Labuan Financial Services and Securities Act 2010 s 174
s 174 External auditor
(1) Every licensed entity shall appoint an external auditor annually before such date or within such period as may be specified by the Authority.
(2) The Authority may maintain a list of auditors for the purpose of this section.
(3) An auditor appointed under subsection (1) shall carry out an audit of the accounts of the licensed entity in respect of its business operations and shall submit a report of such audit together with his comments on the accounting system and controls of the licensed entity to the participants of the licensed entity and to the Authority.
(4) The Authority may, at any time, require an auditor appointed under this section to submit to the Authority such clarifications in relation to his audit as the Authority may specify.
(5) An auditor shall immediately report to the Authority if, in the course of his duties as an auditor of a licensed entity, he is satisfied that—
(a) there has been a contravention of the provisions of any Part of this Act or that an offence under any written laws has been committed by the licensed entity or any of its employees; or
(b) any irregularity which jeopardises the interests of policy owners, in the case of a licensed entity under Part V, or creditors of the licensed entity, or any other serious irregularity, has occurred.
(6) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding five years or to both.
Malay text (authoritative)
Juruaudit luar
(1) Tiap-tiap entiti berlesen hendaklah melantik juruaudit luar pada setiap tahun sebelum apa-apa tarikh atau dalam apa-apa tempoh yang ditentukan oleh Lembaga.
(2) Lembaga boleh menyenggarakan suatu senarai juruaudit bagi maksud seksyen ini.
(3) Juruaudit yang dilantik di bawah subseksyen (1) hendaklah menjalankan audit ke atas akaun entiti berlesen itu berkenaan dengan operasi perniagaannya dan hendaklah mengemukakan laporan mengenai audit itu berserta dengan ulasannya mengenai sistem perakaunan dan kawalan entiti berlesen itu kepada pesertapeserta entiti berlesen itu dan kepada Lembaga.
(4) Lembaga boleh, pada bila-bila masa, menghendaki juruaudit yang dilantik di bawah seksyen ini untuk mengemukakan kepada Lembaga apa-apa penjelasan berhubung dengan auditnya sebagaimana yang ditentukan oleh Lembaga.
(5) Seseorang juruaudit hendaklah dengan segera melaporkan kepada Lembaga jika, dalam perjalanan kewajipannya sebagai juruaudit bagi entiti berlesen, dia berpuas hati bahawa—
(a) telah berlaku suatu pelanggaran peruntukan mana-mana Bahagian Akta ini atau bahawa suatu kesalahan di bawah mana-mana undang-undang bertulis telah dilakukan oleh entiti berlesen itu atau mana-mana pekerjanya; atau
(b) apa-apa ketidakteraturan yang menjejaskan kepentingan pemunya polisi, dalam hal suatu entiti berlesen di bawah Bahagian V, atau pemiutang entiti berlesen itu, atau apa-apa ketidakteraturan lain, telah berlaku.
(6) Mana-mana orang yang melanggar subseksyen (1) melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi tiga juta ringgit atau dipenjarakan selama tempoh tidak melebihi lima tahun atau kedua-duanya.
Read this section in the full act → · Open Division 3 →
Find Act 704 on lom.agc.gov.my ↗
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
