Published: 2011-04-01
Key Benefits:
ARRANGEMENT OF SECTIONS
SECTIONS
PART I
Preliminary
1. Short title
2. Interpretation
PART II
Establishment and functions of the Botswana Institute of Chartered Accountants
3. Continuation of establishment of Institute
4. Seal of Institute
5. Objectives of Institute
6. General functions and powers of Institute
PART III
Administration of the Institute
7. Council of Institute
8. Institute to elect members of Council
9. Powers of Council
10. Tenure of office
11. Minister's power to appoint members required to be elected
12. Disqualification, removal and resignation
13. Filling of vacancies
14. Co-opted member
15. President and Vice President of Institute, and Treasurer
16. Reports to Minister
17. Remuneration and allowance
PART IV
Meetings and Proceedings of the Council
18. Meetings of Council
19. Committees of Council
20. Meetings of committees of Council
21. Disclosure of interest
22. Confidentiality
PART V
General Meetings of the Institute
23. General meeting
24. Special general meeting
25. Convening and procedure of meetings
PART VI
Chief Executive and other staff of the Council
26. Chief Executive
27. Appointment of staff of Institute
PART VII
Membership and Registration by the Institute
28. Classes of membership
29. Register
30. Registration of professional accountant
31. Registration of certified auditor
32. Refusal to register a professional accountant or certified auditor
33. Registration of member firm
34. Change of particulars
35. Certificate of registration and practising certificate
36. Renewal of registration
37. Cancellation or suspension of registration
38. Restoration of name to register
39. Registered students
40. Register to be prima facie evidence
41. Offences in connection with registration
PART VIII
Disciplinary and other Inquiries
42. Appointment of Disciplinary Committee
43. Disciplinary powers of Committee
44. Disregard of summons, etc.
45. Powers of Committee at Inquiry
46. Unfit to practise
47. Appointment of Appeals Committee
48. Appeal against decision of Disciplinary Committee
49. Appeal against decision of Appeals Committee
50. Publication of outcome of proceedings
PART IX
Financial Provisions
51. Revenues of Institute
52. Financial year
53. Accounts and audit
54. Annual report
PART X
Miscellaneous Provisions
55. Indemnity
56. Offences and penalties
57. Regulations
58. Repeal of Cap. 61:05
59. Savings
60. Transitional provisions
Schedule
Act 16, 1988,
G.N. 103, 1990,
Act 12, 2010,
S.I. 21, 2011.
An Act to regulate and provide for the development of the accounting profession; to continue the establishment of the Botswana Institute of Accountants under the new name of the Botswana Institute of Chartered Accountants; to provide for the registration of the accounting and auditing profession; and for matters incidental thereto.
[Date of Commencement: 1st April, 2011.]
This Act may be cited as the Accountants Act.
In this Act, unless the context otherwise requires-
"accountant" means a person that performs or holds himself out to perform professional accounting services for a salary or fee;
"annual report" means the document that an entity issues on an annual basis of its affairs, including its financial statements together with the audit report thereon, and the report from its Board of Directors;
"audit" means an examination of the financial statements of an organisation to form an opinion on whether the-
(a) information presented in the financial statements, taken as a whole, reflect the true and fair financial position of the organisation including its assets and liabilities at a given date and its profits and losses for the given period; and
(b) the financial statements are prepared in accordance with the applicable financial reporting standards;
"auditor" means a certified auditor, whether independently or as a partner of an audit firm or an employee of the Government that provides audit services to a private or public entity;
"audit firm" means a firm that provides audit services to a private or public entity;
"auditing standards" means the auditing standards issued under the Financial Reporting Act;
"Authority" means the Botswana Accounting Oversight Authority established under the Financial Reporting Act;
"Botswana Professional Accountancy Qualification" means the professional accountancy qualification established by the Institute under section 6, a holder of which shall have successfully completed the professional accountancy qualification examination conducted or arranged for conduct by the Institute;
"branch of accountancy profession"-
(a) means an assemblage of the accountancy profession distinguishable by the nature of its professional activities and specialisation and accredited by the Authority as a branch of the accountancy profession under the Financial Reporting Act; and
(b) includes any of the following assemblages of the accountancy profession as may be accredited by the Authority to be a branch of the accountancy profession-
(i) audit and assurance services,
(ii) management accounting,
(iii) public sector accounting,
(iv) internal audit, and
(v) any other assemblage of the accountancy profession as the Council may by resolution determine;
"certified auditor" means the professional accountant registered as an auditor in accordance with section 31;
"Code of Conduct and Ethics" means the Code of Professional Conduct and Ethics for professional Accountants referred to in section 6(1)(d);
"entity" means any person or body of persons, whether incorporated or unincorporated;
"IFAC" means the International Federation of Accountants or its successor body;
"immediate family", for the purposes of this Act, means a spouse, minor children, father and mother;
"independence" means independence of mind, independence in appearance, or both;
"independence of appearance" means the avoidance of facts and circumstances that are so significant that a reasonable and informed third party, having knowledge of all relevant information, including any safeguards applied, will reasonably conclude that the integrity, objectivity or professional scepticism of a firm or a member of the audit team had been compromised;
"independence of mind" means the state of mind that permits the provision of an opinion without being affected by influences that compromise professional judgment, allowing an individual to act with integrity, and exercise objectivity and professional scepticism;
"Institute" means the professional accountancy body known as the Botswana Institute of Chartered Accountants established under section 3;
"material irregularity" means an irregularity that, by itself, or in combination with other irregularities, results in a misstatement of the financial statements of an entity, or in its financial statements not fairly presenting the operations and financial condition of the entity and that, if properly presented would affect a financial or investment decision of the user;
"member" means a person registered as a Member of the Institute in accordance with section 28, and includes a professional accountant or certified auditor registered under section 30 and 31;
"member firm" means a firm providing professional accounting services and is registered in accordance with section 33;
"President" means the person elected to be the President of the Institute under section 15;
"professional accountant" means a person who is registered as an accountant in accordance with section 30;
"professional accounting services" means services provided by a professional accountant-
(a) requiring accountancy or related skills; and
(b) relating to auditing, taxation, management consulting and financial management; and
"repealed Act" means the Accountants Act repealed under section 58.
