ACCOUNTANTS: SUBSIDIARY LEGISLATION
INDEX TO SUBSIDIARY LEGISLATION
Accountants (Appeals Committee) Order
(section 57)
(28th June, 2013)
PART I
Preliminary
1. Citation
2. Interpretation
PART II
Membership of Institute
3. Application for registration as member of Institute
4. Classes of membership
5. Qualification for registration as member
6. Registration of member
7. Re-registration of member
8. Renewal of membership and annual subscription
PART III
Registration of Certified Professional Accountant or Chartered Accountant, Certified Auditor and Member Firm
9. Application for registration of certified professional accountant or chartered accountant
10. Application for registration of certified auditor
11. Application for registration of member firm
12. Registration
13. Application for re-registration of member or member firm
14. Certificates of registration
15. Renewal of certificate
16. Fees payable on issue of certificate
PART IV
Registration of Students
17. Conditions of registration
18. Registration of students
19. Registration Number, etc.
20. Duration of registration
21. Renewal of registration of student and annual subscription
22. Restoration to Student Register
23. Independent student
24. Training Agreement
25. Signing off Log
26. Discipline of registered student
PART V
Miscellaneous Provisions
27. Approved training
28. Authorised training employer
29. Continuing Professional Development
30. Annual returns
SCHEDULES
S.I. 75, 2013,
S.I. 87, 2013,
S.I. 100, 2021.
PART I
Preliminary (regs 1-2)
These Regulations may be cited as the Accountants Regulations.
In these Regulations, unless the context otherwise requires—
“approved training” means practical training and experience approved by the Council and obtained from an authorised training employer;
“authorised training employer” means a firm or undertaking authorised by the Council to provide approved training;
…;
“independent student” means a person who is registered as an independent student under regulation 23;
“student” means a person who is registered as a student for the Botswana Chartered Accountancy Qualification under regulation 18; and
“Training Agreement” means an agreement of approved training registered with the Institute, and made between the student and the authorised training employer.
PART II
Membership of Institute (regs 3-8)
3. Application for registration as member of Institute
A person who wishes to be registered as a member of the Institute under section 28 of the Act, shall make an application in Form 1 set out in Schedule 1.
(1) The rules of the Institute have set out the following classes of membership—
(a) Accounting Technician;
(b) Associate Chartered Accountant;
(c) Associate Certified Professional Accountant or Chartered Accountant;
(d) Fellow Chartered Accountant;
(e) Fellow Certified Professional Accountant or Chartered Accountant;
(f) …
(g) Member Firm.
(2) The manner and form of application to the different classes of membership referred to under subregulation (1) shall be in Form 1 set out in Schedule 1 and accompanied by such fees as specified in Schedule 4.
5. Qualification for registration as member
(1) A person shall be qualified to be registered as a member of the Institute, where the person intends to register as an—
(a) Accounting Technician, that person—
(i) has passed an examination of a qualification as determined by the Institute,
(ii) has obtained relevant practical experience of at least two years, and
(iii) is fit to be admitted as a member;
(b) Associate Chartered Accountant, that person—
(i) has passed the Botswana Chartered Accountancy Qualification examinations,
(ii) has obtained the necessary technical experience as per the training requirements of the Institute, and
(iii) is fit to be admitted as a member;
(c) Associate Certified Professional Accountant or Chartered Accountant, that person—
(i) is a member in good standing of another approved professional accountancy body recognised by the International Federation of Accountants, and
(ii) is fit to be admitted as a member;
(d) Fellow Chartered Accountant, that person—
(i) has been a member as an Associate Chartered Accountant for a continuous period of five years, and
(ii) in the opinion of the Council, meets the Continuing Professional Development requirements; or
(e) Fellow Certified Professional Accountant or Chartered Accountant, that person—
(i) has been a member as an Associate Certified Professional Accountant or Chartered Accountant of the Institute, or a member in good standing of an approved professional accountancy body recognised by the International Federation of Accountants, for a continuous period of five years, and
(ii) in the opinion of the Council, meets the Continuing Professional Development requirements.
