Labuan Islamic Financial Services and Securities Act 2010 s 135
s 135 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) 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.
(3) 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.
(4) 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 jeopardizes the interests of policy owners (in the case of a licensed entity under Part VII), or creditors of the licensed entity, or any other serious irregularity, has occurred.
(5) For the purposes of this section, the Authority shall maintain a list of auditors.
(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 seorang juruaudit luar setiap tahun sebelum apa-apa tarikh atau dalam masa apa-apa tempoh yang ditentukan oleh Lembaga.
(2) Seseorang juruaudit yang dilantik di bawah subseksyen
(1) hendaklah menjalankan suatu audit akaun bagi entiti berlesen berkenaan dengan pengendalian perniagaannya dan hendaklah mengemukakan suatu laporan audit itu bersama dengan ulasannya tentang sistem perakaunan dan kawalan entiti berlesen kepada peserta entiti berlesen dan kepada Lembaga.
(3) Lembaga boleh, pada bila-bila masa, menghendaki seseorang juruaudit yang dilantik di bawah seksyen ini untuk mengemukakan kepada Lembaga apa-apa penjelasan berhubung dengan auditnya sebagaimana yang ditentukan oleh Lembaga.
(4) Seseorang juruaudit hendaklah dengan serta merta melaporkan kepada Lembaga, jika, dalam perjalanan tugasnya sebagai seorang juruaudit entiti berlesen, dia berpuas hati bahawa—
(a) terdapat pelanggaran peruntukan mana-mana Bahagian Akta ini atau bahawa suatu kesalahan di bawah manamana undang-undang bertulis telah dilakukan oleh entiti berlesen atau mana-mana pekerjanya; atau
(b) apa-apa ketidakteraturan yang memudaratkan kepentingan pemunya polisi (dalam hal entiti berlesen di bawah Bahagian VII), atau pemiutang entiti berlesen itu, atau apa-apa ketidakteraturan serius lain, telah berlaku.
(5) Bagi maksud seksyen ini, Lembaga hendaklah menyenggarakan suatu senarai juruaudit.
(6) Mana-mana orang yang melanggar subseksyen (1) melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi lima juta ringgit atau dipenjarakan selama tempoh tidak melebihi lima tahun atau kedua-duanya.
Read this section in the full act → · Open Part XII →
Find Act 705 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).
