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Section 725 of The Companies Act No. 17 of 2015: Company to disclose terms of audit appointment

    

(1) A company shall disclose the terms on which the company’s auditor is appointed, remunerated or is required to carry out his or her responsibilities.
(2) In making a disclosure under subsection (1), a company shall—(a) include—
(i) a copy of any terms that are in writing; and
(ii) a written memorandum setting out any terms that are not in writing;
(b) ensure that the disclosure is made at such times, in such places and by such means as are specified in the regulations; and (c) specify the place and means of disclosure-
(i) in a note to its annual financial statement or, if it prepares a group financial statement, in a note to that statement;
(ii) in the directors' report; or
(iii) in the auditor's report on its annual financial statement.
(3) In making regulations for the purpose of this section, the Cabinet Secretary shall ensure that the regulations provide for the disclosure of any variation of the terms on which a company's auditor is appointed, remunerated or required to carry out the responsibilities of auditor.

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

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