Companies Act 2014 section 1441

Eligibility to act as public auditor

Section 1441 sets out who is eligible to act as a public auditor of industrial and provident societies and friendly societies, and prohibits connected persons from filling that role.

• A person must be a statutory auditor (as defined in the Companies Act 2014) to act as public auditor of an industrial and provident society or a friendly society.
• A person who is connected to the society — for example, an officer, employee or partner of such a person — is prohibited from acting as its auditor.
• Contravention of these requirements is a category 2 offence, which can carry significant penalties.
• The Comptroller and Auditor General is exempt from these restrictions.