Malaysia legislation
Section 174
Section 174
(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.
Labuan Financial Services and Securities 169
(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 jeopardizes 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.
Accounts and records