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  • MIR-4.10 MIR-4.10 Additional Powers of the CBB in Respect of Auditors

    • MIR-4.10.1

      If an auditor of a licensed member in the course of the performance of his duties becomes aware of:

      (a) Any matter which in his opinion, adversely affects or may adversely affect the financial position of the licensed member to a material extent;
      (b) Any matter which in his opinion, constitutes or may constitute a breach of the CBB Law, rules and regulations, or an offence involving fraud or dishonesty; or
      (c) Any irregularity that has or may have a material effect upon the accounts of the licensed member, including any irregularity that affects or jeopardises or may affect or jeopardise, the assets and money of clients, then the auditor shall immediately send to the CBB and licensed exchange and/or licensed clearing house a written report of the matter or the irregularity.
      Adopted January 2010

    • MIR-4.10.2

      An auditor of a licensed member shall not be, in the absence of malice on his part, liable to any action for defamation at the suit of any person in respect of any statement made in his report under paragraph MIR-4.10.1.

      Adopted January 2010

    • MIR-4.10.3

      Rule MIR-4.10.2 shall not restrict or affect any right, privilege or immunity that the auditor of a licensed member may have as a defendant in an action for defamation.

      Adopted January 2010

    • MIR-4.10.4

      The CBB may impose all or any of the following duties on an auditor of a licensed member:

      (a) A duty to submit such additional information and reports in relation to his audit as the CBB considers necessary;
      (b) A duty to enlarge, extend or alter the scope of his audit of the business and affairs of the licensed member;
      (c) A duty to carry out any other examination or establish any procedure in any particular case;
      (d) A duty to submit a report on any matter arising out of his audit, examination or establishment of procedure referred to in MIR-4.10.4 (b) or (c), and the auditor shall carry out such duties.
      Adopted January 2010

    • MIR-4.10.5

      The licensed member shall remunerate the auditor in respect of the discharge by him of all or any of the duties referred to in paragraph MIR-4.10.4.

      Adopted January 2010