The Accountants and Auditors (Registration) (Amendments) Act, 2021
This section says the Act may be cited by its short title and must be read together with the principal Act.
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Statute overview
About this statute
This section says the Act may be cited by its short title and must be read together with the principal Act. This section amends the principal Act by replacing listed professional titles with the words “registered members.” Section 2 is amended to revise several definitions and add new ones, including accountancy, audit firm, reporting entity, public interest entity, standards, tuition provider, and graduate accountant. This section amends section 4(1) of the principal Act by adding new Board functions and renaming existing paragraphs. This provision amends the principal Act by repealing section 6 and replacing it with new text about the appointment of the Executive Director.
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Provisions of The Accountants and Auditors (Registration) (Amendments) Act, 2021
Showing 43 of 43
Part
PART I
- 1 Verify source ↗
Construction
AI-assisted research summary: This section says the Act may be cited by its short title and must be read together with the principal Act.
1. This Act may be cited as the Accountants and Auditors (Registration) (Amendments) Act, 2021 and shall be read as one with the Accountants and Auditors (Registration) Act, hereinafter referred to as the “principal Act”. PART II GENERAL AMENDMENTS General amendments
Part
PART II
- 2
AI-assisted research summary: This section amends the principal Act by replacing listed professional titles with the words “registered members.”
2. The principal Act is amended generally by deleting the terms “certified public accountant in public practice, certified public accountant, graduate accountant, accounting technician and practising firm “wherever they appear and substituting for them the words “registered members.”. Amendment of section 2 - 3
AI-assisted research summary: Section 2 is amended to revise several definitions and add new ones, including accountancy, audit firm, reporting entity, public interest entity, standards, tuition provider, and graduate accountant.
3. The principal Act is amended in section 2, by- (a) deleting the definition of the terms “accountant”, “auditor”, “Certified Public Accountant in Public 4 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 Practice”, “Register” and “member” substituting for them the following: “accountant” means a and person registered with the Board as a certified public accountant to perform accountancy functions; a “auditor” means a person registered as Public Certified Accountant in Public Practice, holding a valid practising certificate issued under this Act auditing functions; to perform as “certified public accountant in public practice” means a person registered such under section 7; register of “Register” means a members firms maintained by the Board in accordance with section 7; and “member” in relation to- (a) the Board, means a appointed the First member pursuant Schedule; to (b) a registered member, member a means registered by the Board in accordance with section 7; and (c) the Appeals Board, means a member appointed under section 24;”; (b) inserting in their appropriate alphabetical order the following definitions: “accountancy” means a practice in a professional the provides which accountant 5 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 analysis recognition, measurement, preparation, or disclosure of financial and non-financial relevant information, or auditing of or provision of assurance and advisory services on financial where information applicable, non-financial information and preparing and analysing tax information; and, “audit firm” means an institution registered as such by the Board audit services to a private or public entity; provide to “certified public accountant in academics” means a person registered as such pursuant to section 7; “registered member” means a person the in any of specified under registered categories section 7 of this Act; “reporting entity” means an entity that prepares or is required to prepare financial statement; “public “standards” interest entity” means a reporting entity with unique characteristics as shall be prescribed by the Board; includes financial reporting standards, auditing standards, ethical standards, educational standards and any other standards issued by the Board; “tuition provider” means accredited an institution and registered by the Board to 6 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 conduct review classes for candidates preparing to sit for the National Board of and Auditors Accountants (Tanzania) examinations;”; and (c) adding the words “or certified public accountant in public practice” at the end of the definition of the term “graduate accountant”. Amendment of section 4
Part
Schedule;
- 4
AI-assisted research summary: This section amends section 4(1) of the principal Act by adding new Board functions and renaming existing paragraphs.
4. The principal Act is amended in section 4(1), by- (a) adding immediately after paragraph (j), the following: “(k) supervise and training conducted by providers; regulate accountancy tuition the Repeal and replacement of section 6 (l) conduct audit quality review of accountancy services; and (m) foster collaboration between the Board institutions dealing with and other accountancy services.”; and (b) renaming paragraphs (k) and (l) as paragraphs (n) and (o) respectively. - 5
AI-assisted research summary: This provision amends the principal Act by repealing section 6 and replacing it with new text about the appointment of the Executive Director.
5. The principal Act is amended by repealing section 6 and replacing for it the following: “Appointment of Executive Director - 6
AI-assisted research summary: The Minister must appoint the Board’s Executive Director, but only if the person meets the listed eligibility requirements.
