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  • MIR-4.8 MIR-4.8 Final Accounts and Auditing

    • MIR-4.8.1

      Every member shall appoint one or more qualified and experienced external auditors for its accounts for every financial year. Prior written approval by the CBB will be required before appointing an auditor.

      Adopted January 2010

    • MIR-4.8.2

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

      Amended: July 2014
      Adopted January 2010

    • MIR-4.8.3

      The member shall pay the fees of the auditor regardless of the manner in which such auditor is appointed.

      Adopted January 2010

    • MIR-4.8.4

      An auditor shall not be the chairman or a director in the member'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 a member, or having an extraordinary interest in a member as the SRO and/or CBB may determine.

      Adopted January 2010

    • MIR-4.8.5

      If any of the circumstances referred to in rule MIR-4.8.4 occurs after the appointment of the auditor, the member must appoint another auditor.

      Adopted January 2010

    • MIR-4.8.6

      The member shall provide the external auditor with all information and assistance necessary for carrying out his duties.

      Adopted January 2010

    • MIR-4.8.7

      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 member's accounts are correct and reflect the actual state of affairs of the member according to the auditing standards prescribed by the SRO and CBB, and whether the member has undertaken the auditor with any required information and clarification.

      Adopted January 2010

    • MIR-4.8.8

      The final audited accounts shall be presented to the general meeting of the member 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.

      Adopted January 2010

    • MIR-4.8.9

      [This Paragraph was deleted in July 2014.]

      Deleted: July 2014
      Adopted January 2010

    • MIR-4.8.10

      Every member must, within 3 months following every financial year, send to the CBB its final audited accounts for all the transactions carried out until year end, as well as any other financial statements required by the SRO and CBB. Every member must publish extracts of the final audited accounts within 60 calendar days from the end of its financial year in 2 local daily newspapers, one in Arabic and the other in English.

      Amended: July 2016
      Amended: April 2013
      Adopted January 2010

    • MIR-4.8.11

      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
      Adopted January 2010