(2) Subject to subregulation (1), a person who wishes to be admitted as a member after passing the Botswana Chartered Accountancy Qualification, shall prove to the Institute that he or she has completed a period of approved training of not less than 450 days in accordance with the Training Agreement.
(3) Notwithstanding provisions of this regulation, a person who is qualified to be registered as a member of the institute under subregulation (1)(a), (b) and (c) who does not have sufficient and relevant practical work experience shall be exempt from registration with the Institute while accumulating the relevant practical work experience.
The Institute shall register a person as a member of the Institute in accordance with section 28 of the Act, where the Council is satisfied that the person meets the requirements of these Regulations.
(1) A person who has been removed from the register as a member of the Institute may make an application to the Institute for re-registration, in Form 2 set out in Schedule 1.
(2) An application made under subregulation (1) shall be accompanied by such fee as specified in Schedule 4.
8. Renewal of membership and annual subscription
(1) A member shall renew his or her membership in Forms 3,4,5 and 6 set out in Schedule 1, and upon payment of a subscription fee as specified in Schedule 4.
(2) Payment referred to in subregulation (1) shall be made on the 1st of January of every year.
(3) Where a member fails to renew his or her membership or pay the annual subscription by the 1st of January, the member shall be subject to payment of a penalty of 50 per cent of the subscription fee.
(4) The annual subscription fee to be paid under this regulation shall be determined by the Council, and approved by members at a general meeting.
(5) Notwithstanding subregulations (2) and (3), the Institute may allow a renewal and payment of subscription to be made up to the 31st March of every year for every member.
(6) A member who fails to renew his or her membership, or fails to pay the subscription fee by the 31 st of March in any year shall be removed from the Register.
(7) A member who is removed from the Register under subregulation (6) who wishes to restore his or her membership shall pay any outstanding subscriptions for up to a maximum of 3 years and a penalty of 50 percent of the total subscription fee due.
PART III
Registration of Certified Professional Accountant or Chartered Accountant and Member Firm (regs 9-16)
9. Application for registration of certified professional accountant or chartered accountant
(1) A person who wishes to be registered as a certified professional accountant or chartered accountant under section 30 of the Act, shall make an application in Form 1 set out in Schedule 1.
(2) An application made under subregulation (1) shall be accompanied by a fee set out in Schedule 4.
11. Application for registration of member firm
(1) A firm which wishes to be registered as a member firm under section 33 of the Act, shall make an application for registration in Form 1 set out in Schedule 2.
(2) An application made under subregulation (1) shall be accompanied by a fee set out in Schedule 4.
(1) The Institute may, where it is satisfied that an applicant under—
(a) regulation 6, meets the requirements of regulation 5(1)(a), register the applicant in the Register of Accounting Technicians;
(b) regulation 9, meets the requirements of section 30 of the Act, register the applicant in the Register of Certified Professional Accountants or Chartered Accountants;
(c) …;
(d) regulation 11, meets the requirements of section 33 of the Act, register the applicant in the Register of Member Firms.
(2) Where the Institute is not satisfied that the applicant meets the requirements set out in the Act, the Institute may refuse to register the applicant in accordance with section 32 of the Act.
(3) The Registers under subregulation (1) shall be open to inspection during office hours to any member of the public, upon payment of a fee of P10.
(4) Any person or firm that is not registered with the Institute in terms of sections 30 and 33 of the Act that provides accountancy services shall, if such person or firm wishes to register as a member or a member firm of the Institute, pay—
(a) an amount equivalent to an annual subscription fee for the year such person or firm is applying for;
(b) for every prior year that such person or firm provided accountancy services without being registered with the institute for a period not exceeding 3 years; and
(c) a penalty of 50 percent of the 3 years total subscription fees due.
