Special Investigating Units and Special Tribunals Act, 1996
R 385
Companies Act, 1973 (Act No. 61 of 1973)Chapter XVB: Financial reporting standards440W. Establishment of Panel |
| 1) | There is hereby established a body corporate known as the Financial Reporting Investigations Panel. |
| 2) | The Panel's objective is to contribute to the reliability of financial reports by investigating alleged non-compliance with financial reporting standards and recommending appropriate measures for rectification or restitution. |
| 3) | The Panel shall consist of- |
| a) | an executive officer; |
| b) | six auditors; |
| c) | six chartered accountants that are not registered as auditors; |
| d) | four persons qualified in law; |
| e) | one person nominated by the executive officer of the Financial Services Board; and |
| f) | one person, nominated by the exchange in question, for each exchange that imposes adherence to accounting standards as a listing requirement. |
