AUDITORS (ss. 195 - 209)

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Post Graduate COMMERCIAL AND BUSINESS LAW Mind Map on AUDITORS (ss. 195 - 209), created by Darshan Roopun on 28/08/2013.
Darshan Roopun
Mind Map by Darshan Roopun, updated more than 1 year ago
Darshan Roopun
Created by Darshan Roopun about 11 years ago
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Resource summary

AUDITORS (ss. 195 - 209)
  1. s. 205 (2)(f) - whether, in the auditor's opinion, the financial statements and any group financial statements give a true and fair view of the matters to which they relate, and where they do not, the respects in which they fail to do so and whether the financial statements have been prepared in accordance with the International Accounting Standards
    1. s. 204 - An auditor of a company shall ensure, in carrying out the duties of an auditor that his judgement is not impaired by reason of any relationship with or interest in the company or any of its subsidiaries.
      1. s. 205 (2)(c) - the existence of any relationship (other than that of auditor) which the auditor has with, or any interests which the auditor has in, the company or any of its subsidiaries, other than dealings with the company in the ordinary course of business not involving indebtedness to the company or a related company in an amount exceeding 10,000 rupees;
      2. s. 198(2) - None of the following persons shall be appointed or act as an auditor of a company
        1. a director or employee of the company
          1. may not be appointed or act as auditor of a related company
          2. a person who is a partner, or in the employment, of a director or employee of the company
            1. may not be appointed or act as auditor of a related company
            2. a liquidator or a person who is a receiver in respect of the property of the company
              1. a body corporate
                1. a person who is not ordinarily resident in Mauritius
                  1. a person who is indebted in an amount exceeding 10,000 rupees to the company, or to a related company unless the debt is in the ordinary course of business

                    Annotations:

