1989 Ed.]
The Hongkong and Shanghai Bank Regulations
[CAP. 70
A 61
[Subsidiary]
145.
Powers and duties of auditors
(1) Every auditor shall at all reasonable times have a right of access to the books and accounts and vouchers and returns of the bank in Hong Kong and shall be entitled to require from the directors and officers of the bank such information and explanations as may be necessary for the performance of his duties, but as regards the books and accounts of any establishment beyond the limits of Hong Kong it shall be sufficient if the auditors be allowed access to such copies thereof and extracts therefrom as have been transmitted to the head office.
(2) The auditors shall make a report to the shareholders on the accounts examined by them and on every balance sheet laid before the shareholders in general meeting during their tenure of office, and the report shall state-
(a) whether or not they have obtained all the information and explanations they have required; and
(b) whether in their opinion the balance sheet referred to in the report is a full and fair balance sheet properly drawn up, so as to exhibit a true and correct view of the state of the bank's affairs according to the best of their information and the explanations given to them, and as shown by the books and returns of the bank.
(L.N. 157 of 1987)
146.
Auditor need not be shareholder
It shall not be requisite that an auditor be a shareholder, but the auditors may be shareholders, of the bank.
147.
Director not to be auditor
If an auditor be appointed a director or other officer or servant of the bank, he shall immediately thereupon cease to be an auditor.
148.
Resignation or removal of auditor
Any auditor may resign his office or may be removed from office by a vote of any general meeting or may, subject to the approval of the Governor, be removed by the board.
149.
When accounts to be deemed finally settled
Every profit and loss account and balance sheet, when audited and approved by a general meeting, shall be conclusive except as regards any error discovered therein within three months next after the approval thereof. Whenever any such error is discovered within that period, the account shall forthwith be corrected and thenceforth shall be conclusive.