PUBLIC ACCOUNTANTS AND AUDITORS ACT (CHAPTER 27:12)

AN ACT to establish a Public Accountants and Auditors Board and to provide for its functions; to provide for the registration of public accountants and public auditors; and to provide for matters connected with or incidental to the foregoing.

[Date of commencement: 12th April,1996.]

1 Short title

This Act may be cited as the Public Accountants and Auditors Act [Chapter 27:12].

2 Interpretation

“audit” means the verification or certification of financia1 statements, financial transactions, books, accounts or records;

“Board” means the Public Accountants and Auditors Board established by section four;

“by-laws” means by-laws made by the Board in terms of section forty-three;

“constituent body” means a body specified in subsection (1) of section three;

“holder”, in relation to a practising certificate, means the person to whom the practising certificate was issued;

“member” means a member of the Board;

“Minister” means the Minister of Justice, Legal and Parliamentary Affairs or any other Minister to whom the President may, from time to time, assign the administration of this Act;

“Register” means the Register of Public Accountants and Public Auditors established in terms of section nineteen;

“registered” means registered in the Register;

“secretary of the Board” means the person appointed as secretary of the Board in terms of section fourteen.

(2) For the purposes of this Act, a person shall be deemed to practise as a public auditor if he carries out or offers to carry out an audit or auditing services for hire or reward.

3 Constituent bodies

(1) Subject to this section, the following bodies shall be constituent bodies for the purposes of this Act—

• the Zimbabwe branch of the Chartered Association of Certified Accountants incorporated by Royal Charter in the United Kingdom;
• the Zimbabwe branch of the Chartered Institute of Management Accountants incorporated by Roya1 Charter in the United Kingdom;
• the Institute of Chartered Accountants of Zimbabwe established by the Chartered Accountants Act [Chapter27:02];
• the Institute of Chartered Secretaries and Administrators in Zimbabwe established by the Chartered Secretaries (Private) Act [Chapter 27:03];
• the Zimbabwe Institute of Public Finance and Accountancy, a locally incorporated company limited by guarantee.

(2) The Minister may, on the recommendation of the Board, by statutory instrument—

• declare that any body which is established in Zimbabwe to advance the interests of public accountants or public auditors shall be a constituent body for the purposes of this Act;
• declare that any constituent body whose membership has fallen below a level which, in the opinion of the Board, no longer merits representation on the Board, shall cease to be a constituent body for the purposes of this Act;
• amend subsection (1) to give effect to—
  • any declaration referred to in paragraph (a) or (b); or
  • any change in the name of a constituent body specified in subsection (1).

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