Section 22 of the PAA Act
“…no person shall -
(a) engage in public practice as an accountant or auditor or hold himself out as an accountant or auditor in public practice or use any designation or description likely to create the impression that he is an accountant or auditor in public practice; or
(b) accept an appointment or act as an auditor where the appointment of an auditor or the performance of an audit is required by law,
unless he is registered as an accountant and auditor in terms of this Act and has paid, at the rate applicable to a registered accountant and auditor who is engaged in public practice, the annual fees as may be prescribed or such portion thereof as may be determined by the board…”
Criteria for registering an audit firm
All applications must be submitted in writing and the prescribed fee paid.
All the partners of the firm have to be registered members of PAAB.
A copy of the firm's letterhead must be provided along with the application, which letterhead must contain the following information:
- Names of all partners and their corresponding titles/duties
- Full name of firm, followed by "Registered Accountants & Auditors"
- Full address of firm
- Full contact details of firm
- PAAB practice number (once this has been allocated upon succesful application)