Financial Reporting Act

Registers

(1) The Institute shall keep, maintain and update as required, the following registers -

1.         (a) a register of natural persons who are members of the Institute;
2.         (b) a register of member firms of the Institute; and
3.         (c) such other registers as the Institute may deem necessary for the purposes of this Act.

(2) The Institute shall prescribe the information that the registers specified under sub-section (1) shall contain.

(3) The Institute shall publish -

1.        (a) in the Bulletin not later than three months after the end of its financial year, an annual list of the
2.             members; and
3.        (b) publish and maintain on the website of the Institute, a current list of all members.   

(4) The register of member shall at all reasonable times be available for inspection by any person on payment of the prescribed. 

Prohibition against practicing without a Practicing Certificate

(1) A person shall not whether directly o indirectly, practice or hold himself or herself out as a chartered accountant or practicing auditor, by himself or herself or in partnership or association with any other person, except in accordance with the terms and conditions of a valid practicing certificate issued by the Institute.

(2) A person who contravenes the provisions of sub-section (1) commits an offence and is liable on conviction to a fine not exceeding twenty thousand dalasis or to imprisonment for a term not exceeding two years or to both.

(3) A conviction for an offence under sub-section (2) shall not be a bar to a further prosecution or conviction if the offence continues.

Registration of Chartered Accountants

(1) A person who -

1.      (a) Satisfies the requirements relating to qualifications in the field of accountancy set by IAESB and adopted by the Rules of the Institute; and

2.      (b) has a minimum of three years’ practical experience in the field of accountancy may apply to the Institute to be registered as a chartered accountant in such form or manner as may be  prescribed.

(2) The Institute may require an application under this section to be accompanied by such fees and information as may be prescribed in its Rules.

(3) The Institute may register an application as a chartered accountant by entering his or her name and the prescribed particulars in the register of chartered Accountants if the applicant-

1.      (a) is a person of good character and has not been convicted of an offence involving fraud or dishonesty in any country;
2.      (b) has successfully undergone the prescribed examination or assessment for the purpose of determining whether he or she possesses adequate professional accountancy knowledge, skills and practical experience in full compliance with the requirements of the standards issued by IAESB; and
3.      (c) has paid such fees as the Institute may determine.

(4) The Institute shall require in its Rules, as a condition for a chartered accountant to be allowed to remain in practice, that the chartered accountant -

1.      (a) complies with continuing professional development and other professional requirements as specified in the Rules of the Institute; and
2.      (b) demonstrates independence of mind in the conduct of his or her functions as a chartered accountant.

(5) A person who provides false or misleading information in relation to sub-section (1) to (4) commits an offence and is liable on conviction to a fine not exceeding ten thousand dalasis or to imprisonment for a term not exceeding one year or to both.

(6) Conviction for an offence under sub-section (5) shall not be a bar to a further prosecution or conviction if the offence continues.

Registration of Practicing Auditors

(1) Every chartered accountant who intends to practice as an auditor shall apply in writing to the Institute to be registered as a practicing auditor in such form and manner as may be prescribed by the Institute in full compliance with the requirements of the standards issued by IAESB.

(2) An application under sub-section (1) shall be accompanied by the information and fees prescribed in the Rules of the Institute.

(3) The Institute may register an applicant under sub-section (1) as a practicing auditor by entering his or her name and the prescribed particulars in the register of Practicing Auditors, if the Institute is satisfied that the applicant -

1.       (a) is a chartered accountant;
2.       (b) meets the qualification requirements laid down for practicing Auditors in the Rules of the Institute;
3.       (c) has made such arrangements as may be provided in the Rules of the Institute, for continuing professional development;
4.       (d) is a fit and proper person, as defined in the Rules of the Institute;
5.       (e) has the necessary competence to practice as a practicing auditor in line with requirements of the standards issued by the IAESB, and a period of not more than one year has elapsed since he or she
6.            has undertaken continuing professional development as provided by the Rules of the Institute and the date of the application; and
7.       (f) has agreed to subject himself or herself to quality assurance reviews at such time and in such manner as the Institute may prescribe.

(5) The Institute shall require, as a condition for a practicing auditor to be allowed to remain in practice, that a practicing auditor -

1.       (a) complies with continuing professional development and professional requirements as specified in the Rules of the Institute; and
2.       (b) demonstrates independence of mind in the conduct of his or her function as an auditor.

(6) A person who provides false or misleading information in relation to sub-sections (1) to (4) commits an offence and is liable on conviction to a fine not exceeding ten thousand dalasis or to imprisonment for a term not exceeding one year or to both.