6.-(1) Subject to subsection (2), the Minister shall appoint the Executive Director of the Board on such terms and conditions as he may determine. (2) A person shall be eligible to be appointed as Executive Director, if he- (a) is a holder of at least master degree in accounting, finance, management or economics; (b) has accountancy an professional qualifications obtained from a recognised institution; 7 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 (c) is registered by the Board as a certified public accountant or certified public accountant in public practice; and (d) has at least ten years work experience out of which, eight years being in managerial position. (3) The Executive Director shall be responsible to the Board for the administration and management of the functions and affairs of the Board.”. Addition of section 6A - 6
AI-assisted research summary: This text says the principal Act is amended by adding new wording after section 6, but the added wording is cut off.
6. The principal Act is amended by adding immediately after section 6 the following: “Disclosure of information been- - 6A Verify source ↗
(1) A person who is or has
AI-assisted research summary: Certain current or former Board employees, consultants, members, and committee members must not disclose protected information or use it for personal or others’ benefit, unless a listed exception applies.
6A.-(1) A person who is or has (a) an employee of or a consultant employed by the Board; or (b) a member of the Board or committee established under this Act, shall not disclose any information relating to the affairs of the Board or of any other person which he has obtained during the performance of his duties or the exercise of his functions under this Act, unless such disclosure is made- (i) with the written authorisation of the person from whom the information was obtained; in accordance with this Act or any other written law; or (iii) in compliance with an order of (ii) the court. (2) A person who is or has been- (a) an employee of or a consultant employed by the Board; or (b) a member of the Board or of established committee any 8 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 Repeal and replacement of section 7 under this Act, shall not, for his own personal benefit or benefit of any other person, make use of any information which has been obtained by him in the performance of his duties or the exercise of his functions. (3) For the purposes of this section, “disclosure or making use of any information” includes permitting any other person to have access to any information relating to the affairs of the Board. (4) Any person who contravenes this section commits an offence and shall, upon conviction, be liable to a fine of not less than two million shillings but not exceeding five million shillings or to imprisonment for a term of not less than one year but not exceeding three years or to both.”. - 7
AI-assisted research summary: This provision amends the principal Act by repealing section 7 and replacing it with new text beginning “Registration of members”.
7. The principal Act is amended by repealing section 7 and replacing for it the following: “Registration of members - 7
AI-assisted research summary: A person may be registered under the Act and entered in the Register if they pay the prescribed fee, apply in the required way, and meet the required qualifications.
7.-(1) Subject to the provisions of subsection (2), a person shall upon- (a) payment to the Board of the prescribed fee; (b) making an application to the Board in the prescribed manner; and relevant qualification requirements specified pursuant to this Act, (c) meeting be entitled to be registered under this Act and have his name entered in the Register as- (i) a graduate accountant or in the acronym “GA”; (ii) a certified public accou- ntant in public practice or in the acronym “CPA- PP”; (iii) a certified public account- tant or in the acronym 9 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 “CPA”; (iv) a certified public account- tant in academics; auditor (v) an for public interest entity; (vi) a practising firm; (vii) an accounting technician or in the acronym “AT” ; (viii) a (ix) a temporary certified public accountant or in the acronym “TCPA”; temporary certified public accountant in public practice or in the acronym “TCPA-PP”; (x) an honorary member; (xi) a retired member; or (xii) any other category of be members determined by the Board. as may (2) For the purpose of subsection (1), the Board shall, by by-laws published in the Gazette, specify conditions and qualifications necessary for registration of each category under subsection (1). (3) Notwithstanding the provisions of subsection (1), accountants and auditors who were recognised and registered as such prior to 15th January, 1972 shall, unless disqualified for any other reason under this Act, continue to be members registered under this section. (4) A person registered under this section shall be issued with a certificate of registration. (5) A person who does not qualify for registration under subsection (1) but who is an accounting or auditing personnel and has not completed relevant studies to qualify for registration, shall have a title in accordance 10 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 with the prescription of titles as shall be issued by the Executive Director. (6) The Executive Director shall keep and maintain a Register of registered members and firms in which shall be entered all categories of persons registered under this section.”. Amendment of section 9 - 8
AI-assisted research summary: This provision amends section 9(2) by inserting “Executive Director,” repeals sections 10 to 14, and notes an amendment to section 18.
