Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)Part X : Auditor75. Duty of auditor to disclose irregularity or undesirable practice |
| (1) | The auditor must— |
| (a) | report to the manager any irregularity or undesirable practice in the administration of the collective investment scheme which has come to his or her notice in the ordinary course of fulfilling his or her audit responsibilities or performing other functions in terms of this Act; and |
| (b) | submit a copy of such report to the registrar if there is reasonable cause to believe that such report is or might be of material significance to the registrar. |
| (2) | For purposes of this section a report is of material significance to the registrar if it deals with a matter which, because of its nature or potential financial impact, has caused or is likely to cause financial loss to the scheme or any of its investors or creditors. |
| (3) | An auditor who fails to perform any of the duties referred to in this section, is guilty of an offence. |