Section 76: Monitoring of financial statements, annual report and report on corporate governance
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.
76. Monitoring of financial statements, annual report and report on corporate governance
(1) Where a public interest entity is required under any enactment to file
its financial statements, annual report and its report on corporate governance
with a Government department or authority, the Council or any officer
authorised by it in writing may review the financial statements, annual report
and its report on corporate governance of a public interest entity filed with
the Government Department or authority to determine whether the financial
F9 – 33 [Issue 5]
Financial Reporting Act
Statements, annual report and its report on corporate governance are in compliance with this Act.
(1A) Every public interest entity shall, not later than 6 months after the
closing of its accounting year, submit to the Chief Executive Officer its
financial statements, annual report and its report on corporate governance in
respect of that year.
(2) The Council, or any officer authorised by it in writing, may seek further information or clarification from—
(a) any director of Chairperson of a public interest entity;
(b) any employee of a public interest entity responsible for preparing
the financial statements and annual reports; and
(c) any auditor responsible for the audit of the financial statements
of that public interest entity.
(3) —
(4) Nothing in this section shall be taken to compel the production by any
public interest entity, its employee and the auditor responsible for the audit
of the financial statements, of any book, document, record or material containing—
(a) any information which is confidential under the Banking Act or
any other enactment; and
(b) a privileged communication by or to a legal practitioner in that
capacity,
except in so far as the disclosure of the information is made according to
law.
(5) Any person who fails to comply with subsection (1A) or with any
requirement under subsection (2) shall commit an offence and shall, on conviction, be liable to a fine not exceeding 50,000 rupees.
[S. 76 amended by s. 10 (j) of Act 18 of 2008 w.e.f. 19 July 2008; s. 12 (u) of Act 27
of 2012 w.e.f. 22 December 2012.]