7 (7) Subject to this section, the procedure to be adopted by the Bank’s audit committee shall be as prescribed in regulations made in terms of section twenty-eight or, in relation to any matter that is not so prescribed, as may be fixed by the Board. 25B Audit of accounts (1) The accounts of the Bank for each financial year shall be audited by a person who is registered as a public auditor in terms of the Public Accountants and Auditors Act [Chapter 27:12] and who is appointed by shareholders. (2) Except with the Minister’s approval, the Bank shall not appoint the same person or partnership as the Bank’s auditor for a continuous period of more than five years in any eight-year period. (3) The Bank’s auditor shall be responsible for— (a) auditing the Bank’s accounts and reporting on them to the Board and the Bank’s audit committee; and (b) planning and carrying out audit procedures designed to detect irregularities and illegal acts in the conduct of the Bank’s business; and (c) communicating to the Bank’s audit committee any evidence he or she may have uncovered indicating that irregularities or illegal acts have been committed in the course of the Bank’s business, whether or not they may have led to material misstatements in the Bank’s accounts or records. (4) In every report referred to in paragraph (a) of subsection (3), the auditor shall state whether the accounts of the Bank are drawn up in accordance with sound accounting practices applicable to banking institutions. (5) The Bank’s auditor shall comply with his or her obligations under subsections (3) and (4) notwithstanding any duty of confidentiality to the contrary, and he or she shall not be held liable in any proceedings arising out of his or her compliance with any such obligation unless it is proved that he or she acted in bad faith. (6) The Bank’s auditor shall— (a) have a right of access at all reasonable times to such of the Bank’s books, accounts, vouchers and securities; and (b) be entitled to require such information and explanations from any director, officer, employee or agent of the Bank; as the auditor considers are needed to perform his or her duties as an auditor. (7) Any person who fails without just cause— (a) to permit an auditor the access referred to in paragraph (a) of subsection (6); or (b) to comply with a requirement in terms of paragraph (b) of subsection (6); shall be guilty of an offence and liable to a fine not exceeding level four or to imprisonment for a period not exceeding three months or to both such fine and such imprisonment.”. 20 Amendment of section 29 of Cap. 24:14 Section 29 (“Information to be furnished to the Minister and Parliament”) of the principal Act is amended by the repeal of subsection (3). 21 Amendment of section 30 of Cap. 24:14 Section 30 (“Application of Companies Act”) of the principal Act is amended in subsection (1) by the deletion of “President” and the substitution of “Minister, after consultation with the Board,”. 22 Amendment of section 31 of Cap. 24:14 Section 31 (“Use of name by bank”) of the principal Act is amended by the repeal of subsection (1) and the substitution of—