9. FUNCTIONS OF AUDITORS, CONDUCT OF AUDITS AND PREPARATION OF AUDIT REPORTS
9.1. Functions of Auditors
The functions of Auditors are set out in Section 138 of the Companies Regulations.
9.2. Conduct of Audits and Content of Reports
9.2.1. Standards of Reports
An Auditor must conduct an audit, and prepare the contents of any relevant audit report, referred to in AIFC legislation in accordance with the following table:
Audit Report | Requirement | Applicable Standards | Contents |
Financial Statements – Authorised Person | International Standards on Auditing | ISA 700 | |
Financial Statements – Company - | Section 137 of the Companies Regulations | International Standards on Auditing | ISA 700 |
Financial Statements – Reporting Entity | ISA 700 | ||
Financial Statements - Non-Exempt Fund | CIR 11.4(a) | ISA 700 | |
AML Policies, Procedures, Systems and Controls – Authorised Person | ISA 700AML 14.6.1(b) | ||
Client Money Auditor's Report | International Standards on Assurance Engagement (ISAE) or International Standards on Related Services (ISRS) | Annex A | |
Client Investments Auditor's Report | Annex B | ||
Insurance Intermediary Audit Report | COB 11.8.15 | Annex C |
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9.2.2. Additional required content
An Auditor must ensure that every audit report produced by it includes the name of the:
- (a) the Auditor; and
- (b) the Audit Principal.