Companies Act, 1973 (Act No. 61 of 1973)

Chapter XI: Accounting and Disclosure

Auditor's Duties as to Annual Financial Statements

300A. Attendance of Auditors
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1)The designated auditor must meet with the audit committee of a widely held company not more than one month before the board meets to approve the financial statements of the company for any financial year, so as to consider matters which appear to the auditor or the audit committee to be of importance and relevant to the proposed financial statements and to the affairs of the company generally.

 

2)The designated auditor must attend every annual general meeting of a widely held company where the financial statements of the company for a financial year are to be considered or agreed to, so as to respond according to his or her knowledge and ability to any question relevant to the audit of the financial statements.

 

3)Should the designated auditor fail to attend a meeting as required by subsection (1) or subsection (2), the auditor is guilty of an offence unless-
a)the designated auditor is prevented by circumstances beyond his or her control from attending the meeting;
b)the designated auditor arranges for another auditor with knowledge of the audit to attend and carry out the duties of the designated auditor at the meeting; and
c)if the designated auditor is a member of a firm, the individual attending the meeting in place of the designated auditor is a member of that firm.

 

4)If in the case of a limited interest company due notice is given of the intention to move a resolution requiring the presence of the auditor at an annual general meeting of the company where financial statements of the company for any financial year arc to be considered, the auditor shall attend that meeting and respond according to his or her knowledge and ability to any question which is put to the auditor and is relevant to the audit of the financial statements.

 

5)If an auditor fails to comply with subsection (4), the auditor is guilty of an offence unless-
a)the auditor is prevented by circumstances beyond his or her control from attending the meeting; and
b)the auditor arranges for another auditor with knowledge of the audit to attend and carry out the duties of the auditor at the meeting.

 

6)In this section "designated auditor" has the meaning given to it in section 273(5).