101. Auditors' duties

Past version: effective from 05/07/2012 - 20/08/2014
To view other versions open the versions tab on the right

(1) An auditor of an Authorised Firm, Authorised Market Institution or a Public Listed Company shall, in preparing the report in relation to accounts of an Authorised Firm, Authorised Market Institution or a Public Listed Company, carry out such investigations as will enable the auditor to form an opinion as to the following matters:
(a) whether proper accounting records have been kept by the Authorised Firm, Authorised Market Institution or a Public Listed Company and proper returns adequate for the audit have been received from branches not visited by the auditor;
(b) whether the Authorised Firm, Authorised Market Institution or a Public Listed Company accounts are in agreement with the accounting records and returns;
(c) whether the Authorised Firm, Authorised Market Institution or a Public Listed Company accounts have been prepared in compliance with the applicable accounting standards; and
(d) whether the accounts of the Authorised Firm, Authorised Market Institution or a Public Listed Company represent a true and fair view of the state and affairs of the Authorised Firm, or the Authorised Market Institution or a Public Listed Company.
(2) If the auditor is of the opinion that proper accounting records have not been kept, or that proper returns adequate for the audit have not been received from branches not visited by the auditor, or if the accounts are not in agreement with the accounting records and returns, or that the accounts do not comply with accounting standards, the auditor shall state that fact in the report.
(3) If the auditor fails to obtain all the information and explanations which, to the best of the auditor's knowledge and belief are necessary for the purposes of the audit, the auditor shall state that fact in the report.