                    • the ordinary course of business covers the usual transactions, customs and practices of a certain business and of a certain firm.
                  2. s. 206 - Access to information
                    1. The Board of a company shall ensure that an auditor of the company has access at all times to the accounting records and other documents of the company
                      1. Where the Board of a company fails to comply- every director shall commit an offence and shall, on conviction, be liable to a fine not exceeding 200,000 rupees.
                        1. Where the Board fails to comply with section 193, 207, 212(1), 218(1), 219(1) or 220, every director of the company shall commit an offence and shall, on conviction, be liable to a fine not exceeding 200,000 rupees.
                        2. An auditor of a company is entitled to receive from a director or employee of the company such information and explanations as he thinks necessary for the performance of his duties as auditor
                          1. A director or employee who fails to comply - shall commit an offence and shall, on conviction, be liable to a fine not exceeding 200,000 rupees.
                            1. defence to an employee charged with an offence
                              1. he did not have the information required in his possession or under his control;
                                1. by reason of the position occupied by him or the duties assigned to him, he was unable to give the explanations required
                          2. Company records
                            1. s. 190 - Company records - a company shall keep at its registered office the records
                              1. the constitution of the company
                                1. minutes of the meetings and resolutions of shareholders within the last 7 years
                                  1. its interests register
                                    1. minutes of all meetings and resolutions of directors and directors' committees within the last 7 years
                                      1. certificates given by directors within the last 7 years
                                        1. the full names and addresses of the current directors
                                          1. copies of all written communications to all shareholders or all holders of the same class of shares during the last 7 years, including annual reports
                                            1. copies of all financial statements and group financial statements required for the last 7 completed accounting periods of the company
                                              1. the accounting records for the Current accounting period and for the last 7 completed accounting periods of the company
                                                1. the share register
                                                  1. the copies of instruments creating or evidencing charges
                                                    1. such lesser number of years or accounting periods, as the case may be, as the Registrar may approve by notice in writing to the company.
                                                      1. The documents may be kept at any other place in Mauritius, notice of which shall be given to the Registrar
                                                        1. Where the company changes the place at which its records are kept, it shall, within 14 days of the change, notify the Registrar in writing of the place at which the records are kept.
                                                      2. s. 191 - Form of records
                                                        1. English or French language
                                                          1. in written form
                                                            1. in a form or in a manner that allows the documents and information that comprise the records to be easily accessible and convertible into written form.
                                                              1. adequate measures
                                                                1. prevent the records being falsified
                                                                  1. detect any falsification of them
                                                                2. s. 192 - Inspection of records by directors
                                                                  1. every director of a company shall be entitled, on giving reasonable notice, to inspect the records of the company
                                                                    1. in written form
                                                                      1. without charge
                                                                        1. at a reasonable time specified by the director
                                                                          1. The Court may, on application by the company direct that the records need not be made available for inspection or restrict the inspection of them in any manner it thinks fit.
                                                                            1. it would not be in the company's interests for a director to inspect the records
                                                                              1. the proposed inspection is for a purpose that is not properly connected with the director's duties
                                                                        2. s. 193 - Accounting records
                                                                          1. the Board of a company shall cause accounting records to be kept that
                                                                            1. correctly record and explain the transactions of the company
                                                                              1. shall at any time enable the financial position of the company to be determined with reasonable accuracy
                                                                                1. shall enable the directors to prepare financial statements
                                                                                  1. shall enable the financial statements of the company to be readily and properly audited.
                                                                                  2. The accounting records shall contain
                                                                                    1. entries of money received and spent each day and the matters to which it relates
                                                                                      1. a record of the assets and liabilities of the company
                                                                                        1. dealing in goods
                                                                                          1. a record of goods bought and sold, except goods sold for cash in the ordinary course of carrying on a retail business, that identifies both the goods and buyers and sellers and relevant invoices;
                                                                                            1. a record of stock held at the end of its accounting period together with records of any stock takings during that period
                                                                                            2. the company's business involves providing services, a record of services provided and relevant invoices.
                                                                                            3. in written form and in the English or French language
                                                                                              1. the directors shall cause to be made a true translation in the English or French language of such accounting records at intervals of not more than 7 days and the transition shall be kept with the original accounting records for so long as the original accounting records are required to be retained
                                                                                                1. s.194 - Place accounting records to be kept
                                                                                                  1. in Mauritius, except where the directors determine that the accounting records may be kept outside Mauritius
                                                                                                    1. Not kept in mauritius
                                                                                                      1. disclose with reasonable accuracy the financial position of the company at intervals not exceeding 6 months
                                                                                                        1. are sent to, and kept at, a place in Mauritius
                                                                                                          1. notice of the place the accounts and returns are kept, shall be given to the Registrar.
                                                                                                  2. Financial Statements
                                                                                                    1. s. 210 - Obligation to prepare financial statements
                                                                                                      1. The Board of every company
                                                                                                        1. within 6 months after the balance sheet date of the company
                                                                                                          1. The Registrar may extend the period of 6 months
                                                                                                          2. completed financial statements that comply with s. 211
                                                                                                            1. s. 211 - Contents and form of financial statements
                                                                                                              1. the financial statements of a company shall present fairly the financial position, financial performance and where stated the cash flow of the company
                                                                                                                1. the financial statements do not present fairly the matters to which they relate, the director shall add such information and explanations as are necessary to present fairly those matters.
                                                                                                                2. in the case of public companies and private companies
                                                                                                                  1. be prepared in accordance with and comply with the International Accounting Standards
                                                                                                                    1. comply with any requirement which applies to the company's financial statements under any other enactment
                                                                                                                      1. a small private company
                                                                                                                        1. Financial Reporting Act 2004 which prescribe the form and content of financial statements
                                                                                                                        2. a private company, other than a small private company, or public company, which does not qualify as a public interest entity as defined in the Financial Reporting Act may prepare its financial statements in accordance with the International Financial Reporting Standards for SMEs, issued by the International Accounting Standards Board.
                                                                                                                        3. s. 214 - group financial statements
                                                                                                                      2. dated and signed on behalf of the Board by 2 directors of the company, or, where the company has only one director, by that director
                                                                                                                      3. s. 212 - Presentation of Consolidated Financial Statements
                                                                                                                        1. The Board of a company that has, on the balance sheet date of the company, one or more subsidiaries, shall, within 6 months after the balance sheet date, it complies with IFRS in relation to the presentation of group financial statements.
                                                                                                                        2. s. 213 - a company shall present its financial statements in Mauritius currency.
                                                                                                                          1. The Registrar may approve the presentation by a company of its financial statements in a foreign currency
                                                                                                                            1. the company's principal operational activity during the accounting year in question has been undertaken in that foreign currency
                                                                                                                              1. a more faithful view of the company's affairs than by presentation in Mauritius currency.
                                                                                                                                1. in a note to the balance sheet a statement of the average exchange rate on balance sheet date as provided by the Bank of Mauritius.
                                                                                                                                  1. shall not revert to presentation of its financial statements in Mauritius currency, or any other foreign currency without first obtaining the further approval of the Registrar and where such approval is given, the company shall state in a note to the accounts the reason for the change in the currency in which the financial statements are presented.
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