Section 13Part 1 — Securities Investment Business Act
Accounts
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A licensee shall have its accounts audited annually, or at such other time as the Authority may require, by an auditor 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;
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 a licensee ’ s financial year that person shall forward to the Authority —
his audited accounts for the financial year just ended; and
a certificate of compliance with the provisions of this Law and any regulations made under this Law or the Monetary Authority Law (2020 Revision) , signed by the licensee or if a company, a director of the licensee.
A licensee may not change its auditor without the prior written approval of the Authority and the licensee shall explain the circumstances giving rise to the change of auditor prior to such approval being given.
A person who signs a certificate under subsection (2)(b) knowing or believing that such certificate is false commits an offence and is liable on summary conviction to a fine of five thousand dollars and such person —
may have that person’s licence or the licence held by the company of which that person is a director revoked; and
may not be granted a further licence, nor be permitted to be a director of a company which holds a licence.
Any licensee who fails to comply with subsection (2) within the prescribed period or any extension to such granted by the Authority for good cause shown, is liable to a late filing fee of fifty dollars for each day or part thereof that compliance remains outstanding.