Art. 17 Auditors. — XVII tal-1981 – Att tal-1981 dwar l-Impriża ta' l-Assigurazzjoni

(1) Every licensed company shall each year appoint an

approved auditor or auditors whose duty shall be to report on the

accounts of the company examined by them and on every ba1ance sheet

and profit and 10ss account, and on any statement re1ating to the com­

pany's business in Malta, prepared by the company.

(2) If a licensed company fails to appoint an auditor as

required by subsection (1) of this section or at any time fails to filI

any vacancy in the office of an auditor, the Minister shall have power

to appoint an auditor for that company and shall fix the remuneration

to be paid by the company to such audi tor.

(3) The auditors' report shan c onta i n a statement as to the

following matters

(a)

whether they ha"ie obtained all the information and

explanations which to the best of their knowledge and beIief were

necessary for the purpose of thelT audit;

(b)

whether, in their opinion, proper books of account have

been kept by the company, so far as appears from their examina­

tion of those books, and proper returns adequate for the purposes

of their audit have been received from branches not visited by

them;

(c)

whether the company's balance sheet and profit and 1088

account, or the statement dealt with by the report are in agreement

with the books of account and returns;

(d)

whether, in their opinion and to the best of their know­

ledge and according to the explanations given to them, the said

accounts give the information required by any law which may

from time to time be in force in the manner so required and give

a true and fair view, in the oase of the balance sheet of the com­

pany's affairs at the end of its financial year, in the case of the

profit and loss account, of the profit and 10ss for the financial

year, and in the case cf a statement of the company's business in

Malta, of that business for the financial year;

whether the various requirements of this Act in respect of

(e)

the company have been camplied with and observed, and any

provisions made for that purpose.

(4) Every audi tor of a licensed company shall have a right

of access at all times to the books and accounts and other documents

of the company and shall be entitled to require from any officer of the

company such information and explanations as he thinks necessary for

the performance of the duties of the auditors.

(5) For the purpose of this Act, an approved auditor is a

person qualified under the laws for the time being in force to act as an

auditor for the company and holds the Minister's authorisation to act

as an audi tor of an insurance company.

(6) Notwithstanding any of the provisions of the foregolng

subsections, the Minister may. in the case of a foreign company, approve

such alternative arrangements as he thinks reasonable and which do not

materially detract from the main objects of this section, and where such

arrangements have been carried out the provisions of this section shall

not apply to the extent that they are replaced by such arrangements.

(7) In so far as the provisions of this section are inconsistent

with the provisions of the Commercial Partnerships Ordinance, 1962,

the provisions of tbis section shall prevaiI, and the provisions of the

said Ordinance shall, to the extent of the inconsistency, not apply to

licensed companies.

← Art. 16 ATT Nru. XVII ta' 1-1981 ACT Na. XVII of 1981 AN ACT .enacted by the Parliament ATT maħruġ b'liġi Art. 18 →