s.13Accounts and audit
13
Section 13Part 0 —

Accounts and audit

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The holder of a companies management licence shall have that holder’s accounts audited annually or at such other time as the Authority may require by an auditor who shall be approved by the Authority and who shall be a member of —
the Institute of Chartered Accountants in England and Wales;
the Canadian Institute of Chartered Accountants;
the Chartered Association of Certified Accountants of England and Wales;
the American Institute of Certified Public Accountants; or
any other professional body or institute approved by the Authority.
Within six months of the end of the financial year of the holder of a companies management licence, that person shall forward to the Authority —
the audited accounts for the financial year just ended;
a certificate of compliance with this Act and any regulations made hereunder or the Monetary Authority Act (2020 Revision), signed by the licensee or, if the licensee is a body corporate, a director of the licensee; and
an auditor’s certificate of the existence of adequate procedures to ensure compliance by the licensee with any Code of Practice that may be issued —
under section 113 of the Proceeds of Crime Act (2025 Revision); or
under regulations made hereunder.
The holder of a corporate services licence shall, once every two years (or such shorter or longer period as the Authority may require in any individual case), forward to the Authority the certificates specified under paragraphs (b) and (c) of subsection (2)
A licensee may not change that licensee’s auditor without the prior written approval of the Authority, and the outgoing auditor shall explain the circumstances giving rise to the change of auditor prior to such approval being given.
A person who signs a certificate under paragraph (b) of subsection (2) who knows or ought reasonably to know that such certificate is false commits an offence and —
is liable on summary conviction to a fine of five thousand dollars;
shall have that person’s licence, or the licence held by the body corporate of which that person is a director, revoked; and
shall not be granted a further licence, nor be permitted to be a director of a body corporate which holds a licence.
If an auditor, in the course of carrying out an audit of the accounts of a licensee, becomes aware, or has reasonable grounds to believe, that the licensee is —
unable to meet that licensee’s obligations as they fall due;
carrying on or attempting to carry on that licensee’s business of company management or winding up that licensee’s business of company management in a manner that is prejudicial to that licensee’s managed companies or their owners, or to that licensee’s creditors, or to the creditors of that licensee’s managed companies or their owners;
carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow that licensee’s accounts to be properly audited; or
carrying on business in a fraudulent or criminal manner,
the auditor shall immediately give the Authority written notice of that auditor’s knowledge or belief and giving that auditor’s reasons for that knowledge or belief.
A person who contravenes subsection (6) commits an offence and is liable on summary conviction to a fine of ten thousand dollars.
A reference in this section to an auditor carrying out an audit of the accounts of a licensee includes an auditor who was engaged to carry out such an audit or who was in the course of carrying out such an audit but resigned before carrying out or completing the audit or whose contract to carry out or complete the audit was otherwise terminated.
No person carrying out or charged with the carrying out of any duty, obligation or function under this section shall incur civil liability to any other person for anything done or omitted to be done in respect of the discharge, purported discharge or non-discharge of that duty or function unless it is shown that the act or omission was in bad faith.

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