Section 68: External Auditor's obligation to report to the Commission.

(1)
An external auditor engaged by a Pension Fund Administrator or Pension Fund Custodian referred to under section 66(2) of this Act shall be responsible to the Commission for the protection of pension funds and assets managed or held by the Pension Fund Administrator or Pension Fund Custodian and shall, in the discharge of his
or its duties, report to the Commission -
(a) any extreme situation such as evidence of imminent financial collapse of the Pension Fund Administrator or Pension Fund Custodian;
(b) any evidence of an event or occurrence which has led or is likely to lead to material diminishing of the net assets of the fund or Pension Fund Administrator or Pension Fund Custodian;
(c) any evidence that there has been a significant weakness in the accounting and other records or the internal control systems of the fund or Pension Fund Administrator or the Pension Fund Custodian;
(d) any evidence that the management of the Pension Fund Administrator or Pension Fund Custodian has reported financial information to the Commission, in respect of the pension fund and company's operations, which is misleading in a material particular;
(e) where the auditor believes that a fraud or other misappropriation has been committed by the directors or the management of the Pension Fund Administrator or Pension Fund Custodian or has evidence of an attempt by the directors or management to commit such fraud or misappropriation; or
(f) where there has been an event or occurrence which affects or is likely to affect the auditor's confidence in the competence of the directors or the management to conduct the business of a Pension Fund Administrator or Pension Fund Custodian in a prudent, safe and sound manner.
(2)
Nothing in this section shall be construed to be a breach of the duty of the auditor to a Pension Fund Administrator or Pension Fund Custodian by reason only of his communicating in good faith to the Commission, whether or not in response to a request made by the Commission, any information or opinion on any matter or situation to which this section applies.
(3)
Any auditor of a fund, Pension Fund Administrator or Pension Fund Custodian who acts in contravention of or fails deliberately or negligently to comply with any of the provisions of sub-section (1) of this section commits an offence and is liable on conviction to a fine of not less than N 10,000,000 for the firm or to a term not less than three years imprisonment for the responsible partner or principal officer or to both such fine and imprisonment.