Article 15 – Accounting Requirements

1. Each of the QFC Authority, the Regulatory Authority and The Regulatory Tribunal and The Civil and Commercial Court shall be exempted from the control of the State Audit Bureau.
2. The financial year of each of the QFC Authority, The Regulatory Authority, The Regulatory Tribunal and The Civil and Commercial Court 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 each of them shall commence on the date this Law comes into force and shall end on the last day of December of the following year.
3. Each of the QFC Authority, the Regulatory Authority, The Regulatory Tribunal and The Civil and Commercial Court shall keep accounting records which are sufficient to show and explain its transactions and are such as to disclose with reasonable accuracy at any time its income and expenditure and assets and liabilities and financial position. As soon as reasonably practicable after the end of each financial year, each of the QFC Authority, the Regulatory Authority, The Regulatory Tribunal and The Civil and Commercial Court shall prepare its accounts in accordance with internationally accepted accounting principles and have them audited by independent auditors, being a firm of chartered accountants with an office in the State. The auditors shall report as to whether the relevant accounts show a true and fair view of the financial affairs of the body in question during the financial year in question and its assets and liabilities at the end of the year in question. The auditors shall report on such other matters as they may consider appropriate.
4. Each of the QFC Authority, the Regulatory Authority, The Regulatory Tribunal and The Civil and Commercial Court shall as soon as reasonably practicable after the end of each financial year send to the Council of Ministers a copy of its audited accounts and a report of its activities and when required such further reports as the Council of Ministers may require.
Amended by Law No. (2) of 2009 (as from 24th May 2009).