Section 41A: Rotation of audit firm
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
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 7 September 2016, 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 7 September 2016,
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.
[S. 41A inserted by s. 23 (c) of Act 18 of 2016 w.e.f. 7 September 2016.]