Auditor penalty rules amended: non-compliance triggers capped fines and escalating daily penalties under amended corporate law. The amendment substitutes section 140(3) to make an auditor who fails to comply with subsection (2) liable to a monetary penalty or an amount equal to the auditor's remuneration, whichever is less, and to a daily continuing penalty after the first day of failure, subject to a maximum cumulative cap.
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Auditor penalty rules amended: non-compliance triggers capped fines and escalating daily penalties under amended corporate law.
The amendment substitutes section 140(3) to make an auditor who fails to comply with subsection (2) liable to a monetary penalty or an amount equal to the auditor's remuneration, whichever is less, and to a daily continuing penalty after the first day of failure, subject to a maximum cumulative cap.
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