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CFP-1.4.2

Crowdfunding platform operators must appoint their external auditors or independent third-party audit firm to perform an audit on client assets and the licensee’s procedures for handling client assets. The objectives of the audit must include:

(a) Ensuring that client assets are properly segregated and not comingled with the licensee’s own assets (as per Paragraph CFP-1.4.1);
(b) The licensee has established and implemented adequate internal control procedures and systems to ensure client assets are always segregated;
(c) Client assets are not used for purposes other than for crowdfunding arrangements; and
(d) Fraud risks are adequately controlled and mitigated.
Added: April 2022