Duty of company to notify appropriate audit authority if auditor ceases to hold office before end of auditor’s term

(1) If an auditor ceases to hold office before the end of the auditor’s term of office, the company shall notify the appropriate audit authority of that fact.
(2) The company shall include in the notice—
(a) a statement that the auditor has ceased to hold office; and (b) enclose with, or attach to, the notice—
(i) a statement by the company of the reasons that gave rise to the cessation of office; or
(ii) if the copy of the statement lodged by the auditor at the registered office of the company in accordance with section 749 contains a statement of circumstances that gave rise to the cessation of office that need to be brought to the attention of members or creditors of the company—a copy of that statement.
(3) Within fourteen days after the date on which the auditor's statement was lodged at the company's registered office in accordance with section 748, the company shall give notice under this section in accordance with section 752.
(4) If the company fails to comply with a requirement of this section, the company, and each officer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding one million shillings.
(5) If, after a company or any of its officers is convicted of an offence under subsection (4), the company continues to fail to comply with a requirement of this section, the company, and each officer of the company who is in default, commit a further offence on each day on which the failure continues and on conviction are each liable to a fine not exceeding one hundred thousand shillings for each such offence.