S.L. 492.2 Art. 12General duties of auditors.

(1) Where the annual accounts for Category 3

voluntary organisations have been prepared for the respective financial year, the certified public auditor carrying out the audit shall make a report thereon to the administrators of the organisation.

(2) The report prepared in accordance with sub-regulation (1) shall:

(a) state the name and address of the auditor and the name of the organisation concerned;

(b) be signed by the auditor;

(c) be dated and shall specify the financial year in respect of which the accounts have been prepared;

(d) specify that it is a report in respect of an audit carried out in terms of this sub-regulation;

(e) specify that the audit has been prepared in accordance with IFRS; and

(f) state whether in the auditor’s opinion the financial statements comply with the requirements of these regulations, and whether they give a true and fair view of the financial performance and financial position of the voluntary organisation.

(3) Where the auditor has formed the opinion that:

(a) accounting records have not been kept in accordance with these regulations;

(b) the accounts did not accurately reflect the annual return;

(c) any information contained in the accounts was inconsistent in any material aspect with any report of the administrators prepared in terms of regulation 7(2) with regard to the respective financial year; or

(d) any information or explanation to which the auditor is entitled under regulation 13 has not been provided to the auditor, he shall include a statement of that opinion, providing the reasons for such opinion.

(4) The auditor shall in preparing his report, carry out such investigations, as may be necessary, in order to be able to form an opinion on the financial statements of the voluntary organisation.

(5) Such audit shall also apply to Category 1 and Category 2 voluntary organisations, where such organisations have stipulated in their statute that their annual accounts shall be subject to full audit.