Companies Act

Question 1

How many years may an auditor serve as the engagement partner of an entity (make reference to the relevant section in the Companies Act)

Answer 1

In terms of section 92 of the Companies Act, (1) The same individual may not serve as the auditor or designated auditor of a company for more than five consecutive financial years.

Question 2

Where a person previously served as a director or prescribed officer of a company; how many years must lapse before they can be appointed as an auditor (reference to relevant legislation)?

Answer 2

Five years must have passed from the date preceding the appointment. Section 90 of the Companies Act