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

Chapter XVB: Financial reporting standards

440V. Monitoring

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1)The Minister may, after consultation with the Financial Services Board, specify, by proclamation in the Gazette, types or categories of public interest companies be monitored in terms of this section.

 

2)The Minister shall nominate a suitably qualified officer who shall-
a)monitor the financial reports and accounting practices of public interest companies contemplated in subsection (1) in order to detect non-compliance with financial reporting standards that may prejudice users; and
b)where reasonable grounds exist for suspecting such non-compliance:
i)document the incident; and
ii)refer it to the executive officer of the Financial Reporting Investigations Panel referred to in section 440W.

 

3)For the purposes of subsection (2), the nominated officer may in writing direct any person believed to have knowledge or information relating to a company mentioned in subsection (1) to-
a)deliver or produce information;
b)submit written answers to questions;
c)appear at a place designated by the nominated officer to be questioned.

 

4)The powers conferred by subsection (3) are subject to the law of privilege.