8. The principal Act is amended in section 9(2) by inserting the words “Executive Director” between the words “hand of the” and “shall”. Repeal of sections 10, 11, 12, 13 and 14 Amendment of section 18 - 9
AI-assisted research summary: This provision amends the principal Act by repealing sections 10 to 14.
9. The principal Act is amended by repealing sections 10, 11, 12, 13 and 14. - 10
AI-assisted research summary: Section 18 is amended so that the certificate is valid for three years and may be renewed on application and payment of fees set by the Board.
10. The principal Act is amended in section 18, by- (a) designating the contents of section 18 as subsection (1); and (b) adding immediately after subsection (1) as designated the following: “(2) The certificate issued pursuant to sections 18 and 19 shall be valid for a period of three years and may, upon application in the prescribed manner and upon payment of fees prescribed by the Board, be renewed.”. Amendment of section 21 - 11
AI-assisted research summary: This section amends the principal Act by replacing specified words in section 21(a) and repealing and replacing section 24.
11. The principal Act is amended in section 21(a) by deleting the words “registered accountant or auditor” and substituting for them the words “registered member”. Repeal and replacement of section 24 - 12
AI-assisted research summary: This section amends the principal Act by repealing section 24 and replacing it with new text about the Establishment of the Accountants and Auditors Appeals Board.
12. The principal Act is amended by repealing section 24 and replacing for it the following: “Establish ment of Accounta nts and Auditors Appeals Board - 24
AI-assisted research summary: An appeals board called the Accountants and Auditors Appeals Board is established, and it may regulate its own proceedings.
24.-(1) There is hereby established an appeals board to be known as the Accountants and Auditors Appeals Board which shall consist of- (a) a Chairman who shall be appointed by the President from amongst retired judges or any person with qualifications which may 11 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 warrant such person to be appointed as a judge; and (b) six other members appointed by the Minister as follows: (i) a law officer representing the Attorney General, who shall be the Vice Chairman; (ii) one senior member from the Ministry responsible for finance; senior member the Bank of (iii) one from Tanzania; (iv) one (v) senior member higher institutions; representing learning and two members association representative of accountancy professionals or private sector. from all (2) The Accountants and Auditors Appeals Board shall have power to regulate its own proceedings.”. Amendment of section 25 - 13
AI-assisted research summary: This provision amends section 25(1) by deleting specified words, and it introduces repeal and replacement of section 26.
13. The principal Act is amended in section 25(1) by deleting the words “and every order of the Appeals Board under this section shall be final, conclusive and binding upon all parties concerned, and shall not be subject to review by any court”. Repeal and replacement of section 26 - 14
AI-assisted research summary: This section amends the principal Act by repealing section 26 and replacing it with new text on the use of certain styles and titles.
14. The principal Act is amended by repealing section 26 and replacing for it the following: “Use of certain styles and titles - 26
AI-assisted research summary: A registered person may adopt and use the style and title specified under section 7, while their name remains in the Register.
26. A person who is registered under this Act shall, in so far as his name remains in the Register, be entitled to adopt and to 12 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 Amendment of section 27 use the style and title specified under section 7.”. - 15
AI-assisted research summary: This section amends the offence for falsely pretending to be a registered member or firm and sets penalties on conviction.
15. The principal Act is amended in section 27, by- (a) deleting paragraph (a) and substituting for it the following: “(a) not being a registered member or firm to be a registered falsely pretends member or firm;”; and (b) deleting the closing phrase and substituting for it the following: “commits an offence and shall on conviction, be liable- (a) in the case of an individual person, to a fine of not less than five million shillings but not exceeding ten million shillings or to imprisonment for a term not exceeding two years or to both; and (b) in the case of a practising firm, to a fine of not less than five million shillings or ten percent of the firm’s gross audit fee, whichever is greater, provided that the amount charged shall not exceed thirty million shillings.” Addition of section 27A - 16
AI-assisted research summary: This section says the principal Act is amended by adding a new item after section 27 about practice review of audit firms.
16. The principal Act is amended by adding immediately after section 27 the following: “Practice review of audit firm - 27A Verify source ↗
(1) For
AI-assisted research summary: The Board may review audit firms, inspect relevant documents, and ask for information to improve audit quality. An audit firm must produce relevant documents when the Board requests them. If an audited report does not meet required standards, the Board may fine the firm or impose sanctions.
