(1) The Institute known as the Botswana Institute of Accountants, established under the repealed Act is hereby continued under the new name of the Botswana Institute of Chartered Accountants.

            (2) The Institute shall be a body corporate with perpetual succession and a common seal, capable of suing and being sued in its own name and, subject to the provisions of this Act, of performing such acts as bodies corporate may by law perform.

            (3) All rights, obligations, assets and liabilities which have accrued to the Institute in terms of the repealed Act shall, upon this Act coming into force, simultaneously pass and accrue to the Institute and be dealt with in terms of this Act.

4.       Seal of Institute

            (1) The seal of the Institute shall be such device as may be determined by the Institute and shall be kept by the Chief Executive.

            (2) The affixing of the seal shall be authenticated by the President or Vice President and the Chief Executive or any other person authorised in that behalf by a resolution of the Council.

            (3) Any contract or instrument which, if entered into or executed by a person not being a body corporate would not be required to be under seal, may be entered into or executed without seal on behalf of the Council by the President or any other person generally or specifically authorised by the Council in that behalf.

5.       Objectives of Institute

            The principal objectives of the Institute shall be to-

     (a)     establish the Botswana Professional Accountancy Qualification;

     (b)     provide registration of accountants in all branches of the accountancy profession accredited by the Authority under the Financial Reporting Act;

     (c)     promote high quality accounting, auditing and financial reporting standards and practices, in line with internationally accepted standards;

     (d)     promote the development of the accounting profession;

     (e)     supervise the accountancy profession in the public interest;

     (f)      promote the highest standards of professional ethics and business conduct of, and enhance the quality of services offered by professional accountants;

     (g)     protect the public by ensuring the highest standards of professional accounting services;

     (h)     ensure the professional independence of accountants;

     (i)      determine the eligibility criteria to become a member of the Institute;

     (j)      arrange for the assessment of candidates seeking certification as members;

     (k)     promote, maintain and increase the knowledge, skills and competence of members of the Institute and students;

     (l)      ensure that members obtain the necessary technical and ethical guidance that enables them to meet the needs of the community in areas in which they have special knowledge and expertise;

     (m)    maintain and monitor high quality practical training at all levels of the profession;

     (n)     seek public recognition of a broad range of skilled services that professional accountants and accounting technicians can provide;

     (o)     promote and protect the objectives and sustainability of the Institute and of the accounting profession;

     (p)     maintain the legitimate professional rights of its members;

     (q)     advance the theory and practise of accountancy in all aspects;

     (r)      develop and maintain effective working relationships with Government and with other national, regional and international accountancy bodies;

     (s)     contribute to the international developments of accounting and auditing standards;

     (t)      keep abreast of and disseminate to its members international developments affecting the accounting profession; and

     (u)     protect the interests of its members.

6.       General functions and powers of Institute

            (1) Subject to the provisions of this Act, the Institute shall carry out the following functions-

     (a)     establish, develop and implement the Botswana Professional Accountancy Qualification in accordance with such requirements and conditions as the Institute shall determine under its rules, with the approval of the Minister;

     (b)     establish branches of the accountancy profession accredited by the Authority under the Financial Reporting Act;

     (c)     provide registration of accountants in all branches of the accountancy profession established, including-

           (i)       audit and assurance services,

          (ii)       management accounting,

          (iii)       public sector accounting,

         (iv)       internal audit, and

          (v)       any other branch as the Council may determine;

     (d)     establish, publish and review a Code of Professional Conduct and Ethics for Professional Accountants, which shall be consistent with and contain all the principles on the subject issued by the International Federation of Accountants, or its successors;

     (e)     keep and maintain-

           (i)       a Register of Professional Accountants,

          (ii)       a Register of Certified Auditors,

          (iii)       a Register of Member Firms, and

         (iv)       such other registers as the Institute may deem necessary for the purposes of this Act;

     (f)      lay down the requirements for different classes of its membership;

     (g)     consider any application for registration made under this Act for different classes of its membership;

     (h)     register as members of the Institute persons who qualify to be professional accountants, certified auditors, member firms or such other class of membership as the Institute may establish in its rules;

     (i)      conduct or arrange for the conduct of such examinations as it deems necessary, including a Botswana Professional Qualification Examination, with focus on an adequate level of practical training, for the purposes of registering professional accountants;

     (j)      determine practical training requirements for the purpose of granting full membership;

     (k)     conduct, or arrange for the conduct of training programmes for members of the profession;

     (l)      oversee, monitor and supervise the qualifications, and selection of mentors of practical training programmes;

     (m)    inquire into any professional misconduct of any member, either on its own initiative or at the request of any person for violations or breaches of its codes, rules and standards in accordance with the rules and regulations of the Institute;

     (n)     issue all notices required to be issued under this Act;

     (o)     implement a sound system of quality assurance mechanisms to ensure high quality audit practice;

     (p)     establish procedures for coordination of disciplinary responsibilities;

     (q)     issue certificates of registration and practising certificates to members;

     (r)      recognise any accountancy qualifications that are, in the opinion of the Council, equivalent to those of the Institute;

     (s)     establish requirements for, and monitoring, of Continuous Professional Education programmes;

     (t)      represent members' interests in local, regional and international forums;

     (u)     develop a strategic plan that will lead to the long term financial sustainability of the organisation as an independent professional body for accountants and auditors;

     (v)     conduct or arrange for the conduct of practice review of the auditors of entities, other than that of public interest entities;

     (w)    provide comments on draft standards and other pronouncements of the International Federation of Accountants and International Accounting Standards Board; and make other feasible contributions to the standard setting activities of these international organisations; and

     (x)     perform such other duties or functions as it deems necessary to promote the objectives of the Institute.

            (2) In the performance of its functions and powers, the Institute shall take into account the interests of its members as well as that of the public.