• Function of the Auditor

    • FUNDS 16.3.8

      A Fund Manager must, in writing, require its auditor to:

      (a) conduct an audit of the Fund's financial statements in accordance with the requirements of the relevant standards published by the International Auditing and Assurance Standards Board (IAASB); and
      (b) produce a Fund Auditor's Report on the audited financial statements in accordance with GEN Rule 6.6.8.

    • FUNDS 16.3.9 FUNDS 16.3.9

      The requirements in Rules 16.3.8 and 16.4.5(a) for financial statements to be audited and for a Fund Auditor's Report to be produced may be waived by the Regulator, on a case-by-case basis in relation to Exempt Funds and Qualified Investor Funds where the Fund Manager has obtained a Special Resolution of Unitholders in support of such a waiver.

      • Guidance

        Circumstances in which it may be appropriate for Fund Managers to seek the waiver described in Rule 16.3.9 include:

        (a) where the Fund is being wound up; or
        (b) where the Fund holds only a small number of illiquid assets.