SIO-5.2.1

Stablecoin issuers must appoint an independent external auditor for its accounts for every financial year. While appointing an auditor, stablecoin issuers must exercise due skill, care and diligence in the selection and appointment of the auditor and must take into consideration the auditor’s experience and track record of auditing stablecoin and/or crypto-asset related businesses.

SIO-5.2.2

In accordance with Article 61(b) of the CBB Law, if a stablecoin issuer fails to appoint an auditor within four months from the beginning of its financial year, the CBB shall appoint an auditor on behalf of the stablecoin issuer.

SIO-5.2.3

A stablecoin issuer must pay the fees of the auditor regardless of the manner in which the auditor is appointed.

SIO-5.2.4

An auditor must not be the chairman or a director in the stablecoin issuer’s board or a managing director, agent, representative or taking up any administrative work therein, or supervising its accounts, or a next of kin to someone who is responsible for the administration or accounts of the stablecoin issuer or having an extraordinary interest in the stablecoin issuer.

SIO-5.2.5

If any of the circumstances referred to in rule Paragraph SIO-5.2.4 occurs after the appointment of the auditor, the stablecoin issuer must appoint another external auditor.

SIO-5.2.6

Stablecoin issuers must provide the external auditor with all information and assistance necessary for carrying out his duties.

SIO-5.2.7

The duties of the external auditor must include the preparation of a report on the final accounts. The report must contain a statement on whether the stablecoin issuer’s accounts are correct and reflect the actual state of affairs of the licensee according to the auditing standards prescribed by the CBB, and whether the stablecoin issuer has provided the auditor with all required information and clarifications.

SIO-5.2.8

The final audited accounts must be presented to the general meeting of the licensed stablecoin issuer together with the auditor’s report. A copy of these documents must be sent to the CBB at least 15 days before the date of the general meeting.

SIO-5.2.9

Audited financial statements of a stablecoin issuer must be prepared in accordance with the International Financial Accounting Standards (IFRS) or AAOIFI standards as appropriate.

Annual Audited Financial statements

Annual Report

Reviewed (Unaudited) Quarterly Financial Statements