sec.64Audit by direction of registrar

sec.64 Audit by direction of registrar

Without prejudice to any other action or remedy that may be taken under this Act by the registrar, where— a registered corporation fails to furnish to the registrar a return in the approved form containing such particulars as are prescribed and accompanied by the prescribed documents as referred to in section 19 or 42 , as the case requires, within the period required thereby; or the registrar is not satisfied with the manner in which the annual audit with respect to the receipts and payments, funds, securities, properties and effects of a registered corporation has been made; or the registrar considers that, by reason of any information disclosed in the return or accompanying documents as aforesaid, it is desirable that an audit should be made under the provisions of this section; the registrar may notify the registered corporation that he or she requires an audit with respect to the receipts and payments, funds, securities, properties and effects of the funeral benefit business of the corporation during the period specified by the registrar to be made by an authorised accountant appointed by the registrar; and thereupon the registered corporation shall cause the audit to be made in accordance with the notification. The cost of an audit by an authorised accountant appointed by the registrar shall be paid by the registered corporation, and in default of payment by it the registrar, if the Minister approves, shall pay such cost and may recover it from the corporation in any court of competent jurisdiction as for a debt. The authorised accountant shall— have access to all information, data, books, papers, deeds, documents and accounts; and examine the general statement of the receipts and payments, funds, securities, properties and effects, and verify the same, as far as it may be so verified, with a certificate of a financial institution (which certificate the authorised accountant is empowered to obtain) and the accounts and vouchers relating thereto and by examining the securities held; and upon completion of the audit shall make and forward a report of the audit to the registrar. s 64 amd 1990 No. 85 s 5 sch 2 ; 1995 No. 58 s 4 sch 1 ; 1997 No. 17 s 17 (sec.64-ssec.1) Without prejudice to any other action or remedy that may be taken under this Act by the registrar, where— a registered corporation fails to furnish to the registrar a return in the approved form containing such particulars as are prescribed and accompanied by the prescribed documents as referred to in section 19 or 42 , as the case requires, within the period required thereby; or the registrar is not satisfied with the manner in which the annual audit with respect to the receipts and payments, funds, securities, properties and effects of a registered corporation has been made; or the registrar considers that, by reason of any information disclosed in the return or accompanying documents as aforesaid, it is desirable that an audit should be made under the provisions of this section; the registrar may notify the registered corporation that he or she requires an audit with respect to the receipts and payments, funds, securities, properties and effects of the funeral benefit business of the corporation during the period specified by the registrar to be made by an authorised accountant appointed by the registrar; and thereupon the registered corporation shall cause the audit to be made in accordance with the notification. (sec.64-ssec.2) The cost of an audit by an authorised accountant appointed by the registrar shall be paid by the registered corporation, and in default of payment by it the registrar, if the Minister approves, shall pay such cost and may recover it from the corporation in any court of competent jurisdiction as for a debt. (sec.64-ssec.3) The authorised accountant shall— have access to all information, data, books, papers, deeds, documents and accounts; and examine the general statement of the receipts and payments, funds, securities, properties and effects, and verify the same, as far as it may be so verified, with a certificate of a financial institution (which certificate the authorised accountant is empowered to obtain) and the accounts and vouchers relating thereto and by examining the securities held; and upon completion of the audit shall make and forward a report of the audit to the registrar.