Section 41A: Rotation of audit firm

41A. Rotation of audit firm (1) An audit firm, appointed by a listed company, shall not audit the accounts of that company for a continuous period of more than 7 years. (2) (a) Where an audit firm has audited the accounts of a listed company for a continuous period of less than 7 years up to the commencement of this section, it may continue to audit the accounts of that company for the period remaining out of the 7 years. (b) Where an audit firm has audited the accounts of a listed company for a continuous period of 7 years or more and is, on the commencement of this section, auditing the accounts of that company, it may, notwithstanding subsection (1), continue to audit the accounts of that company subject to such conditions and for such time as may be prescribed. (3) Notwithstanding subsections (1) and (2), an audit firm may be exempted from the application of this section where it meets such conditions as may be prescribed. (d) in section 65, by inserting, after paragraph (g), the following new paragraph, the word “and” at the end of paragraph (g) being deleted – (ga) cooperate with the Council on corporate governance matters relating to State-owned enterprises; and (e) in section 66, by repealing subsection (1) and replacing it by the following subsection – (1) (a) The National Committee on Corporate Governance shall consist of – (i) a chairperson; (ii) the Chief Executive Officer; and (iii) not more than 9 other members. 208 Acts 2016 (b) The chairperson and the members referred to in paragraph (a)(iii) shall be appointed by the Minister from amongst persons having wide experience or expertise in legal, financial, corporate and business matters.