ARRANGEMENT OF SECTIONS
1. Short title.
3. Establishment of a Board.
4. Functions of the Board.
5. Limitation of liability of members.
6. Appointment of Executive Director.
7. Registers of accountants and auditors.
8. Publication of register and list.
9. Publication of list prima facie evidence of registration.
10. Qualifications for registration of Certified Public Accountants and Auditors.
11. Qualifications for registration of Certified Public Accountants in Public Practice.
12. Qualifications for registration of Certified Public Accountants.
13. Qualifications for registration of Graduate Accountants.
14. Qualifications for registration of Accounting Technicians.
15. Temporary registration as Certified Public Accountant or Auditor.
CONTROL OVER CONDUCT OF REGISTERED AUDITORS AND ACCOUNTANTS
17. Power to cancel registration.
18. Issuance of, and procedure of, obtaining certificate of practice.
19. Issuance of, and procedure of, obtaining certificate of clearance.
20. Restoration to the register.
21. Powers to suspend registration, etc.
22. Proceedings at inquiry.
23. Disobedience of summons and refusal to give evidence.
24. Establishment of Accountants and Auditors Appeals Board.
25. Appeals against decisions of the Board.
EFFECT OF REGISTRATION AND CONSEQUENCES OF NON-REGISTRATION
26. Use of certain styles and titles.
27. Offences relating to use of styles and titles.
28. Restriction on practice as Certified Public Accountant in Public Practice.
29. Restriction on employment of accountants.
30. Compulsory employment of Certified Public Accountant in Public Practice.
31. Provisions relating to income tax returns.
34. No prosecution for offences under Part VI.
ACTIVITIES OF THE BOARD AND FINANCIAL PROVISIONS
35. Board may delegate its functions.
36. Accounts and audit.
37. Chairman's report.
38. Funds of the Board.
39. Power to invest.
40. Annual statement of accounts.
41. Minister may give directions.
43. Consent of Director of Public Prosecutions.
46. Proceedings of the Board not to be invalid by reason of irregularity.
47. [Repeal of R.L. Cap. 314.]
THE ACCOUNTANTS AND AUDITORS (REGISTRATION) ACT
An act to provide for the establishment of a National Board of Accountants and Auditors, the conduct of professional examinations in Accountancy and Auditing, the registration of accountants and auditors and for related matters.
[15th January, 1973]
[G.N. No. 7 of 1973]
33 of 1972
2 of 1995
PRELIMINARY PROVISIONS (ss 1-2)
This Act may be cited as the Accountants and Auditors (Registration) Act.
(1) In this Act, unless the context otherwise requires–
"accountant" means any person trained or qualified, or holding himself out as trained or qualified, to keep books of accounts or similar financial records in respect of any business or a person whose significant portion of time is utilised for the purpose of keeping books of accounts or similar financial records in respect of any business or financial activities, whether carried on by himself or any other person or body of persons, whether corporate or unincorporated and includes a person who keeps, prepares, advises on, revises or submits financial records, returns or accounts for or on behalf of any other person, whether for reward or not;
"Accounting Technician" means a person registered by the Board as such and having met the conditions stipulated for that registration;
"annual gross turnover or gross revenue" means the volume of business transacted by a business entity or organisation in a year measured in sales or revenue;
"Appeals Board" means the Appeals Board referred to in section 18;
"assets" includes property or right owned by a business entity that has money values whether it be tangible or intangible movable or immovable property;
"auditor" means any person trained, qualified or holding himself out as trained, qualified or experienced in the auditing of the accounts of the business of any person or body of persons, including any body of persons of which he is a member, partner, shareholder, director or employee;
"Board" means the National Board of Accountants and Auditors established by section 3;
"Certified Public Accountant" means a person registered as a Certified Public Accountant;
"Certified Public Accountant in Public Practice" means a person registered as a Certified Public Accountant in Public Practice;
"Executive Director" means the Chief Executive of the Board appointed under section 6;
"firm" means a body of registered Certified Public Accountant carrying on business for fee, reward or other monetary consideration in the United Republic whether incorporated or unincorporated;
"Graduate Accountant" means a person who has successfully completed the professional examination as recognised by the Board but lacks the working experience to qualify for registration as Certified Public Accountant;
"member" in relation to the Board or the Appeals Board, includes the Chairman or, where the Chairman is absent and the Vice-Chairman is presiding, the Vice-Chairman;
"Minister" means the Minister responsible for the accountancy profession;
"register" means the Register of Certified Public Accountants in Public Practice", the "Register of Certified Public Accountants", the "Register of Graduate Accountants", the Register of Practising Firms" or any other register as the case may be, maintained by the Board in accordance with the provisions of this Act;
"registered accountant" means an accountant whose name is for the time being entered on the Register of Certified Public Accountants;
"registered auditor" means an auditor whose name is for the time being entered on the Register of Certified Public Accountants in Public Practice.
