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101. Auditors duties



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(1) An Authorised Firm or an Authorised Market Institution auditor shall, in preparing the report in relation to accounts of an Authorised Firm or an Authorised Market Institution, carry out such investigations as will enable the auditor to form an opinion as to the following matters:
(a) whether proper accounting records have been kept by the Authorised Firm or the Authorised Market Institution and proper returns adequate for the audit have been received from branches not visited by the auditor;
(b) whether the Authorised Firm or the Authorised Market Institution accounts are in agreement with the accounting records and returns;
(c) whether the Authorised Firm or the Authorised Market Institution accounts have been prepared in compliance with the applicable accounting standards; and
(d) whether the accounts of the Authorised Firm or the Authorised Market Institution represent a true and fair view of the state and affairs of the Authorised Firm or the Authorised Market Institution.
(2) If the auditor is of the opinion that proper accounting records have not been kept, or that proper returns adequate for the audit have not been received from branches not visited by the auditor, or if the accounts are not in agreement with the accounting records and returns, or that the accounts do not comply with accounting standards, the auditor shall state that fact in the report.
(3) If the auditor fails to obtain all the information and explanations which, to the best of the auditor's knowledge and belief are necessary for the purposes of the audit, the auditor shall state that fact in the report.