Electronic and Postal Communications (Accounting Separation)
G.N. No. 426 (contd)
appointment within seven days of such appointment.
(3) All audit work carried out on the separated accounts
shall be at the expense of the licensee.
(4) The auditors shall plan and carry out such work as to
enable them to provide an independent audit opinion on the
separated account.
(5) The auditors shall take into consideration the following
aspects that report (a) is presented in accordance with the accounting
methodologies that are to be attached to the separated
accounts, the results, mean capital employed and
costs incurred by each of the business units and
disaggregated activities disclosed in the separated
accounts;
(b) comply with the act, the rules, the regulations,
directives or decisions and determinations issued by
the authority; and
(c) contain the information specified in the guidelines, as
required to be published in the accounts.
(6) Where the Authority is not satisfied with results of audit
of separated accounts, Authority shall appoint another auditor to
audit, review or verify at the expense of the Authority.
(7) Where any such matters have come to the auditors'
attention, these matters shall be clearly described in their report
together with, where reasonably possible, the potential monetary
impact on the results, mean capital employed or costs incurred by
each of business unit or disaggregated activity disclosed in the
accounts, or a statement that the estimation of the potential monetary
impact is not reasonably possible to establish.
(8) The auditors shall address their report to the licensee.
(9)
Notwithstanding the provision of sub-regulation (8),
the audited report shall be attached but shall not form part of the
separated account submitted to Authority.
(10) The auditors' report shall clearly set out the respective
responsibilities of the auditor and the licensee and the basis on
which the audit has been carried out and the opinion arrived at.
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