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  • 101. Auditors' duties

    (1) In this Article, a Relevant Person means an Authorised Person, Public Listed Company or Domestic Fund.
    (2) An Auditor shall, in preparing the report in relation to a Relevant Person 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 Relevant Person and proper returns adequate for the audit have been received from branches not visited by the Auditor;
    (b) whether the financial statements of the Relevant Person are in agreement with the accounting records and regulatory returns;
    (c) whether the financial statements of the Relevant Person have been prepared in compliance with the applicable financial reporting standards; and
    (d) whether the financial statements of the Relevant Person represent a true and fair view of the financial condition and the state of affairs of the Relevant Person.
    (3) 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 that the financial statements are not in agreement with the accounting records and regulatory returns, or that the financial statements do not comply with accounting standards or they do not represent a true and fair view, the Auditor shall state that fact in the report.
    (4) 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.
    (5) An Auditor of a Domestic Fund shall disclose to the Trustee of the Domestic Fund, if appointed, and to the person providing the oversight function of a Domestic Fund which is a Public Fund, any information relevant to that person's role.