13. Application for re-registration of member or member firm
(1) A member or member firm removed from the relevant register in accordance with section 37 of the Act, shall make an application for restoration as provided in section 38—
(a) for a member, in Form 1 set out in Schedule 1; and
(b) for a member firm, in Form 4 set out in Schedule 2.
(2) An application made under subregulation (1) shall be accompanied by a fee set out in Schedule 4.
14. Certificates of registration
The Institute shall issue to—
(a) a person who is registered as an Accounting Technician, with a certificate of registration in Form 1 set out in Schedule 3;
(b) a person who is registered as an Associate Chartered Accountant, with a certificate of registration in Form 2 set out in Schedule 3;
(c) a person who is registered as a Fellow Chartered Accountant, with a certificate of registration in Form 3 set out in Schedule 3;
(d) a person who is registered as an Associate Certified Professional Accountant or Chartered Accountant, with a certificate of registration in Form 4 set out in Schedule 3;
(e) a person who is registered as a Fellow Certified Professional Accountant or Chartered Accountant, with a certificate of registration in Form 5 set out in Schedule 3;
(f) …;
(g) an entity that is registered as a member firm, with a certificate of registration in Form 7 set out in Schedule 3; and
(h) …
(1) A member, certified professional accountant or chartered accountant or member firm, as the case may be, shall in terms of section 36 of the Act, make an application for renewal of a certificate that has not been revoked.
(2) An application to renew a certificate under this regulation shall be made in the same Form as an application for renewal of membership under regulation 8, and the fee specified in that regulation includes the fee for the certificate.
16. Fees payable on issue of certificate
A member, chartered accountant, certified professional accountant or member firm, as the case may be, shall before a certificate of registration is issued, pay a fee set out in Schedule 4.
PART IV
Registration of Students (regs 17-26)
17. Conditions of registration
(1) A person may register as a student, where the person—
(a) intends to pursue the Botswana Chartered Accountancy Qualification;
(b) meets the admission criteria determined by the Council as set out in the Rules; and
(c) a fee set out in Schedule 4.
(2) A person who wishes to register as a student shall make an application for registration in Form 1 set out in Schedule 5.
(3) An application made under subregulation (2) shall be accompanied by—
(a) examination results of previous qualifications;
(b) a recommendation by employer or tutor; and
(c) an application fee of P800.
Where the Institute is satisfied that a person meets the requirements of the conditions under regulation 17, the Institute shall register such person in the Register of Students.
The Institute shall upon registration, issue to the registered student—
(a) a Registration Number;
(b) a Student Handbook;
(c) where applicable, a Notice of exemption; and
(d) a Practical Experience Log.
Registration of a student shall be valid until the 31st of December of every year.
21. Renewal of registration of student and annual subscription
(1) A registered student shall renew his or her registration by application on the 1st of January of every year, and on payment of a subscription fee set out in schedule 4.
(2) Where a registered student fails to renew his or her registration and pay the annual subscription by the 1st of January, the registered student shall be notified of such breach.
(3) Notwithstanding subregulations (1) and (2), the Institute may allow a renewal and subscription to be made up to the 31st of March of every year.
(4) An application made under subregulation (1) shall be made in Form 2 set out in Schedule 5.
(5) A student who fails to renew his or her registration by the end of March in any year shall be removed from the Register of Students.
22. Restoration to Student Register
(1) A registered student who has been removed from the Register, may make an application for restoration in Form 3 set out in Schedule 5.
(2) An application made under subregulation (1) shall be accompanied by a fee set out in schedule 4.
(1) A person may register as an independent student in Form 4 set out in Schedule 5.
(2) An application made under subregulation (1) shall be accompanied by a fee set out in schedule 4.
(3) An independent student may study and sit for all of the examinations set by the Institute, except for the case study.
(4) Notwithstanding subregulation (3), an independent student may apply and sit for the case study once he or she has commenced the third year of the period of approved training.
