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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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  • AUD A3.1.1

    In producing an Insurance Monies Auditor's ReportG , an AuditorG must state as at the date on which the Authorised Firm'sG audited statement of financial position was prepared:

    (a) the amount of Insurance MoniesG an Authorised FirmG was holding and controlling in accordance with COB section 7.12; and
    (b) whether:
    (i) the Authorised FirmG has maintained throughout the year systems and controls to enable it to comply with the relevant provisions of COB section 7.12;
    (ii) the Authorised Firm'sG controls are such as to ensure that Insurance MoniesG are identifiable and secure at all times;
    (iii) any of the requirements in COB section 7.12 have not been met;
    (iv) if applicable, the Authorised FirmG was holding and controlling an appropriate amount of Insurance MoniesG in accordance with COB section 7.12 as at the date on which the Authorised Firm'sG audited statement of financial position was prepared;
    (v) the AuditorG has received all necessary information and explanations for the purposes of preparing the report to the DFSAG ; and
    (vi) if applicable, there have been any material discrepancies in the reconciliation of Insurance MoniesG .
    Derived from DFSA RM130/2014 (Made 21st August 2014). [VER1/06-14]

    • AUD A3.1.1 Guidance

      Where an Authorised FirmG does not hold or control any Insurance MoniesG as at the date on which the Authorised Firm'sG audited statement of financial position was prepared, the DFSAG expects that a nil balance be stated to comply with Rule A3.1.1 (a) in this Appendix.

      Derived from DFSA RM130/2014 (Made 21st August 2014). [VER1/06-14]