(7) Conviction for an offence under sub-section (5) shall not be a bar to further persecution or conviction if the offence continues.

(8) Practicing auditors registered with the Institute shall be the only professionals authorized to carry out audits.

Refusal to Register Chartered Accountants and Practicing Auditors

(1) The Institute may -

1.      (a) refuse to register an applicant as a chartered accountant where the applicant -
   1.              (i) does not satisfy the requirements specified in section 28(3); or
   2.              (ii) is otherwise unfit to be registered as a chartered accountant;
   3.  
2.      (b) refuse to register an applicant as a practicing auditor where the applicant -
3.                 (i) does not satisfy the requirements specified in Section 29(3),
4.     (ii) has had his or license or approval to practice as a practicing auditor withdrawn, suspended, cancelled or revoked in any jurisdiction, or
5.    (iii) is otherwise unfit to be registered as a practicing auditor.

(2) Where the Institute refuses to register an applicant under sub-section (1), it shall inform the applicant in writing of its refusal as soon as is reasonably practicable.

(3) A person aggrieved by the refusal of the Institute to register him or her as a chartered accountant or practicing auditor, may within thirty days of the decision of the Institute apply in writing to the Institute for review of the decision and such application shall set forth any faces or legal argument that would support a decision to register him or her,

(4) The Institute shall issue a decision upholding or reversing its decision within 60 days of receipt of the application for review under sub-section (3).

Suspension of Accountants Who are Mentally Disabled

(1) Whenever it appears to the Institute from information on oath that a person registered under this Act has become mentally disabled to such an extent that it would be contrary to the public interest to allow him or her to continue to practice or to act as a chartered accountant or as a practicing auditor, as the case may be, the Institute may if it deems fit, hold an enquiry in respect of such.

(2) If the Institute after due enquiry finds as a face that such person has become mentally disabled, it may order the suspension of such person, for a specified period from practicing as a chartered accountant or practicing auditor, as the case may be.

(3) The Institute may order the extension of the period of operation of any order made under this section, or may order its revocation at any time if satisfied that the disability has ceased.

Registration of Member Firms

(1) Every firm that provides or intends to provide accounting and auditing services shall apply to the Institute for registration as a member firm.

(2)An application under sub-section (1) shall be made in such from and manner as may be prescribed.

(3)The Institute shall register the firm and enter its name and prescribed particulars in the register of member firms, upon being satisfied that-

1.      (a) all of the partners of the firm are registered with the institute;
2.      (b) at least two of the partners in the firm are practicing auditors;
3.      (c) 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 the Institute; and
4.      (d) the applicant firm holds a professional indemnity insurance of such amount as the Institute may determine in its Ruler, or provides such other financial guarantee as the Institute may from time to time determine.

(4) A registered auditor shall not practice as an auditor his or her own account or in partnership with other person, under the name of a firm unless the Institute has approved the name of the firm.

(5) The Institute shall not approve the proposed name or any proposed change in the name of the an audit firm where the proposed name or proposed change in the name

1.      (a) is the same as a firm name already approved by the Institute;
2.      (b) so closely resembles an existing firm name that it is likely to cause confusion;
3.      (c) is, in the opinion of the Institute, misleading, offensive or otherwise contrary to the public interest; or
4.      (d) contravenes the companies Act or the Business Registration Act.

Practicing Certifcate

(1)  A practicing certificate issued under this Act shall be the property of the Institute.

(2) Where the Institute registers -

1.      (a) a person as a chartered accountant;
2.      (b) a person as a practicing auditor; or
3.      (c) a firm a member firm,
4. it shall issue to the person or the firm, as the case may be, a certificate of registration indicating the part of the register in which that person has been registered.

(3) A certificate of registration and a practicing certificate shall be issued for a limited period of time in the prescribed from and on payment of the prescribed fees.

(4) A person who is register under the provisions of this Act as a chartered accountant or practicing auditor may describe himself or herself as a chartered accountant or practicing auditor as the case may be.

(5) A chartered accountant is entitled to use the designation ‘’chartered Accountant’’ or the initials ‘’C.A.’’

(6) A practicing accountant auditor is entitled to use the designation ‘Practicing Auditor’’.

(7) Subject to this section, a practicing certificate shall remain valid for so long as its holder remains registered; and shall cease to be valid if its holder is de-registered by the Institute in which case the certificate shall be immediately returned to the Institute.