| (1) |
In addition to the annual financial statements to be prepared in terms of the Companies Act and also in terms of the Public Finance Management Act the Corporation must cause its books and accounts to be audited annually by a person registered as an accountant and auditor under the Public Accountants' and Auditors' Act, 1991 (Act No. 80 of 199l), and appointed as auditor of the Corporation. |
[Section 25(1) substituted by section 20 of Act No. 64 of 2002, GG 24340, dated 4 February 2003]
| (2) |
The Board must produce and lay before the auditor all books and accounts of the Corporation with all vouchers in support thereof, and all books, papers and writings relating thereto which are in its possession or control. |
| (3) |
For the purposes of the audit the auditor may hear and receive evidence upon oath, and may by written notice under his hand require any person to appear before him in person at a time and place stated in such notice, to give information or produce any books or document necessary for the audit. |
| (4) |
Any person appearing in terms of such a notice must be paid such witness fees and allowances as he or she would have been entitled to if such person appeared in a magistrate's court as a witness. |
| (a) |
disallow any payment made without proper authority according to law, and report the disallowance to the Board; |
| (b) |
charge against the person who made or authorised the payment in question, so much of the payment as is not condoned by the Board; |
| (c) |
charge against the person responsible therefor— |
| (i) |
as much of the amount of any deficiency or loss arising from negligence or misconduct of that person as is not condoned by the Board; |
| (ii) |
as much of any amount which ought to have been but was not brought into account by that person as is not condoned by the Board, provided that no amount must be condoned where such deficiency or loss is the result of theft or fraud by that person, and certify in every case that the amount so charged is correct. |
| (6) |
Any amount so charged and certified by the auditor must be paid by the person against whom it has been charged to the Corporation within fourteen days after it was so certified, and, if not so paid, may be recovered from that person as a debt by the Corporation. |
| (7) |
It must be the duty of the auditor, in addition to his or her ordinary duties as an auditor, to certify not less than once in every year— |
| (a) |
whether or not, in his or her opinion— |
| (i) |
the accounts of the Corporation are in order; |
| (ii) |
such accounts present a true and correct view of the financial position of the Corporation and of its transactions; |
| (iii) |
due provision has been made for the redemption and repayment of loans raised by the Corporation; |
| (iv) |
the value of the assets of the Corporation has been correctly stated; and |
| (b) |
whether or not all his or her requirements and recommendations as auditor have been complied with and carried out. |
| (8) |
The expenses of or incidental to any audit must be borne by the Corporation. |
Gas Regulator Levies Act, 2002
