Article 19: Financial Statements

Article 19: Financial Statements

a) The financial statements of the fund must be prepared in the Arabic language, at least semi-annually. Additional copies may be prepared in other languages, and in case of any conflict between those copies, the Arabic text shall prevail.

b) The interim financial statements of the 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 Chartered and Professional Accountants.

c) The public fund whose establishment period is less than three (3) months is excluded from the requirement mentioned in paragraphs (a) and (b) of this Article.

d) The annual financial statements of the fund must be prepared in accordance with the accounting standards approved by the Saudi Organization Chartered and Professional Accountants, and must be reviewed in accordance with the auditing standards approved by the Saudi Organization for Chartered and Professional Accountants, and the auditor of the fund, through reviewing the financial statements and based on the information provided to it, must include in its report what may come to its attention of violations of the provisions of the Real Estate Investment Funds Regulations or the fund’s terms and conditions.