Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter II : Registration, Constitution, Functions, Management and Auditor of Co-operative BankPart 4 : Auditor of co-operative bank18. Functions of auditor in relation to Authority |
[Section 18 heading substituted by section 290, item 27(b) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
Despite the provisions of any other law, the auditor of a co-operative bank must—
| (a) | provide the Authority with a copy of any report submitted to the Regulatory Board in terms of section 45 of the Auditing Profession Act, 2005 (Act No. 26 of 2005), that contains a statement referred to in section 45(3)(c)(i)(cc) of that Act; and |
| (b) | inform the Authority in writing of any matter relating to the affairs of a co-operative bank of which the auditor became aware in the performance of his or her functions as auditor of that co-operative bank that, in the opinion of the auditor, may— |
| (i) | negatively impact on the co-operative bank's ability to continue as a going concern; |
| (ii) | put deposits held by the co-operative bank at risk contrary to principles of sound management (including risk management). |