27A.-(1) For the purpose of enhancing audit quality, the Board may review the practice of any audit firm and for that purpose, the Board may- (a) inspect any relevant document in the the possession or under control of the audit firm, make copies of or take any abstract of or extract from any document; and (b) seek information or clarification from the audit firm. (2) An audit firm shall, at the request 13 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 the Board, produce any relevant of document in its possession or under its control for the purposes of subsection (1). (3) Where the Board is satisfied that upon audit conducted the audited report does not meet the required standards, the Board may- (a) order the audit firm to pay a fine of not less than five million shillings or ten percent of the firm’s gross audit fee, whichever is greater, provided that, the amount charged shall not exceed thirty million shillings; or (b) impose sanctions under section 21.”. prescribed - 17 Verify source ↗
General amendments
AI-assisted research summary: This amendment says no body of persons can be registered as a certified Public Accountant in Public Practice or Certified Public Accountants, and the Executive Director cannot register them for that purpose.
17. The principal Act is amended in section 28 by- (a) deleting subsection (5) and substituting for it the following: “(5) Nothing in this Act shall be construed as entitling any body of persons, whether corporate or unincorporated, to be registered as, or as empowering the Executive Director to register any body of persons as, certified Public Accountant in Public Practice or Certified Public Accountants.”; and (b) deleting subsection (6) and substituting for it the following: “(6) A person who contravenes the commits an provisions of this section offence and shall, on conviction be liable- Amendment of section 28 (a) in the case of an individual person, to a fine not exceeding ten to or shillings million imprisonment for a term not exceeding two years or to both; and 14 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 (b) in the case of a practising firm, to a fine of not less than ten million shillings or ten percent of the firm’s gross audit fee, whichever is greater, provided the amount charged shall not exceed twenty million shillings.”. that, Amendment of section 29 - 18
AI-assisted research summary: This section replaces the penalty for contravening section 29 with criminal liability, including fines and possible imprisonment for individuals, and higher fines for practising firms.
18. The principal Act is amended in section 29- (a) by deleting subsection (6) and substituting for it the following: “(6) Any person who contravenes the provisions of this section commits an offence and shall, on conviction be liable- (a) in the case of an individual person, to a fine not exceeding ten million shillings or to imprisonment for a term not exceeding two years or to both; and (b) in the case of a practising firm, to a fine of not less than ten million shillings or the ten percent of firm’s gross audit fee, whichever is greater, provided that, the amount charged shall not exceed thirty million shillings.”; and Amendment of section 30 (b) in subsection (9) by deleting the words “or the Tanzania Audit Corporation”. - 19
AI-assisted research summary: This provision changes several money amounts in section 30 of the principal Act.
19. The principal Act is amended in section 30- (a) in subsection (1)(a), by deleting the words “one hundred million shillings” and substituting for them the words “seven hundred million shillings”; 15 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 Addition of sections 30A, 30B and 30C (b) in subsection (1)(b), by deleting the words “fifty million shillings” and substituting for them the words “five hundred million shillings”; (c) in subsection (2)(a), by deleting the words “one hundred million shillings” and substituting for them the words “three hundred million shillings”; (d) in subsection (2)(b), by deleting the words “fifty thousand million shillings” and substituting for them the words “one hundred and fifty million shillings”; and (e) in subsection (3), by deleting the words “six hundred thousand shillings” and substituting for them the words “fifty million shillings”. - 20
AI-assisted research summary: This provision amends the principal Act by inserting a new section titled “Submission of audited financial statements” after section 30.
20. The principal Act is amended by adding immediately after section 30 the following: “Submission of audited financial statements - 30A Verify source ↗
(1)
AI-assisted research summary: Audited financial statements must be prepared by a certified public accountant in public practice, and auditors must submit the audited statements and annual report to the Board within 30 days after the report is completed.
30A.-(1) Financial statements prepared under this Act shall be audited by a certified public accountant in public practice. (2) Every auditor shall, within thirty days from the date of completion of the report, submit the auditee’s audited financial statements and annual report. the Board to (3) For the purpose of subsection (2), the Board shall establish a database for keeping the audited financial statements submitted under this section. (4) An auditor shall be responsible and accountable for financial statements audited and submitted by him to the Board under this section. (5) A person who contravenes the requirements of this section commits an offence and shall, on conviction, be liable to a fine of not less than five million shillings but not exceeding ten million shillings or ten percent of the firm’s gross 16 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 Board may review financial statements and reports audit fee, whichever is greater, provided that, the amount charged shall not exceed thirty million shillings. (6) For the purpose of this section, “auditor” includes an audit firm. - 30B Verify source ↗
(1) The Board may, on its
AI-assisted research summary: The Board may review audited financial statements and ask for further information or clarification; refusing to provide it is an offence with a fine, imprisonment, or both.
