be accompanied by such fee as may be prescribed and such information as the Mauritius Institute of Professional Accountants may determine. (c) Any person who fails to comply with subsection (1) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 100,000 rupees. F9 – 27 [Issue 6] Financial Reporting Act (3) The Mauritius Institute of Professional Accountants shall register the firm and enter its name and such particulars as it may determine in the Register of Member Firms, on being satisfied that— (a) at least half of the partners of the firm are registered with the Mauritius Institute of Professional Accountants; (b) there is a written undertaking by the applicant firm and the partners individually that they shall be bound by the disciplinary provisions of the rules of Mauritius Institute of Professional Accountants; (c) the applicant firm holds a professional indemnity insurance or provides such other financial guarantee as the Mauritius Institute of Professional Accountants may from time to time determine. [S. 54 amended by s. 12 (l) of Act 27 of 2012 w.e.f. 22 December 2012.]