Section 54

keep or cause to be kept accounts and records and shall, after the end of each financial year cause to be prepared a statement of accounts for that financial year which shall include a balance sheet and an account of income and expenditure in accordance with generally accepted accounting principles applicable in Malaysia or in any recognized country or jurisdiction;

keep such accounting records and financial statements or true copies thereof at its place of business in Labuan and make them available for inspections by the Authority or any person authorized in writing by the Authority;

keep at its place of business in Labuan and make available to the Authority or any person authorized in writing by the Authority such other records, statements, documents or information as the Authority may prescribe in writing;

within three months of the end of each financial year present to an auditor the financial statements referred to in paragraph (a) and such other records and information as may be required for audit in accordance with generally accepted auditing principles applicable in Malaysia or any recognized country or jurisdiction; and

Act 705

provide to or make available for inspection by all the investors of the fund the financial statements referred to in paragraph (a) together with the report of the auditor thereon.

The accounting records and financial statements required to be kept in accordance with subsection (1) may be kept in any currency and in any language, but if they are kept in a language other than the national language or English language, a translation into the national language or English language, verified in a manner satisfactory to the Authority, shall be kept by the Islamic public fund together with such accounting records and financial statements.