Credit Rating Services Act, 2012 (Act No. 24 of 2012)Chapter 3 : Duties of Registered Credit Rating Agency17. Accounting and auditing requirements |
| (1) | Except to the extent exempted by the registrar, a registered credit rating agency must annually prepare, in respect of the relevant financial year, financial statements reflecting — |
| (a) | its financial position at its financial year-end; |
| (b) | the results of operations, the receipt and payment of cash and cash equivalent balances; |
| (c) | all changes in equity for the period then ended, and any additional components required in terms of lnternational Financial Reporting Standards issued by the International Accounting Standards Board or a successor body; and |
| (d) | a summary of significant accounting policies and explanatory notes on the matters referred to in paragraphs (a) to (c). |
| (2) | A registered credit rating agency must cause the statements contemplated in subsection (1) to be audited and reported on by an external auditor in accordance with auditing pronouncements as defined in section 1 of the Auditing Profession Act, 2005 (Act No. 26 of 2005). |
| (3) | The registered credit rating agency must submit its audited financial statements to the registrar within a period prescribed by the registrar or such later date as the registrar may allow on application by a registered credit rating agency. |
| (4) | The provisions of section 16(8), (9) and (10) apply, with the necessary changes, to the external auditor of a registered credit rating agency. |