Home   Browse contents   View updates   Search  
     Quick search
Go
   

Back Rich text Print

You need the Flash plugin.

Download Macromedia Flash Player



    Chapter 5 —">
  • Chapter 5 — Auditors Reports and Duties

    • 100. Auditors' reports

      (1) In this Article, a Relevant Person means an Authorised Person, Public Listed Company or Domestic Fund.
      (2) The DFSA may make Rules in relation to:
      (a) the functions to be carried out by an Auditor when auditing a Relevant Person;
      (b) the scope of the Auditors' report;
      (c) the scope of ad-hoc reports of the Auditor;
      (d) the submission of Auditor's reports to the DFSA; and
      (e) the naming in the Auditor's report of persons responsible for the audit work and their liability as a result of being named.

    • 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.

    • 102. Resignation of an auditor

      (1) In this Article, a Relevant Person means an Authorised Person, Public Listed Company or Domestic Fund.
      (2) An Auditor of a Relevant Person may resign as Auditor by depositing a notice in writing to that effect, together with a statement referred to in Articles 102(3) and (4). at the registered office of the Relevant Person and any such notice operates to bring its term as Auditor to an end on the date on which the notice is deposited, or on such later date as may be specified in it.
      (3) When an Auditor ceases for any reason to act as the Auditor of a Relevant Person, it shall deposit at the registered office of:
      (a) the Authorised Person;
      (b) the Public Listed Company; or
      (c) in the case of a Domestic Fund;
      (i) the Domestic Fund; and
      (ii) if appointed, the Trustee of that Fund,
      a notice setting out the matters specified in Article 102(4).
      (4) The notice must contain either:
      (a) a statement to the effect that there are no circumstances connected with its ceasing to act as Auditor which the Auditor considers should be brought to the notice of the relevant members or Unitholders, or creditors of the Relevant Person; or
      (b) if there are any circumstances referred to in (a), a statement of the nature of those circumstances.
      (5) Where a notice contains information referred to in Article 102(4)(b):
      (a) the Authorised Person;
      (b) the Public Listed Company; or
      (c) in the case of a Domestic Fund, the Fund Manager of the fund, or failing which, the other members of the Governing Body of the Fund, or if appointed the Trustee of the Fund,
      shall provide to the DFSA a copy of the statement and any response by that person.