Article 87 - Powers and Duties of Auditor

(1) An Investment Club's auditor must, in preparing a report in relation to the accounts of the Investment Club, carry out such investigations as will enable the auditor to form an opinion as to the following matters:
a. whether proper accounting Records have been kept by the Investment Club and proper returns adequate for the audit have been received from offices or branches of the Investment Club not visited by the auditor;
b. whether the Investment Club's accounts are in agreement with such accounting Records and returns;
c. whether the Investment Club's accounts have been prepared in compliance with applicable accounting principles and standards; and
d. independently validate that the Investment Club is conducting its activities and confirm that the activities are being carried out in accordance with the scope of its licence.
(2) If the auditor is of the opinion that proper accounting Records have not been kept, or that proper returns adequate for the audit have not been received from offices or branches not visited by the auditor, or if the accounts are not in agreement with the accounting Records and returns, or that the accounts do not comply with accounting principles and standards, the auditor must state that fact in his report made under Article 86.
(3) The auditor must have a right of access at all reasonable times to an Investment Club's accounting and other books and Records and is entitled to require from an Investment Club's Officers such information or explanation that the auditor considers necessary for the performance of his duties.
(4) If the auditor fails to obtain all the information and explanations which, to the best of the auditor's knowledge and belief, are necessary for the purposes of the audit, the auditor must state that fact in his report made under Article 86.
(5) Every auditor is entitled to receive notice of, and attend, any meeting of Members and to be heard on any part of the business of the meeting which concerns the auditor.
Derived (as from 20th December 2016).