Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p62
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 154789–157490

upon receiving the notice; or
     (b) in any other case—
         (i) may, at any time after the expiration of that period and before the Commission receives from the company notice of the failure; and
         (ii) if the company, after the expiration of that period, gives to the Commission notice of the failure—shall, upon receiving the notice,
appoint as auditor or auditors of the company a person or persons, a firm or firms, or a person or persons and a firm or firms, who or which consents or consent to be so appointed.
"(11a) Where, after the removal from office of an auditor of a company, the company fails to appoint an auditor under sub-section (10), the Commission shall not appoint an auditor of the company under sub-section (11)—
     (a) in any case—if there is another auditor of the company whom the Commission believes to be able to carry out the responsibilities of auditor alone and who agrees to continue as auditor;
     (b) in the case of an exempt proprietary company—if—
         (i) all the members have, since the removal from office of the first-mentioned auditor, agreed that it is not necessary for an auditor to be appointed; and
         (ii) the company has given to the Commission notice of the failure and has, at the time of giving to the Commission notice of the failure, given to the Commission notice that all the members have so agreed; or
     (c) in a case where, at the expiration of the period of 7 days commencing on the day of the failure, the company has not given to the Commission notice of the failure—if the Commission has, at any time after the expiration of that period, already appointed an auditor of the company under sub-section (11).".

Powers and duties of auditors as to reports on accounts
86. Section 285 of the Principal Act is amended—
     (a) by omitting paragraphs (3) (b) and (c) and substituting the following paragraph:
         "(b) in the case of group accounts—
             (i) the names of the subsidiaries (if any) of which he has not acted as auditor;
             (ii) where there are included in the group accounts (whether separately or consolidated with other accounts) the accounts of a subsidiary of which he has not acted as auditor, and he has not examined those accounts and the auditor's report (if any) on those accounts—the name of the subsidiary; and
             (iii) where the auditor's report on the accounts of any subsidiary was made subject to any qualification, or included any comment made under sub-section (4)—the name of the subsidiary and particulars of the qualification or comment;";
     (b) by omitting from paragraph (3) (e) ", (aa), (b) or (c)" and substituting "or (aa)"; and
     (c)