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  • PD-1.2 PD-1.2 Requirements for Annual Audited Financial Statements

    • Submission of Annual Audited Financial Statements

      • PD-1.2.1

        All licensees must submit their annual audited financial statements to the CBB within 3 months of the end of the licensee's financial year (as required by Article 62 of the CBB Law). Licensees' annual audited financial statements must be audited by their external auditor.

        January 2014

      • PD-1.2.2

        Licensees are also required to publish the annual audited financial statements on their website (see also PD-1.3.8(h)) within seven days of submission to the CBB.

        January 2014

    • Publication of Annual Audited Financial Statements

      • PD-1.2.3

        Licensees must publish extracts from their audited annual financial statements in one Arabic and one English daily newspaper within 3 months of the end of the financial year. The newspaper disclosures must include at a minimum the balance sheet, the statements of income, the cash flow and changes in equity. The newspaper disclosures must also be published on the licensee's website within seven days of publication.

        Amended: July 2018
        January 2014

      • PD-1.2.4

        The newspaper disclosures should include a reference to the fact that the published figures 'have been extracted from financial statements audited by XYZ auditor, who expressed an unqualified opinion on (dated report)'. Licensees must disclose in full any audit qualifications or matter of emphasis paragraphs contained within the auditor's opinion. The auditor's opinion must be made in accordance with the International Standards on Auditing as established by the International Federation of Accountants or AAOIFI's Standards on Auditing, whichever is applicable.

        January 2014

      • PD-1.2.5

        Licensees must submit a copy of the newspaper extracts from their annual audited financial statements to the CBB within two business days of publication in the concerned newspapers clearly showing on which date and in which publications the statements were published.

        Amended: July 2023
        January 2014