It shall be the duty of the auditor of a company-
| a) |
to examine the annual financial statements and group annual financial statements to be laid before its annual general meeting; |
| b) |
to satisfy himself that proper accounting records as required by this Act have been kept by the company and that proper returns adequate for the purposes of his audit have been received from branches not visited by him; |
| c) |
to satisfy himself that the minute books and attendance registers in respect of meetings of the company and of directors and managers have been kept in proper form as required by this Act; |
| d) |
to satisfy himself that a register of interests in contracts as required by section240 has been kept and that the entries therein are in accord with the minutes of directors' meetings; |
| e) |
to examine or satisfy himself as to the existence of any securities of the company; |
| f) |
to obtain all the information and explanations which to the best of his knowledge and belief are necessary for the purposes of carrying out his duties; |
| g) |
to satisfy himself that the company's annual financial statements are in agreement with its accounting records and returns; |
| h) |
to examine group annual financial statements and satisfy himself that they comply with the requirements of this Act: |
| i) |
to examine such of the accounting records of the company and carry out such tests in respect of such records and such other auditing procedures as he considers necessary in order to satisfy himself or herself that the annual financial statements or group annual financial statements fairly present the financial position of the company or of the company and its subsidiaries and the results of its operations and those of its subsidiaries, in conformity with the requirements of section 285A; |
| j) |
to satisfy himself that statements made by the directors in their report do not conflict with a fair interpretation or distort the meaning of the annual financial statements and accompanying notes; |
| jA) |
when he gets to know, or has reason to believe that the company is not carrying on business or is not in operation and has no intention of resuming operations in the foreseeable future, to report forthwith accordingly by certified post to the Registrar; |
| k) |
to comply with any other duty imposed on him by this Act; and |
| l) |
to comply with any applicable requirements of the Auditing Profession Act, 2005 (Act No. 26 of 2005). |
Basic Conditions of Employment Act, 1997