(1) A person who registers as a student shall enter into a Training Agreement, which form of agreement shall be determined by the Institute.
(2) Notwithstanding subregulation (1), an independent student may commence the approved training without a Training Agreement, but shall have an agreement in place before he or she sits for the case study.
(3) A Training Agreement shall be monitored closely by the Institute.
At the end of training, an employee of the authorised training employer who is the qualified person responsible for training shall sign off the Practical Experience Log issued at the time of registration.
26. Discipline of registered student
(1) A registered student shall follow the codes and standards prescribed in the Student Handbook.
(2) Where there is a complaint of misconduct against a registered student, the Institute shall submit the complaint to the disciplinary procedures of the Institute.
PART V
Miscellaneous Provisions (regs 27-30)
Approved training shall—
(a) be obtained through an authorised training employer;
(b) meet the standards set out in the Training Standards; and
(c) comprise of work of an appropriate professional level commensurate with the status of a trainee chartered accountant.
28. Authorised training employer
(1) Any firm or undertaking shall apply for approval as an authorised training employer in Form 1 set out in Schedule 6.
(2) The Institute shall approve a firm or undertaking as an authorised training employer, where that firm or undertaking—
(a) has nominated a qualified person responsible for training, which person shall—
(i) be a member of the Institute,
(ii) be registered as an associate or fellow member, and
(iii) hold a senior position within the organisation; and
(b) initially and thereafter, periodically satisfy the Institute that it can meet the conditions of the Training Standards and such other conditions as may be attached to the approval.
(3) Where the Institute approves a firm or undertaking as an authorised training employer, the Institute shall issue to that firm or undertaking, a certificate in Form 2 set out in Schedule 6.
(4) The duties of the authorised training employer shall include to—
(a) issue a student with a training agreement;
(b) provide to a student, at least 450 days of technical work experience;
(c) plan and implement training programmes to allow sufficient range and depth of work experience;
(d) ensure that students are adequately supervised;
(e) ensure that students complete the initial professional development requirements;
(f) implement a system of monitoring study and exam performance, and provide support where needed;
(g) provide structured training in professional ethics within the organisation; and
(h) confirm that students are eligible for membership with the Institute.
29. Continuing Professional Development
(1) Every member of the Institute, shall be required to undertake Continuing Professional Development in respect of his or her class of membership.
(2) A member who undertakes Continuing Professional Development shall submit an annual return for the period ending 31st of December of every year, by the 1st of January following the Continuing Professional Development year, in such form and manner as may be specified by the Institute.
(3) Where a member fails to comply with the requirements of the Continuing Professional Development and fails to submit the returns as provided under subregulation (2)—
(a) the Institute may file the third and final reminder in the member’s file;
(b) the Training and Professional Development Committee may issue a warning letter to the member;
(c) the Council may issue a letter of instruction to the member to comply with the Continuing Professional Development within the period specified in the letter; or
(d) the Institute may refer the matter to the Disciplinary Committee, and costs of the hearing shall be borne by the member.
(4) Where a member is referred to the Disciplinary Committee as provided under subregulation (3)(d), the Disciplinary Committee may—
(a) caution the member;
(b) caution and fine the member;
(c) suspend the member and order for publication of the suspension; or
(d) remove the member from the register and order for publication of the such removal.
The Council shall cause to be provided to the members at an annual general meeting, the annual report of the Institute, the auditor’s report and the audited accounts.
