Accountants Act · 2023 Revised Edition · Part · Accounting Corporations, Accounting Firms and Accounting Limited Liability Partnerships
34. Management of accounting corporation
Official textFrom Attorney General's Chambers, unchanged
Only members of an accounting corporation may be appointed as directors of an accounting corporation.
accounting corporation
“accounting corporation” means a company approved as an accounting corporation under section 20;
Accountants
The business of an accounting corporation, so far as it relates to the provision of public accountancy services, shall be under the control and management of one or more directors who are public accountants.
public accountancy services
“public accountancy services” means the audit and reporting on financial statements and the doing of such other acts that are required by any written law to be done by a public accountant;
Where, for any reason, the office of director required to be held by a public accountant under section 20(3)(c)(i) is vacated, the accounting corporation shall, as soon as practicable but no later than one month after the date of vacation of office, appoint another public accountant to fill the vacancy.
public accountant
“public accountant” means a person who is registered in accordance with this Act as a public accountant;
The directors of an accounting corporation shall ensure that every invoice or official correspondence of the accounting corporation bears the statement that it is incorporated with limited liability.
Terms defined in s 2
accounting corporation
Defined · s 2“accounting corporation” means a company approved as an accounting corporation under section 20;
public accountancy services
Defined · s 2“public accountancy services” means the audit and reporting on financial statements and the doing of such other acts that are required by any written law to be done by a public accountant;
public accountant
Defined · s 2“public accountant” means a person who is registered in accordance with this Act as a public accountant;
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