Renewal of registration of firms
| 9.1 | In order to renew a firm’s registration with the Regulatory Board on an annual basis, it is prescribed that a firm must: |
| 9.1.1 | Pay assurance fees by the specified dates, which fees are prescribed by the Regulatory Board from time to time; |
| 9.1.2 | Complete and submit an annual return by a specified date, which return comprises the following4: |
| 9.1.2.1 | a Firm Assurance Work Declaration; |
| 9.1.2.2 | a public practice information questionnaire, including questions about a Firm’s structure; and |
| 9.1.2.3 | any other documents as required by the IRBA. |
| 9.1.3 | Maintain good standing with the Regulatory Board5 |
| 9.1.4 | It is further prescribed that, with effect from 1 April 2024, registered auditors who are firms and who are not in good standing with the Regulatory Board, will not be eligible to renew their registration with the Regulatory Board. |
Re-registration of firms
| 9.2 | It is prescribed that the minimum requirements for re-registration are: |
| 9.2.1 | Payment of a registration fee, which fee is prescribed by the Regulatory Board from time to time; |
| 9.2.2 | Payment of any outstanding fees or other amounts owed to the IRBA by the firm; |
| 9.2.3 | Submission of all required documentation specific to the Assurance Work Declaration and related documentation; and |
| 9.2.4 | Compliance with all the requirements that would apply if the applicant was applying for registration for the first time as specified in section 38 of Act 26 of 2005, including: |
| 9.2.4.1 | Completion and submission of Form 2 (Application by a Firm for Admission to the Register of Auditors) [see ANNEXURE B]; |
| 9.2.4.2 | A statement that ISQM1 has been implemented, supported by: |
| (a) | Satisfactory evidence in respect of all relevant components in accordance with paragraphs 57 to 60 of ISQM1; and |
| (b) | Satisfactory evidence of compliance with the specified responses in paragraph 34 of ISQM1. |
In assessing the fulfilment of the requirements of paragraph 9.2.4.2 above, recognition and application of the scalability considerations described in paragraph 10 of ISQM1 will apply.
| 9.2.4.3 | A business plan in line with guidelines provided in the application form. |
| 9.2.4.4 | Compliance with the requirements of paragraph 3.2 above; |
| 9.2.4.5 | The Regulatory Board will not register a firm until the documents required under subsection 3.2 above have been deemed satisfactory by the Regulatory Board’s reviewer. |
| 9.2.4.6 | Should the firm submit an incomplete or defective application and fail to rectify the application within a period of three months from the Regulatory Board’s request for further documentation, information and/or revised documentation, the firm’s application will lapse on seven days’ notice from the Regulatory Board. |
| 9.2.4.7 | In the event of the firm’s application lapsing as contemplated in paragraph 9.2.4.5 above, the firm will be required to submit a new registration application should it wish to apply for registration in future. |
| 9.2.4.8 | If a firm wishes to register additional branches once the firm is registered with the Regulatory Board, the firm must complete and submit a Form 2A (ANNEXURE C). |
| 9.2.5 | The requirements set out in paragraphs 3.2 to 3.4 above will also be applicable to a non-assurance RA who is a sole proprietor and taking over an existing firm in respect of which the relevant documents have not previously been submitted to the IRBA for evaluation. |
| 9.2.6 | Submission of confirmation of firm ownership: |
| 9.2.6.1 | If firm is an incorporated company, a copy of the shareholders agreement / share certificates and the latest COR39 from CIPC confirming directors of the firm; |
| 9.2.6.2 | If firm is a partnership, a copy of the partnership agreement or equivalent. |
| 9.2.7 | The requirements set out in paragraph 9.2.3 to 9.2.4 also apply to firms merging or unmerging who have not previously submitted these documents. |
| 9.2.8 | The requirements set out in paragraph 9.2.2 to 9.2.4 also apply to firms who are applying for re-registration and who had not previously complied with these requirements. |
SECTION 37:
| 37(1) | An individual must apply on the prescribed application form to the Regulatory Board for registration as an auditor or candidate auditor. |
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| 4 | The content of the questionnaires comprising the Assurance Work Declaration may change from time to time as determined by the Regulatory Board. |
| 5 | A registered auditor that is a firm is in good standing with the Regulatory Board when it has complied with all its explicit obligations and the Regulatory Board Rules; submitted all documents required by the Regulatory Board and paid all fees and debts owing to the Regulatory Board (or made arrangements to pay such debts), while not being subject to any form of sanction with which it has not complied or a suspension which has not been uplifted or a disciplinary order which has precluded its continued registration. |