SCHEDULE 1
Form 1
APPLICATION FOR MEMBERSHIP (CLASSES OF MEMBERSHIP)
Form 2
APPLICATION FOR RE-REGISTRATION AS A MEMBER
(reg. 7(1))
Form 3
APPLICATION FOR RENEWAL OF MEMBERSHIP AND CERTIFICATE
(regs. 8(1) and 15(2))
Form 4
…
Form 5
…
Form 6
APPLICATION FOR MEMBERSHIP RENEWAL OF MEMBER FIRM – NON-AUDIT
(regs. 8(1) and 15(2))
SCHEDULE 2
Form 1
…
Form 2
…
Form 3
APPLICATION TO REGISTER A MEMBER FIRM – NON-AUDIT
(reg. 11(1)(b))
Form 4
APPLICATION FOR RESTORATION OF MEMBER FIRM
(reg. 13(1)(b))
SCHEDULE 3
Form 1
ACCOUNTING TECHNICIAN MEMBERSHIP CERTIFICATE
(reg. 14(a))
Form 2
CERTIFICATE OF ASSOCIATESHIP – ASSOCIATE CHARTERED ACCOUNTANT
(reg. 14(b))
Form 3
CERTIFICATE OF FELLOWSHIP – FELLOW CHARTERED ACCOUNTANT
(reg. 14(c))
Form 4
CERTIFICATE OF ASSOCIATESHIP – ASSOCIATE CERTIFIED PROFESSIONAL ACCOUNTANT OR CHARTERED ACCOUNTANT
(reg. 14(d))
Form 5
CERTIFICATE OF FELLOWSHIP – FELLOW CERTIFIED PROFESSIONAL ACCOUNTANT OR CHARTERED ACCOUNTANT
(reg. 14(e))
Form 6
…
Form 7
CERTIFICATE OF MEMBERSHIP – MEMBER FIRM – NON-AUDIT
(reg. 14(g))
Form 8
…
SCHEDULE 4
FEES
APPLICATION FEES FOR CLASSES OF MEMBERSHIP
(regs. 4(2) and 7(2))
|
CLASS OF MEMBERSHIP |
APPLICATION FEE |
|
Accounting Technician Associate |
P116.07 |
|
Chartered Accountant |
P227.68 |
|
Associate Certified Professional Accountant or Chartered Accountant |
P227.68 |
|
Fellow Chartered Accountant |
P227.68 |
|
Fellow Certified Professional Accountant or Chartered Accountant |
P227.68 |
ANNUAL SUBSCRIPTIONS
(reg. 8(1))
|
CLASS OF MEMBERSHIP |
ANNUAL SUBSCRIPTION FEE |
|
Accounting Technician Associate |
P1276.79 |
|
Chartered Accountant |
P2387.50 |
|
Associate Certified Professional Accountant or Chartered Accountant |
P2387.50 |
|
Fellow Chartered Accountant |
P2387.50 |
|
Fellow Certified Professional Accountant or Chartered Accountant |
P2387.50 |
|
Member Firm |
P2 500 |
|
Certified Auditor |
P11 200 |
FEES FOR THE ISSUE OF CERTIFICATE
(reg. 16)
|
|
FEE FOR CERTIFICATE OF REGISTRATION |
|
Member Firm |
P3860.72 |
SCHEDULE 5
Form 1
Form 2
Form 3
Form 4
APPLICATION TO REGISTER AS AN INDEPENDENT STUDENT
(reg. 23(1))
ACCOUNTANTS (APPEALS COMMITTEE) ORDER
(section 47(1))
(1st August, 2014)
ARRANGEMENT OF PARAGRAPHS
PARAGRAPH
1. Citation
2. Appointment of Appeals Committee members
S.I. 98, 2014.
This Order may be cited as the Accountants (Appeals Committee) Order.
2. Appointment of Appeals Committee members
The following persons have been appointed as members of Appeals Committee, with effect from 1st May, 2014—
|
NAME |
DESIGNATION |
DURATION |
|
Mr Julian Nganunu |
Chairperson |
3 years |
|
Ms Mpho Dimbungu |
Member |
3 years |
|
Mr Mompati Nwako |
Member |
3 years |
|
Mr Nigel Dixon-Warren |
Member |
2 years |
|
Professor Bojosi Otlhogile |
Member |
2 years |