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Duties of auditor.
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47.—(1) If the auditor of a holder of a licence—
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(a) has reason to believe that there exist circumstances which are likely to affect materially the holder's ability to fulfil his obligations to persons maintaining deposits with him or meet any of his financial obligations under the Central Bank Acts, 1942 to 1989, or
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(b) has reason to believe that there are material defects in the financial systems and controls or accounting records of the holder, or
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(c) has reason to believe that there are material inaccuracies in or omissions from any returns of a financial nature made by the holder to the Bank, or
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(d) proposes to qualify any certificate which he is to provide in relation to financial statements or returns of the holder under the Companies Acts, 1963 to 1986, or the Central Bank Acts, 1942 to 1989, or
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(e) decides to resign or not seek re-election as auditor,
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he shall report the matter to the Bank in writing without delay.
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(2) The auditor of the holder of a licence shall, if requested by the Bank, furnish to the Bank a report stating whether in his opinion and to the best of his knowledge the holder has or has not complied with a specified obligation of a financial nature under the Central Bank Acts, 1942 to 1989.
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(3) Where the auditor of a holder of a licence so requests, the Bank shall provide to the auditor in writing details of such returns of a financial nature to the Bank by the holder as the auditor requests for the purpose of enabling him to comply with subsection (1) (c) or (2).
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(4) The auditor of a holder of a licence shall send to the holder a copy of any report made by him to the Bank under subsection (1) or (2).
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(5) (a) Whenever the Bank is of the opinion that the exercise of its functions under the Central Bank Acts, 1942 to 1989, or the protection of the interests of depositors so requires, it may require the auditor of a holder of a licence to supply it with such information as it may specify in relation to the audit of the business of the holder and the auditor shall comply with the requirement.
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(b) The Bank may require that, in supplying information for the purposes of this subsection, the auditor shall act independently of the holder of the licence.
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(6) No duty to which the auditor of a holder of a licence may be subject shall be regarded as contravened, and no liability to the holder, or to its shareholders, creditors or other interested parties, shall attach to the auditor, by reason of his compliance with any obligation imposed on him by or under this section.
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