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  • CRA-4.2 CRA-4.2 Auditors and Accounting Standards

    • CRA-4.2.1

      Licensees must appoint external auditor for its accounts for every financial year. While appointing an auditor, licensees 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 crypto-asset related businesses.

      Amended: April 2023
      Added: April 2019

    • CRA-4.2.1A

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

      Added: April 2023

    • CRA-4.2.1B

      The licensee must pay the fees of the auditor regardless of the manner in which such auditor is appointed.

      Added: April 2023

    • CRA-4.2.1C

      An auditor must not be the chairman or a director in the licensee’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 licensee, or having an extraordinary interest in a licensee.

      Added: April 2023

    • CRA-4.2.1D

      If any of the circumstances referred to in rule CRA-4.2.1C occurs after the appointment of the auditor, the licensee must appoint another external auditor.

      Added: April 2023

    • CRA-4.2.1E

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

      Added: April 2023

    • CRA-4.2.1F

      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 licensee’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 licensee has provided the auditor with all required information and clarifications.

      Added: April 2023

    • CRA-4.2.1G

      The final audited accounts must be presented to the general meeting of the licensee 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.

      Added: April 2023

    • CRA-4.2.2

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

      Added: April 2019

    • Annual Audited Financial statements

      • CRA-4.2.3

        Licensees must submit to the CBB their annual audited financial statements no later than 3 months from the end of the licensee's financial year. The financial statements must include the statement of financial position (balance sheet), the statements of income, cash flow and changes in equity and where applicable, the statement of comprehensive income.

        Added: April 2019

    • Annual Report

      • CRA-4.2.4

        Licensees must submit a soft copy (electronic) of their full annual report to the CBB within 4 months of the end of their financial year.

        Amended: April 2023
        Added: April 2019

    • Reviewed (Unaudited) Quarterly Financial Statements

      • CRA-4.2.5

        Licensees must submit to the CBB unaudited quarterly financial statements (in the same format as their Annual Audited Accounts), reviewed by the licensee’s external auditor, on a quarterly basis within 45 calendar days from the end of each of the first 3 quarters of their financial year.

        Added: April 2023