Key Benefits:
(1) At the first meeting of the Board, the members shall elect, from among their number, a Vice Chairperson who shall hold office for two years, unless he or she ceases to be a member of the Board, and shall be eligible for re-election for one further term.
(2) On the expiry of the term of office of the Vice Chairperson or where such person vacates his or her office, a new Vice Chairperson shall be elected by the members from among their number at the next meeting of the Board or as soon thereafter as may be convenient.
(3) The Chairperson or Vice Chairperson may vacate his or her office even though he or she remains a member of the Board.
(4) The Vice Chairperson shall, whenever the Chairperson is absent or unable to carry out his or her functions, exercise the functions of the Chairperson during his or her absence, or when he or she is unable to act as Chairperson.
(1) Subject to the provisions of this Act, the Board shall regulate its own proceedings.
(2) The Board shall hold its first meeting on such date and at such place as the Minister may fix and thereafter the Board shall meet at least once in every three months, at such times and places as the Chairperson shall determine.
(3) Upon giving notice in writing of not less than 14 days, a meeting of the Board may be called by the Chairperson, provided that if the urgency of any particular matter does not permit the giving of notice, a special meeting may be called upon giving a shorter notice.
(4) The quorum at any meeting of the Board shall be five members, of which at least three are ex officio members and one is an expert member.
(5) There shall preside, at any meeting of the Board-
(a) the Chairperson; or
(b) in the absence of the Chairperson, the Vice Chairperson.
(6) A decision of the Board on any question shall be by a simple majority of the members present and voting at the meeting and, in the event of an equality of votes, the person presiding shall have a casting vote in addition to that person's deliberative vote.
(7) The Board may invite any person whose presence it considers necessary, to attend and participate in the deliberations of a meeting of the Board, but such person shall have no vote.
(8) The Chief Executive's presence shall not count towards the constitution of the quorum and he or she shall not be entitled to vote in any matter that is before the Board.
(1) The Board may, for the purpose of performing its functions, establish such committees as it considers appropriate, and may delegate, to any committee, any of its functions as it considers necessary.
(2) Without derogating from the generality of subsection (1), the Board may establish the following committees, the-
(a) standards setting committee;
(b) financial reporting monitoring committee;
(c) audit practice review committee;
(d) enforcement committee; and
(e) education and training committee.
(3) The Board may appoint, to committees established under subsection (1), such number of members of the Board and other persons with specialised skills, not being members of the Board, as it considers appropriate, and the members of the committee shall hold office for a period that the Board may determine.
(4) Members of a committee who are not members of the Board may take part in the proceedings of the committee, but shall not have the right to vote.
(5) Subject to the specific or general directions of the Board, a committee may regulate its own procedure.
(6) Unless in appointing a committee the Board appointed a chairperson and vice chairperson, the committee shall elect from among their number, a chairperson and a vice chairperson of the committee.
(7) The Board may revoke or amend any delegation made under the provisions of subsection (1) and may attach conditions to such delegation, including general or particular directions, as to the manner in which any delegated power is to be exercised.
(8) Meetings of a committee shall be held at such times and places as the committee may determine, or as the Board may direct.
(1) Where a member is present at a meeting of the Board or any committee, at which meeting a matter which is the subject of consideration is one in which he or she is directly or indirectly interested in a private capacity, the member shall, as soon as practicable after the commencement of the meeting, disclose such interest and shall not, unless the Board or committee otherwise directs, take part in any consideration or discussion of, or vote on any question touching upon that matter.
(2) A disclosure of interest made in accordance with subsection (1) shall be recorded in the minutes of the meeting at which it is made.
(3) Where a member fails to disclose his or her interest in accordance with subsection (1) and a decision by the Board or committee is made benefiting that member, the decision shall be null and void.
(4) A member who contravenes subsection (1) commits an offence and is liable to a fine not exceeding P10 000, or to imprisonment for a term not exceeding nine months, or to both.
(1) A member of the Board or any committee and any other person assisting the Board shall observe and preserve the confidentiality of all matters coming before the Board or committee, and the confidentiality shall subsist even after the termination of the terms of office or mandates.
(2) Any member or any person to whom confidential information is revealed through working with the Board or committee shall not disclose that information to any other person unless he or she is required to do so in terms of any written law or for purposes of any judicial proceedings.
(3) Any member or any other person who contravenes the provisions of this section commits an offence and is liable to a fine not exceeding P10 000, or to imprisonment for a term not exceeding nine months, or to both, and for a second or subsequent offence to a fine not exceeding P15 000, or to imprisonment for a term not exceeding 12 months, or to both.
(1) The Chairperson shall from time to time submit, to the Minister, reports with regard to matters relating to the activities of the Authority which, in the opinion of the Board, should be brought to the notice of the Minister.
(2) The Board shall, when so requested by the Minister, furnish him or her with advice on matters connected with the accounting and auditing profession or cognate matters, and shall communicate to the Minister, any information acquired in the course of its duties relating to matters regarded as being of public importance.
