The Accountants Act and its subsidiary legislations are the governing legislations for the registration and oversight of Public Accounting Entities (PAEs) and Public Accountants (PAs).
The Accountants (Amendment) Act 2022 was passed by Parliament on 3 October 2022 and assented to by the President on 25 October 2022.
The amendments to the Accountants Act seek to enhance the audit regulatory regime and introduce measures for better compliance with professional requirements and standards for both PAEs and PAs.
Implementation Timeline
The legislative changes will come into effect on 1 July 2023 with the passing of Accountants (Amendment) Act and its subsidiary legislations to operationalise the amendments.