THE BOARD (ss 3-6)
(1) There is hereby established a Board to be known as the National Board of Accountants and Auditors.
(2) The Board shall–
(a) be a body corporate with perpetual succession and a common seal;
(b) in its corporate name, be capable of suing and being sued;
(c) for and in connection with the purposes of this Act, be capable of acquiring, holding and disposing of movable and immovable property in its corporate name.
(3) The provisions of the Schedule to this Act shall have effect as to the constitution and proceedings of the Board and otherwise in relation to the Board.
(4) The Minister may, by order published in the Gazette, amend, add to, vary or revoke and replace the provisions of the Schedule to this Act.
Subject to the provisions of this Act and any regulations made the functions of the Board shall be–
(a) to promote and provide opportunities and facilities for the study of, and for the training in, accountancy, auditing and allied subjects;
(b) to conduct examinations and to grant diplomas, certificates and other awards of the Board in accountancy, auditing and allied subjects;
(c) to sponsor, arrange and provide facilities for conferences, seminars, discussions and consultations on matters relating to accountancy and allied subjects;
(d) to arrange for the publication and general dissemination of materials produced in connection with the work and activities of the Board;
(e) to stipulate accountancy or auditing standards and guidelines as appropriate and to ensure the compliance of the standards and guidelines by the subjects;
(f) to maintain a register of Certified Public Accountants in Public Practice, Certified Public Accountants, Graduate Accountants, Accounting Technicians and practising firms;
(g) to consider and decide upon applications for registration and to effect registration of practising accountants, Accountants, Accounting Technicians and practising firms;
(h) to regulate the activities and conduct of Certified Public Accountants in Public Practice, Certified Public Accountants, Graduate Accountants Accounting Technicians and practising firms;
(i) to evaluate foreign accountancy qualifications for exemption from parts of the Board's examination;
(j) to formulate the appropriate National Accountancy Scheme and syllabi and oversee that Accountancy syllabi in training institutions throughout the country are in accordance with the National Accountancy Scheme and syllabi;
(k) to evaluate internal institutional accountancy qualifications for exemption from parts of the Board's examination; and
(l) to carry out such other functions after consultation with the Minister.
A member of the Board shall not be personally liable for any act or default of the Board done or omitted in good faith in the course of carrying out the responsibilities and functions of, or exercising the powers conferred upon, the Board.
The Minister shall appoint an Executive Director of the Board who may be a person holding an office of emolument in the public service and who shall hold and vacate office in accordance with the terms of his appointment.
REGISTRATION (ss 7-16)
(1) The Executive Director shall keep and maintain a Register of Certified Public Accountants in Public Practice, Certified Public Accountants, Graduate Accountants and Accounting Technicians in which the name of every person entitled to have his name entered in that Register as a Certified Public Accountant in Public Practice, Certified Public Accountant, Graduate Accountant, Accounting Technician, as the case may be, shall be entered as soon as is practicable after being accepted by the Board for registration, showing against his name the following particulars–
(a) the date of such entry;
(b) his address;
(c) his qualifications;
(d) the classification, if any, under which he is registered;
(e) such other particulars as the Board may direct.
(2) All changes in the particulars registered under subsection (1) shall be entered in the appropriate register by the Executive Director.
(3) Any person who does not qualify for registration under subsection (1) of this section but who is an accounting or auditing personnel who has not completed relevant studies to qualify for registration, shall have a title in accordance with the prescription of titles as shall be issued by the Executive Director.
(4) The Executive Director shall keep and maintain a register of firms in which every practising firm of Certified Public Accountants in Public Practice or Certified Public Accountants shall register their firms and the register shall contain–
(a) names of partners, members or associates of the firm;
(b) qualifications of such partners, members or associates;
(c) the address of the registered office where they carry on business;
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