Article 11 - Accounting and budget requirements of the CRO
(1) The budget of the
CRO in respect of each financial year shall be set by the QFC Authority.
CRO shall be exempt from the control of the Audit Bureau of the State.
(3) The financial year of the
CRO shall commence on the first day of January and end on the last day of December each year, save that the first financial year of the CRO shall commence on the date on which the QFC Law came into force and shall end on the last day of December of the following year.
CRO shall keep accounting Records which are sufficient to show and explain the transactions of the CRO and are such as to disclose with reasonable accuracy at any time the income and expenditure and assets and Liabilities and financial position of the CRO and the Registrar shall procure that, as soon as reasonably practicable after the end of each financial year, accounts of the CRO are prepared in accordance with internationally accepted accounting principles and audited by an independent auditor, being a firm of chartered accountants with an office in the State, who shall report as to whether the accounts of the CRO show a true and fair view of the financial affairs of the CRO during the financial year in question and the assets and Liabilities of the CRO at the end of the year in question and such other matters as the auditors may consider it appropriate to report on.
CRO shall as soon as reasonably practicable after the end of each financial year send to the QFC Authority a copy of its audited accounts for the financial year in question and a report of its activities during such financial year. The CRO shall in relation to its activities submit such further reports to the QFC Authority as the QFC Authority may require.
|Amended (as from 5th April 2015).|