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of <h1>Mutual Funds Must Have Independent Audits Under Regulation 55; Auditors Report to Trustees Annually.</h1> Regulation 55 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 mandates that every mutual fund must have its annual accounts audited by an independent auditor, separate from the asset management company's auditor. The auditor, appointed by the trustees, must submit a report to them, which becomes part of the mutual fund's Annual Report. The report must certify that necessary information was obtained, the financial statements present a true and fair view of the fund's financial status, and the accounts adhere to specified accounting standards. An auditor is defined as a qualified firm under the LLP Act, 2008.
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