MENU

Section 717 of The Companies Act No. 17 of 2015: Appointment of auditors of private company: general

    

(1) A private company shall appoint an auditor or auditors for each financial year of the company, unless the directors resolve that an audited financial statement is unlikely to be required.
(2) For each financial year for which an auditor or auditors is or are to be appointed (other than the company's first financial year), the company shall ensure that the appointment is made not later than the deadline for making such an appointment.
(3) The deadline for making such an appointment is the end of the period of twenty eight days from and including—
(a) the deadline for sending out copies of the annual financial statement of the company for the previous financial year; or
(b) if earlier, the day on which copies of the annual financial statement of the company for the previous financial year are sent out under section 662.
(4) The directors may appoint an auditor or auditors of the company—
(a) at any time before the company's first deadline for the company to appoint auditors;
(b) following a period during which the company (being exempt from audit) did not have any auditor—at any time before the next deadline for the company to appoint auditors; or
(c) to fill a casual vacancy in the office of auditor.
(5) The members may appoint an auditor or auditors by ordinary resolution—(a) not later than the deadline for appointing auditors;
(b) if the company should have appointed an auditor or auditors by a deadline for appointing auditors but did not do so; or
(c) if the directors had power to appoint an auditor or auditors under subsection (4) but did not make an appointment.
(6) An auditor or auditors of a private company may be appointed only—(a) in accordance with this section; or (b) in accordance with section 718.
(7) Subsection (6) does not affect the re-appointment of an auditor taken to have been made by section 719(2).

« Previous:   Section 716 - Exemption from audit for non-profit making companies          Next: »   Section 718 - Appointment of auditors of private company: default power of the Cabinet Secretary

Disclaimer: This document is not to be taken as legal advise.

Enhance Your Research with Bookmarks and Annotations

Here's how you can use these features:

  • To bookmark this page, click the "Bookmark this Page" button below the document title.
  • To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
  • These features are great for organizing your research and keeping track of key information.
  • You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.

Cited By:

More Sections