30B.-(1) The Board may, on its own motion or upon request by any user of the audited financial statements, review the audited financial statements and reports of a reporting entity submitted under section 30A. (2) For the purpose of subsection (1), the Board may require production of further information or clarification from- (a) any officer or director of a public interest entity or other entities; and (b) any auditor or audit firm responsible for the audit of the financial statements of that entity. (3) A person who refuses to produce further information under this section, commits an offence and shall, on fine not liable conviction, be exceeding twenty million shillings or to imprisonment for a term not exceeding two years or to both. to a Monitoring of registered member - 30C Verify source ↗
(1) For
AI-assisted research summary: The Board must monitor registered members and may ask them for information or clarification. A registered member who refuses to provide the requested information or clarification commits an offence and may be fined or imprisoned.
30C.-(1) For the purpose of ensuring compliance with the provisions of this Act, the Board shall monitor the conduct of any registered member and, for seek that purpose, information or clarification the registered member. the Board may from (2) A registered member who or information provide to refuses 17 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 this section clarification sought under shall, on commits an offence and conviction, be fine not liable exceeding five million shillings or to imprisonment for a term not exceeding two years or to both.”. to a Amendment of section 31 - 21
AI-assisted research summary: Audited financial statements submitted under the Companies Act or other written law must be certified by a certified public accountant in public practice. Breach of this section is an offence.
21. The principal Act is amended in section 31- (a) in subsection (1), by deleting the phrase “prepared or certified by a Certified Public Accountant or a Certified Public Accountant in Public Practice” and substituting for it the phrase “prepared by a Certified Public Accountant or audited by a Certified Public Accountant in Public Practice”; and (b) by deleting subsections (5) and (4) and substituting for them the following: Cap. 212 “(4) Every audited financial statement of a body corporate required to be submitted to any public officer or public authority under the Companies Act or any other written law shall be certified by a certified public accountant in public practice. (5) Any person who contravenes any of the provisions of this section commits an offence and shall, on conviction, be liable- (a) in the case of an individual person, to a fine of not less than five million shillings but not exceeding ten million shillings or to imprisonment for a term not exceeding two years or to both; and; (b) in the case of a practising firm, to a fine of not less than ten million shillings or ten percent of the firm’s gross audit fee, whichever is greater, provided the amount charged shall not exceed thirty million shillings.”. that, 18 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 Amendment of section 35 - 22
AI-assisted research summary: This section amends section 35 and adds a rule that the Board must not delegate certain powers.
22. The principal Act is amended in section 35, by- (a) designating the contents of section 35 as subsection (1); and (b) adding immediately after subsection (1) as designated the following: “(2) Notwithstanding subsection (1), the Board shall not delegate its powers to- (a) invest, prescribe fees, charges and commissions, borrow or lend money; and (b) issue final examination results, save for provisional results.”. Repeal and replacement of section 36 - 23
AI-assisted research summary: This provision amends the principal Act by repealing section 36 and replacing it with new text about accounts and audit statements.
23. The principal Act is amended by repealing section 36 and replacing for it the following: “Account s and audit statements - 36 Verify source ↗
(1) The Board shall keep proper
AI-assisted research summary: The Board must keep proper books, prepare annual financial statements on time, have them audited, and then submit the audited statements to the Minister.
36.-(1) The Board shall keep proper books of account, and shall prepare the annual financial immediate preceding financial year not later than the 30th day of September in the following financial year the prescribed accounting standards issued by the Board. in accordance with the for (2) The annual financial statements shall be audited by the Controller and Auditor General or an auditor appointed by the Controller and Auditor General. (3) The Board shall, as soon as possible after receiving the audited report from the Controller and Auditor General, submit to the Minister the audited financial statements.”. Repeal and replacement of section 40 - 24
AI-assisted research summary: This section amends the principal Act by repealing section 40 and replacing it with a new provision on annual performance reports.
