What the Securities Commission wants

  • Business
  • Saturday, 15 Feb 2003

· The PN4 company or the white knight must appoint an audit firm to conduct an investigative audit on the company's past business losses. The company is also required to “take necessary steps” to recover the losses, and report to the relevant authorities if there has been any breach of laws, rules, guidelines and/or the memorandum and articles of association. 

· The audit firm should not be a past or current auditor of the company, and must have investigative audit experience. 

· The firm must be appointed within two months of the date of the SC's letter and the audit must be completed within six months of the appointment. 

· The SC should be given two copies of the audit report. In some cases, there is mention of the companies being required to announce the findings of the audits.

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