Auditor independence requirement: mutual funds must use an independent auditor and include the auditor's report in the Annual Report. Mutual funds must have their annual statement of accounts audited by an auditor not associated with the asset management company's auditor; trustees appoint the auditor, who must forward a report to the trustees for inclusion in the Annual Report. The auditor's certificate must confirm receipt of necessary information, that the balance sheet and revenue account fairly present the scheme's state of affairs and surplus or deficit, and that accounts are prepared in accordance with accounting policies and standards specified in the Ninth Schedule.