المادة 10: Financial Statements

Article 10: Financial Statements

a. The annual financial statements for an investment fund must be prepared in accordance with the accounting standards approved by the Saudi Organization for Chartered and Professional Accountants, and must be audited annually in accordance with the auditing standards approved by the Saudi Organisation for Chartered and Professional Accountants, and the auditor, through reviewing the annual financial statements and based on the information provided to it, must include in its report what may come to its attention of breaches to the provisions of the Instructions of Simplified Investment Funds or the Fund’s Terms and Conditions.

b. The fund manager must appoint an auditor upon the establishment of the fund to audit the fund’s financial statement.

c. The auditor must be registered with the Authority in accordance with the Rules for Registering Auditors of Entities Subject to the Authority's Supervision and shall be an independent auditor according to criterion of the independence defined in the Law of the Profession of Accounting and Auditing and its implementing regulations.

d. The fund manager must provide unitholders with the fund’s annual financial statement upon request and free of charge.