Section 162 stipulates that:
(1) The auditors shall make a report to the members on the accounts examined by them, and on every balance sheet, every profit and loss account and all group accounts laid before the company in general meeting during their tenure of office, and the report shall contain statements as to the matters mentioned in the Seventh Schedule.
(2) The auditors’ report shall be read before the company in general meeting and shall be open to inspection by any member.
(3) Every auditor of a company shall have a right of access at all times to the books and accounts and vouchers of the company, and shall be entitled to require from the officers of the company such information and explanation as he thinks necessary for the performance of the duties of the auditors.
(4) The auditors of a company shall be entitled to attend any general meeting of the company and to receive all notices of and other communications relating to any general meeting which any member of the company is entitled to receive and to be heard at any general meeting which they attend on any part of the business of the meeting which concerns them as auditors.
Section 162 of the Companies’ Act Cap 486 clearly states the following:
- The auditors have the responsibility of making the auditors reports regarding all the books examined by them thereby expressing their opinion on the truth and fairness view regarding the books
- The auditor must be presented during the annual general meeting of the company
- The auditor must be give unrestricted accessed to books of accounts at all times as he/she may need
- It is the right of the auditor to attend the annual general meeting (AGM) of the company
- It is the right of the auditor to be heard in the annual general meeting (AGM) of the company