24. The principal Act is amended by repealing section 40 and replacing it with the following: “Annual performance report - 40 Verify source ↗
(1) The Board shall prepare and
AI-assisted research summary: The Board must prepare and submit an annual performance report to the Minister within four months after each financial year ends, and the Minister must then lay a copy before the National Assembly as soon as possible.
40.-(1) The Board shall prepare and submit to the Minister within four months 19 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 after the close of each financial year the annual report on the performance of the Board for the previous financial year. (2) The Minister shall, at the earliest available opportunity, cause a copy of the report referred to under subsection (1) to be laid before the National Assembly.”. Addition of section 40A - 25
AI-assisted research summary: This text only says the principal Act is being amended by inserting something after section 40, but the actual inserted wording is cut off.
25. The principal Act is amended by adding immediately after section 40 the following: “Financial year - 40A Verify source ↗
The financial year of the Board
AI-assisted research summary: The Board’s financial year runs for one year and ends on 30 June.
40A. The financial year of the Board shall be the period of one year ending on the 30th June.”. Amendment of section 42 Addition of section 42A - 26
AI-assisted research summary: This provision amends section 42 and changes the wording so that the conduct described becomes an offence, with penalties for individuals and practising firms.
26. The principal Act is amended in section 42- (a) in paragraph the words “knowingly and substituting for them the words “makes or certifies”; and and willfully makes” (c), by deleting (b) deleting the closing phrase and substituting for it the following: “commits an offence and shall, on conviction, be liable- (a) in the case of an individual person, to a fine of not less than to ten million imprisonment for a term not exceeding two years or to both; and shillings or (b) in the case of a practising firm, to a fine of not less than ten million shillings or ten percent of the firm’s gross audit fee, whichever is greater, provided the amount charged shall not exceed thirty million shillings.”. that, - 27
AI-assisted research summary: This section amends the principal Act by inserting new text after section 42, headed “Compounding of offences.”
27. The principal Act is amended by adding immediately after section 42 the following: “Compounding of offences - 42A Verify source ↗
(1)
AI-assisted research summary: The Executive Director may compound an admitted offence before court proceedings start, charge up to half the fine, add prescribed interest if the person does not pay on time, enforce non-compliance like a court decree, and must report compounded offences quarterly to the Director of Public Prosecutions.
42A.-(1) Notwithstanding the 20 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 provisions of this Act relating to penalties, where a person admits in writing that he has committed an offence under this Act, the Executive Director or a person authorised by him in writing may, at any time prior to the commencement of the proceedings by a court of competent jurisdiction, compound such offence and order such person to pay a sum of money not exceeding one half of the amount of the fine to which such person would otherwise have been liable to pay if he had been convicted of such offence. (2) Where the person fails to comply with the compounding order issued under this section within the prescribed period, the Executive Director or a person authorised by him may, in addition to the sum ordered, require the person to pay an interest at the rate prescribed in the regulations. (3) Where the person fails to comply with subsection (2), the Executive Director may enforce the compounding order and interest accrued thereof in the same manner as a decree of a court. (4) The Executive Director shall submit quarterly reports of all compounded offences under this section to the Director of Public Prosecutions. (5) Offences to be compounded under this section and the manner of compounding offences shall be as prescribed the regulations made under this Act.”. in Amendment of section 44 - 28
AI-assisted research summary: This provision amends section 44 of the principal Act by deleting paragraph (c) and renaming paragraph (d) as paragraph (c).
28. The principal Act is amended in section 44, by- (a) deleting paragraph (c); and (b) renaming paragraph (d) as paragraph (c). 21 No. 7 Accountants and Auditors (Registration) (Amendments) Act 2021 Addition of sections 48 - 29 Verify source ↗
Amendment of section 29
AI-assisted research summary: This provision amends the principal Act by inserting new text immediately after section 47, but the inserted text is incomplete in the source provided.
29. The principal Act is amended by adding immediately after section 47 the following: “General offence - 48 Verify source ↗
A person who contravenes any
AI-assisted research summary: A person who breaks a provision of the Act that has no specific penalty commits an offence and may be fined, imprisoned, or both if convicted.
48. A person who contravenes any of the provisions of this Act for which no specific penalty is provided, commits an offence and shall, on conviction, be liable to a fine of not less than five million shillings but not exceeding ten million shillings or to imprisonment for a term of not less than six months but not exceeding two years or to both.”. Passed by the National Assembly on the 3rd September, 2021. NENELWA J. MWIHAMBI Clerk of the National Assembly 22
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