Cap. 281 Art. 3Warrant required to practise the profession.

(1) Except where otherwise prescribed in regulations made by the Minister under this Act, no person shall practise the profession of accountant unless he is a warrant holder.

(2) A person shall not qualify for a warrant under article 4

unless -

(a) he is of good conduct and repute;

(b) he is of full legal capacity;

(c) he has:

(i) successfully completed the course leading to the award of the professional accountancy degree organized by the University of Malta; or

(ii) attained university entrance or equivalent level, then completed a course of theoretical instruction recognised by the Board: Provided that in every case the courses referred to in this subarticle shall cover such subjectsat such levels as may be prescribed in regulations made by the Minister under this Act;

(d) unless covered in the courses referred to in paragraph (c), he has passed an examination, part or all of which must be in writing, of professional competence of University final or equivalent examination level, recognised or set by the Board for that purpose: Provided that the Board shall ensure that in the case of an application for a practising certificate in the field of auditing the examination of professional competence referred to in this subarticle adequately covers the necessary level of theoretical knowledge of the subjects prescribed in regulations made by the Minister under this Act relevant to auditing as well as the ability to apply such knowledge in practice: Provided further that where a person has completed a course of theoretical instruction and passed an in regulations made by the Minister under this Act, the Board may accept such qualification after such person shall have passed such examination or examinations in local laws and in those other subjects as the Board may determine according to the particular circumstances; and

(e) he satisfies the Board that he has adequate experience in the practice of accountancy for an aggregate period of three years, of which an equivalent of at least one year’s experience shall be gained after he has obtained the academic qualifications stipulated in paragraph (c).

(3) Notwithstanding the provisions of subarticle (2), the Board may issue, to any person who is duly qualified to act as accountant in any third-country, a warrant to act as accountant in Malta for such limited period or periods or such specific purpose or purposes, or both such period and purpose, and subject to such other conditions as may be specified in the warrant.

(4) Any person who acts in contravention of any of the provisions of this article shall be guilty of an offence and shall be liable on conviction for each offence, in respect of the first offence to a fine (multa) not exceeding one thousand and two hundred euro (€1,200.00) and in respect of a second or subsequent offence to a fine (multa) not exceeding six thousand euro (€6,000.00) or to imprisonment for a period not exceeding six months, or to both such fine and imprisonment, and in the case of a continuing offence to an additional fine (multa) not exceeding one hundred and twenty euro (€120.00) for each day during which the offence continues.

(5) Any person who, for the purpose of obtaining a warrant or practising certificate under this Act, gives any wrong information or otherwise acts in a deceitful or fraudulent manner, shall be guilty of an offence and shall be liable on conviction for each offence to a fine (multa) not exceeding twelve thousand euro (€12,000.00) or to imprisonment not exceeding twelve months or to both such fine and imprisonment.

(6) Any person who, not being a warrant holder or a holder of a practising certificate in the field of auditing issued under this Act, assumes the title or designation of "certified public accountant" or of "certified public accountant and auditor" or their abbreviations "CPA" or "CPAA" or in any other manner indicates that he is entitled to exercise the profession of accountant or to act as auditor in Malta, shall be guilty of an offence and shall be liable on conviction for each offence to a fine (multa) not exceeding two thousand and three hundred euro (2,300.00) and in respect of a second or subsequent offence to imprisonment for a period not exceeding three months or to both such fine and imprisonment.

may in addition hold one or more certificates issued by the Board

(hereinafter in this Act also referred to as "a practising certificate")

to practise in such fields of the profession of accountant, including auditing, as may be prescribed in directives issued by the Board under this Act and may not practise in such fields unless he holds the relative certificate.

(3) The Board shall issue a practicing certificate to practise in the field of auditing in Malta to an individual of good repute who is an approved auditor in any Member State provided that such individual has, to the satisfaction of the Board, passed an aptitude test, covering the local laws and regulations relevant to auditing, set by the Board for this purpose.

(4) Where a practicing certificate in the field of auditing is withdrawn for any reason, the Board shall communicate that fact and the reasons for the withdrawal to the relevant competent authorities of the Member States where the auditor is also registered.

(5) The Minister acting on the recommendation of the Board may make regulations prescribing the qualifications required for the issue of certificates in terms of subarticles (2), (3) and (6) as well as to regulate their suspension, withdrawal or the taking of any other regulatory measures which may be reasonably necessary to protect the public interest.

(6) Subject to reciprocity and subject to such directives as may be prescribed by the Board under this Act, the Board may issue a practising certificate to practice in the field of auditing to a third-country auditor if it is satisfied that such individual is in possession of the qualifications set out in article 3(2), has passed an aptitude test set by the Board in accordance with subarticle (3) and satisfies any other conditions which may be prescribed in regulations made by the Minister under this Act.