• GENE Part 9.5 GENE Part 9.5 Assurance engagements and reports

    Amended by QFCRA RM 2019-1 (as from 28th March 2019).

    • GENE 9.5.1 Audit and audit reports

      (1) An authorised firm that is a QFC entity, or a branch required to do so by the Regulatory Authority, must ensure that its auditor:
      (a) conducts an audit of the firm's annual financial statements; and
      (b) produces an audit report in accordance with the relevant standards published by the International Auditing and Assurance Standards Board (IAASB), as applicable to listed or public interest entities.
      (2) The requirement in this rule is in addition to those in the Companies Regulations 2005 and the Limited Liability Partnerships Regulations 2005.
      Amended by QFCRA RM 2019-1 (as from 28th March 2019).

    • GENE 9.5.1A Additional assurance reports

      (1) An authorised firm must ensure that its auditor conducts an assurance engagement, and produces the appropriate assurance report, as directed by the Regulatory Authority, in relation to the firm's prudential returns.
      (2) The Authority may also direct an assurance engagement to be conducted, and the appropriate assurance report to be produced, in relation to any matter not related to the firm's prudential returns.
      Inserted by QFCRA RM 2019-1 (as from 28th March 2019).

    • GENE 9.5.2 Additional audit reports — client money

      (1) This rule applies to an authorised firm for a financial year of the firm if the firm controls or holds client money at any time during the year.
      (2) The authorised firm must ensure that its auditor also produces a report for the financial year that states whether, in the auditor's opinion:
      (a) the firm maintained systems and controls throughout the year to enable it to comply with the provisions of INMA or IMEB (or both) relating to client money;
      (b) the firm's controls ensured that client money controlled or held by it was identifiable and secure at all times during the year;
      (c) any of the requirements of INMA or IMEB relating to client money were not complied with by the firm during the year;
      (d) the firm controlled or held an appropriate amount of client money in accordance with INMA or IMEB (or both) at the date the firm's audited balance sheet was prepared; and
      (e) there have been material discrepancies in the reconciliation of client money during the year.
      (3) Client money has the meaning given by whichever of INMA or IMEB applies under this rule.
      Editorial changes (as from 1st January 2016).

    • GENE 9.5.3 Additional audit reports — custody

      (1) This rule applies to an authorised firm for a financial year of the firm if the firm provided custody services at any time during the year.
      (2) The authorised firm must ensure that its auditor also produces a report for the financial year that states whether, in the auditor's opinion:
      (a) the firm maintained systems and controls throughout the year to enable it to comply with the provisions of INMA relating to the provision of custody services;
      (b) the investments in relation to which the firm provided custody services during the year were registered, recorded and held in accordance with those provisions;
      (c) any of the other requirements of those provisions were not complied with during the year; and
      (d) there have been material discrepancies in the reconciliation of those investments during the year.
      Editorial changes (as from 1st January 2016).