Accountants Act 2004 · 2020 Revised Edition · Part 4 · Accounting Corporations, Accounting Firms and Accounting Llps
23. Effect of company becoming accounting corporation
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An accounting corporation is authorised to do anything that a public accountant can do by law and is required to do all that a public accountant is required to do by law in respect of the provision of public accountancy services by that accounting corporation.
accounting corporation
“accounting corporation” means a company approved as an accounting corporation under section 17;
Subsection (1) does not apply to the doing of anything that can only be done by a public accountant as an individual.
public accountant
“public accountant” means an individual who is registered or deemed to be registered in accordance with this Act as a public accountant;
A public accountant who provides public accountancy services as a director or an employee of an accounting corporation is subject to the same standards of professional conduct and competence in respect of such services as if he or she were personally providing the public accountancy services as a public accountant in an accounting firm.
public accountancy services
“public accountancy services” means the audit and reporting on financial statements and the doing of any other acts that are required by any written law to be done by a public accountant;
The mere fact that a public accountant personally provides public accountancy services as a director or an employee of an accounting corporation shall not affect the personal liability of that public accountant at law.