• RP-11 RP-11 External Auditor

    • RP-11.1 RP-11.1 Definition

      • RP-11.1.1

        An external auditor is the entity responsible for the audit of the books and records of the CIU and fund company (if applicable).

        April 2012

    • RP-11.2 RP-11.2 Required Country of Domicile

      • RP-11.2.1

        External auditors must be Bahrain-based entities.

        April 2012

    • RP-11.3 RP-11.3 Required Type of License

      • RP-11.3.1

        The external auditor must be acceptable to the CBB, and separate and independent from all other relevant persons.

        April 2012

      • Form of Appointment

        • RP-11.3.2

          The agreement appointing the external auditor must be in the form of an engagement letter between the external auditor and the fund company/trustee (as appropriate).

          April 2012

    • RP-11.4 RP-11.4 Duties

      • RP-11.4.1

        The minimum duties of the external auditor of a CIU authorised or registered under Module ARR include but are not limited to the following:

        (a) To audit the books and records of the CIU, including the annual financial statements of the CIU, in accordance with IFRS or AAOIFI (as appropriate);
        (b) To review the semi-annual financial statements of the CIU;
        (c) If the CIU is structured as a contractual or corporate CIU, to audit the annual financial statements of the fund company; and
        (d) To review the calculation of the NAV in line with the frequency stipulated in the prospectus but not less than once a year.
        April 2012

    • RP-11.5 RP-11.5 Reporting Requirements

      • RP-11.5.1

        External auditors must comply with all reporting requirements stipulated in the relevant legal agreements.

        April 2012

      • RP-11.5.2

        External auditors must report any material weaknesses in accounting and internal control systems that come to their notice, to the Board of Directors of the fund company/trustees and to the CBB, in a timely and on a prompt basis.

        April 2012

    • RP-11.6 RP-11.6 Other Requirements

      • RP-11.6.1

        External auditors must provide the CBB, upon request, with any additional information relevant to the CIU, on a prompt basis.

        April 2012