SCHEDULE 14Auditors: Appointment, Tenure, Qualifications and Remuneration
Remuneration of auditors or their associates for non-audit work
17
(1)
The Commission may make provision by regulations for securing the disclosure of the amount of any remuneration received or receivable by auditors appointed under this Schedule or their associates in respect of services other than those of auditors in their capacity as such.
(2)
The regulations may—
(a)
provide that “remuneration” includes sums paid in respect of expenses;
(b)
apply in relation to benefits in kind as to payments in cash, and in relation to any such benefit require disclosure of its nature and its estimated money value;
(c)
define “associate” in relation to an auditor; and
(d)
require the disclosure of remuneration in respect of services rendered to subsidiaries.
(3)
The regulations may require the auditors to disclose the relevant information in their report or require the relevant information to be disclosed in a note to the accounts of the society or branch and require the auditors to supply the committee of management of the society or branch with such information as is necessary to enable that disclosure to be made.