Companies Act, 1973 (Act No. 61 of 1973)Chapter X: AuditorsAppointment269. First appointment of auditor of company |
| 1) | When the memorandum and articles of a company to be incorporated are lodged with the Registrar for registration, a written consent by a person to his appointment as auditor of the company to be formed may be lodged simultaneously, and such auditor shall be deemed to have been appointed as such by the company. |
| 2) | If no appointment of auditor of a company is made under subsection (1), the directors of the company shall appoint the first auditor of the company within twenty-one days after the date of incorporation of the company. |
| 3) | The auditor of a company appointed under subsection (1) or (2) shall hold office until the conclusion of the first annual general meeting of the company. |
| 4) | If the directors of a company fail to appoint an auditor of the company as provided in subsection (2), the Registrar may appoint such first auditor. |
| 5) | If the directors of a company fail to appoint the first auditor of the company as required by subsection (2), every director shall be guilty of an offence. |
| 6) | No person or firm may be appointed as auditor of a company unless that person or firm is a registered auditor. |
| 7) | In this Chapter "registered auditor", "firm" and "Regulatory Board" have the same meanings as in the Auditing Profession Act, 2005 (Act No. 26 of 2005). |