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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