MAE-2.3 MAE-2.3 Final Accounts and Auditing
MAE-2.3.1
Every
licensed exchange orlicensed market operator shall appoint one or more qualified and experienced external auditors for its accounts for every financial year. A prior written approval by the CBB will be required before appointing an auditor.MAE-2.3.2
If a
licensed exchange orlicensed market operator fails to appoint an auditor within 4 months from the beginning of the financial year, the CBB shall appoint such auditor.MAE-2.3.3
The
licensed exchange orlicensed market operator shall pay the fees of the auditor regardless of the manner in which such auditor is appointed.MAE-2.3.4
An auditor shall not be the chairman or a director in the
licensed exchange orlicensed market operator'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 alicensed exchange orlicensed market operator , or having an extraordinary interest in alicensed exchange orlicensed market operator as the CBB may determine.MAE-2.3.5
If any of the circumstances referred to in Paragraph MAE-2.3.4 occurs after the appointment of the auditor, the
licensed exchange orlicensed market operator must appoint another auditor.Amended: April 2016
MAE-2.3.6
The
licensed exchange orlicensed market operator shall provide the external auditor with all information and assistance necessary for carrying out his duties.MAE-2.3.7
The duties of the auditor shall include the preparation of a report on the final accounts. The report shall contain a statement on whether the
licensed exchange orlicensed market operator's accounts are correct and reflect the actual state of affairs of thelicensed exchange orlicensed market operator according to the auditing standards prescribed by the CBB and whether thelicensed exchange orlicensed market operator has provided the auditor with any required information and clarifications.MAE-2.3.8
The final audited accounts shall be presented to the general meeting of the
licensed exchange orlicensed market operator together with the auditor's report. A copy of these documents shall be sent to the CBB at least 15 days before the date of the general meeting.MAE-2.3.9
If the
licensed exchange orlicensed market operator is a foreign company, a copy of its final audited accounts together with the auditor's report shall be sent to its main office abroad.MAE-2.3.10
Every
licensed exchange orlicensed market operator must, within 3 months following every financial year, send to the CBB and make public its final audited accounts, for all the transactions carried out until year end as well as any other financial statements required by the CBB. Extracts of the final audited accounts shall be published in 2 local daily newspapers, one in Arabic and the other in English, within 60 calendar days from the end of the financial year.Amended: July 2016MAE-2.3.11
Audited financial statements must comply with International Financial Reporting Standards (IFRS)/International Accounting Standards (IAS). For Islamic institutions, audited financial statements must comply with AAOIFI standards or where AAOIFI standards do not cover a subject, IFRS must be followed.
Amended: July 2016