Auditing Profession Amendment Bill: Committee Report

Meeting report

The Chairperson welcomed Members and officials from National Treasury and the Independent Regulatory Board for Auditors (IRBA).

The Secretariat read out apologies.

Committee Report on Auditing Profession Amendment Bill

The Chairperson explained that the purpose of the meeting is to adopt the report on the Auditing Profession Amendment Bill. He indicated that he would not go into the introduction and background as it is for the purposes of clarifying how things had started. There was public participation which is a constitutional requirement and then an overview of the proposed amendments, to give a rationale of why there are amendments. He took the Committee to item 4 of the report for the purposes of this meeting, which was the key issues raised during the public hearings. That is where there are also observations and recommendations.

The Committee went through each of the key issues raised during the public hearings.

All the paragraphs were agreed to with no changes suggested.

On paragraph 4.8, the Chairperson asked the Treasury officials how long it would take them to provide a comprehensive review of the legislation on the auditing and accounting professions to accommodate the issues raised.

Treasury responded that they would start as soon as possible but she predicts the earliest for it to be back in Parliament would be 2022 because they have a lot to determine with the public procurement law and other legislation.

Ms Jenitha John, Chief Executive Officer, IRBA, clarified that they would take the cue from National Treasury but in the meantime, they would have consultations and engagement sessions with stakeholders in the build up to 2022.

The Committee adopted the Report with no changes. The report highlighted that the Committee adopted the Bill with amendments.

Mr D George (DA) stated that the Democratic Alliance reserves their right on the report.

There was an announcement that the Committee would be meeting the following day to hold public hearings on the SA Reserve Bank Bill.

The meeting was adjourned.