Accounting and audit obligations: municipal issuers audited by municipal appointees, corporate entities audited under Companies Act requirements. Accounting and audit obligations require issuers of municipal debt securities to prepare accounts as prescribed by the regulations, with corporate municipal entities preparing accounts under the Companies Act; municipal issuers' accounts are to be audited by persons appointed by the municipal corporation as permitted by its constitution, while corporate municipal entities' accounts are to be audited by an auditor appointed in terms of the Companies Act and related rules.