Section 75: Liability of Principal Co-operative Auditor or auditor

75. Liability of Principal Co-operative Auditor or auditor (1) The Principal Co-operative Auditor or auditor, as the case may be, shall, in carrying out an audit— (a) exercise prudence and diligence and maintain the standards of the auditors’ profession; (b) keep confidential all information on internal matters of the society, obtained during the exercise of his functions; and (c) be jointly and severally liable for any loss sustained or damage caused by— (i) gross negligence in the performance of his duties; (ii) failure to meet the standards of the profession; or (iii) wilfully disclosing confidential information obtained during the audit to persons other than those authorised under this Act. (2) Where the Principal Co-operative Auditor or auditor, or any person assisting him in audit work, uses information in respect of the internal matters of the society obtained during the audit for his personal advantage or for the advantage of third persons, he shall commit an offence. [Issue 9] C49 – 40 Revised Laws of Mauritius PART XI – INQUIRY