Auditor independence requirement: empanelled external audit, trustee appointment, and mandatory inclusion of the audit report in annual reporting. Every collective investment scheme must have its annual accounts audited by an auditor empanelled with the Board who is independent of the scheme manager's auditor; the trustee appoints the auditor and the auditor's report must be forwarded to the trustee and included in the Annual Report. The audit certificate must confirm necessary information was obtained, that the balance sheet and revenue account give a fair and true view of the scheme's affairs and surplus or deficit, that accounts are prepared per prescribed accounting policies and standards, and note any other matter the auditor deems vital.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Auditor independence requirement: empanelled external audit, trustee appointment, and mandatory inclusion of the audit report in annual reporting.
Every collective investment scheme must have its annual accounts audited by an auditor empanelled with the Board who is independent of the scheme manager's auditor; the trustee appoints the auditor and the auditor's report must be forwarded to the trustee and included in the Annual Report. The audit certificate must confirm necessary information was obtained, that the balance sheet and revenue account give a fair and true view of the scheme's affairs and surplus or deficit, that accounts are prepared per prescribed accounting policies and standards, and note any other matter the auditor deems vital.
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