Older Persons Act, 2006
R 385
Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 7 : Audited Reports and Independent Reviewed Reports of Co-operatives54. Notice of error |
| (1) | A director or employee who becomes aware of any error or misstatement in a financial statement, social report or management decision report that the auditor, former auditor, independent reviewer or former independent reviewer has reported on, must notify the auditor without delay. |
| (2) | An auditor, former auditor, independent reviewer or former independent reviewer of a co-operative who is notified of, or in any other manner becomes aware of, a material error or misstatement in a financial statement, social report or management decision report on which they have reported to the Board, must inform the Board and registrar accordingly. |
| (3) | When the auditor, former auditor, independent reviewer or former independent reviewer informs the Board of an error or misstatement in a financial statement, social report or management decision report in terms of subsection (2), the directors must— |
| (a) | prepare and issue revised financial statements, a social report of management decision report; and |
| (b) | inform the members and the registrar of the error or misstatement. |
[Section 54 substituted by section 42 of Notice No. 558, GG 36729, dated 5 August 2013]
