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VOLUME: X
FINANCIAL REPORTING
CHAPTER: 46:10
Part:XI Miscellaneous provisions ss 6973
69.     Indemnity

            No matter or thing done or omitted to be done by a member or staff of the Authority shall, if the matter or thing is done or omitted to be done in good faith, in the course of the operations of the Authority, render a member or staff personally liable to an action, claim or demand.

70.     Offences and penalties

            (1) A person who knowingly and wilfully makes a false statement, or a misleading statement, with a view to gaining any advantage, concession or privilege under this Act, whether for himself or for any other person, commits an offence and is liable to a fine not exceeding P250 000 or to imprisonment for a term not exceeding five years, or to both.

            (2) A certified auditor of P.I.E or partner in a firm for certified auditors of P.I.Es, who knowingly employs or engages any person as a certified auditor of P.I.E who was registered and-

     (a)     whose name has been removed from the register and has not been restored; or

     (b)     who has been suspended from registration in terms of this Act, during the period of suspension, save with the prior written consent of the Authority, which consent may be given for such period and subject to such conditions as the Authority may determine,

commits an offence and is liable to a fine not exceeding P500 000 or to imprisonment for a term not exceeding 10 years, or to both.

            (3) Any certified auditor of P.I.E, Board member and employee of the Authority who contravenes or fails to comply with the provisions of this Act or rules made under this Act commits an offence and is liable to a fine not exceeding P500 000 or to imprisonment for a term not exceeding 10 years, or to both.

71.     Regulations

            (1) The Minister may, after consultation with the Authority, make regulations prescribing anything under this Act which is to be prescribed or which is necessary or convenient to be prescribed for the better carrying out of the objects and purposes of this Act, or to give force and effect to its provisions.

            (2) Without prejudice to the generality of subsection (1), regulations may provide for-

     (a)     the fees and fines to be paid under this Act;

     (b)     the form of any document referred to in this Act and the manner in which it shall be prepared, executed, registered, transmitted or delivered;

     (c)     matters to be included in the document submitted with an application for registration; or

     (d)     the submission of annual returns.

72.     Rules of the Authority

            (1) The Authority may, subject to the approval of the Minister, make rules for the regulation of the Authority, and in respect of all matters which by this Act are required or permitted to be made by the rules.

            (2) The Authority shall ensure that a copy of its rules and of any of its amendments is available-

     (a)     for inspection without charge; or

     (b)     for purchase by members of the public, in every office or premises of the Authority.

            (3) The rules made by the Authority shall be binding on the Authority, the persons registered by the Authority, and all persons claiming under the rules.

73.     Transitional provisions

            Notwithstanding anything contained in sections 24 and 25, every person who, immediately before the coming into operation of this Act-

     (a)     is or has been providing audit and assurance services to a public interest entity, may continue to provide such services without being registered under this Act-

           (i)       during the period of six months beginning with the commencement date, and

          (ii)       where, within that period an application is made to register, until that application is finally disposed of or withdrawn; and

     (b)     is or has been providing audit and assurance services to a public interest entity, whether or not on his or her own account, or in partnership with other persons under a firm, shall continue to provide such services under the firm-

           (i)       during the period of six months beginning with the commencement date, and

          (ii)       where, within that period an application is made for registration under this Act, until that application is finally disposed of or withdrawn.