Registered Agents and Trustees Licensing Order, 2000 · As enacted · Part II
Section 24
Official textFrom Attorney General's Chambers, unchanged
Notwithstanding any provision of the International Business Companies
Order, 2000 or the Companies Act (Chapter 39) to the contrary and in addition to any requirement thereunder, every licensee shall within four months of the end of the licensee's financial year -
prepare financial statements for the licensed business in accordance with accounting principles acceptable to the Authority;
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have its annual accounts audited by an approved auditor in accordance with generally accepted auditing standards acceptable to the Authority; and
forward to the Authority -
its audited accounts;
(ii] a written report from its approved auditor, which shall -
(A] confirm that the annual accounts comply with the requirements of paragraphs (a) and (b];
(B] whether the company is an international business company or otherwise, comply with the requirements of paragraphs (a) and (b) of section 133(1] of the Companies
Act (Chapter 39) and state whether he has given an unqualified approval of the annual accounts, and if qualified, the nature of the qualification;
(iii] a certificate of compliance issued by its approved auditor confirming that the information supplied to the Authority in connection with the licensee's application for a licence (as set out in the particulars supplied with the application for the licence, or supplied in compliance with a requirement made by the Authority in connection with the application] as modified by any notification of change in accordance with section 16, remains correct and accurate as regards the licensee's business and that the licensee has complied with every condition and requirement of its licence, and that the licensee has complied with section 23.
Where a licensee changes its approved auditor it shall give notice of such change to the Authority, and the Authority may require the former auditor to explain the circumstances that gave rise to the change.
approved auditor
"approved auditor" has the same meaning as that defined in section 2 of the International Business Companies Order, 2000;
The Authority may by notice in writing exempt any person wholly or in part from the requirements of subsection (1) or (2) or both, subject to such terms and conditions as the Authority considers appropriate.
the Authority
"the Authority" means such person or body as is appointed by His Majesty the Sultan and Yang Di-Pertuan to be the Authority for the purposes of this Order;
No person shall perform the duties of an auditor of a licensee unless he is an approved auditor.
An approved auditor shall have the powers, duties and functions of an auditor as provided for the Companies Act (Chapter 391, and in addition shall have such powers as are necessary to establish that a licensee is in compliance with this
Order.
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Control of electronic business.
Terms defined in s 2
approved auditor
Defined · s 2"approved auditor" has the same meaning as that defined in section 2 of the International Business Companies Order, 2000;
certificate of compliance
Defined · s 2"certificate of compliance" means a certificate issued under section 24[l)(c)
the Authority
Defined · s 2"the Authority" means such person or body as is appointed by His Majesty the Sultan and Yang Di-Pertuan to be the Authority for the purposes of this Order;