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Under statutory law, an auditor can be held civilly or criminally liable. [3] Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4]
The Independent Regulatory Board for Auditors (IRBA), formerly known as Public Accountants and Auditors Board (PAAB), is a statutory body controlling public accountancy in the Republic of South Africa. The designation conferred by IRBA is Registered Auditor (RA).
South African company law is that body of rules which regulates corporations formed under the Companies Act. [1] A company is a business organisation which earns income by the production or sale of goods or services.
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent body for accountants. The institute provides a wide range of support services to more than 48,000 members and associates who are chartered accountants (CAs(SA)), as well as associate general accountants (AGAs(SA)) and accounting technicians (ATs(SA)).
Countries (in pink) which share the mixed South African legal system. South Africa has a 'hybrid' or 'mixed' legal system, [1] formed by the interweaving of a number of distinct legal traditions: a civil law system inherited from the Dutch, a common law system inherited from the British, and a customary law system inherited from indigenous Africans (often termed African Customary Law, of which ...
The South African Institute of Professional Accountants (SAIPA) is a professional association of accountants based in South Africa. As of 2019, the institute claims to have more than 10,000 members. [1] SAIPA represents qualified Professional Accountants (SA) in practice, commerce and industry, academia and the public sector.
The law of agency in South Africa regulates the performance of a juristic act on behalf or in the name of one person ("the principal") by another ("the agent"), who is authorised by the principal to act, with the result that a legal tie (vinculum juris) arises between the principal and a third party, which creates, alters or discharges legal relations between the principal and a third party.
South Africa's municipalities may, in terms of the Constitution of the Republic of South Africa, 1996, make by-laws for the effective administration of the matters it has a right to administer. The areas within which a municipality may make by-laws are listed in Schedule 4 Part B, and Schedule 5 Part B, of the Constitution.