Mutual fund annual accounts must be audited by an independent auditor whose certificate confirms fair view and compliance. Mutual funds must have annual accounts audited by an auditor not associated with the asset management company's auditor; trustees shall appoint the auditor and the auditor's report must form part of the Annual Report. The auditor's certificate must state that all necessary information and explanations were obtained, that the balance sheet and revenue account give a fair and true view of the scheme's affairs and surplus or deficit for the period, and that the statement of account is prepared in accordance with the accounting policies and standards specified in the Eighth Schedule.