Companies Act, 1973 (Act No. 61 of 1973)Chapter XVB: Financial reporting standards440V. Monitoring |
| 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. |