• GENE Chapter 9 GENE Chapter 9 Accounting and auditing

    Editorial changes (as from 1st January 2016).

    • GENE Part 9.1 GENE Part 9.1 Application

      • GENE 9.1.1 GENE 9.1.1 Application — Chapter 9

        This Chapter applies to every authorised firm.

        Amended by QFCRA RM/2015-3 and Editorial changes (as from 1st January 2016).

        • GENE 9.1.1 Guidance

          1. Authorised firms that are QFC entities are subject to the accounting and audit requirements set out in the Companies Regulations 2005 (Section 11) and the Limited Liability Partnerships Regulations 2005 (Part 9) as appropriate.
          2. Article 123 of the Companies Regulations 2005 and Article 52 of the Limited Liability Partnerships Regulations 2005 contain record keeping requirements for branches.
          3. FSR contain provisions relating to:
          (a) disclosure of information by auditors; and
          (b) rights and obligations regarding cooperation with auditors and an auditor's right of access to an authorised firm's books, accounts and material records.
          4. This Chapter provides additional provisions relating to audit and accounting requirements as they apply to authorised firm's.
          Amended by QFCRA RM 2019-1 (as from 28th March 2019).

    • GENE Part 9.2 GENE Part 9.2 Accounting records

      Editorial changes (as from 1st January 2016).

      • GENE 9.2.1 Matters about which accounting records must be kept

        An authorised firm must keep accounting records with respect to all sums of money received and expended by the authorised firm and all sales and purchases of goods and services and other transactions by the authorised firm and the assets, liabilities and equity of the authorised firm. Such accounting records must be sufficient to show and explain all transactions by the authorised firm and must be such to:

        (a) disclose with reasonable accuracy the financial position and performance of the authorised firm at any time;
        (b) enable the authorised firm to ensure that any accounts prepared by the authorised firm comply with the requirements in these rules; and
        (c) record the firm's financial position and performance as at its financial year end or as at the end of some other period.
        Amended by QFCRA RM 2019-1 (as from 28th March 2019).

      • GENE 9.2.2 How long accounting records must be retained

        An authorised firm must maintain the accounting records, financial accounts and statements and auditors' reports required under the Companies Regulations 2005, the Limited Liability Partnerships Regulations 2005 and this Chapter for at least 6 years from the date to which they relate.

        Amended by QFCRA RM/2015-3 and Editorial changes (as from 1st January 2016).

    • GENE Part 9.3 GENE Part 9.3 Accounting standards

      Editorial changes (as from 1st January 2016).

      • GENE 9.3.3 Guidance

        AAOIFI FAS 18 sets out the accounting rules for conventional financial institutions offering Islamic financial services. It provides rules for the recognition, measurement and presentation of assets managed, funds held and income earned on the basis of Shari'a principles. It also sets out the necessary disclosures required to be made in the course of conducting Islamic financial business.

        Amended by QFCRA RM/2015-3 (as from 1st January 2016).