Article 11: Financial Statements

Article 11: Financial Statements

a. The financial statements for an investment fund must be prepared in Arabic, and in a semi-annual basis at least for public fund and private real estate fund,. Additional copies may be prepared in other languages, and in the event of any conflict between those copies, the Arabic text shall prevail.

b. The interim 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 examined in accordance with the auditing standards approved by the Saudi Organization for Chartered and Professional Accountants.

c. The provisions of Paragraphs (a) and (b) of this Article shall not apply to a public fund whose establishment period is less than three months.

d. 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 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 Investment Funds Regulations and the Fund’s Terms and Conditions.

e. Copies of all financial statements required by Paragraphs (a), (b) and (d) of this Article must be included in the fund reports prepared by the fund manager pursuant to Article (78 ) of these Regulations in the case of public funds and pursuant to Article (95 ) of these Regulations in the case of private funds.