81. Reporting obligations of auditor

An auditor shall report such matter to the Bank immediately in writing if, in the course of carrying out his duties as an auditor of an institution under this Act, he is satisfied that—

there has been a breach or contravention of any provision of this Act or a non-compliance of any standards as may be specified by the Bank under this Act which may have a material effect on the financial position of the institution;

an offence involving fraud or dishonesty under any written law has been committed by the institution or by any director or officer of the institution;

any irregularity which may have a material effect on the financial position of the institution, including any irregularity which jeopardizes or may jeopardize the interests of the depositors, investment account holders, takaful participants, creditors of the institution, participants or users, or any other serious irregularity, has occurred;

he is unable to confirm that claims of depositors, investment account holders, takaful participants, creditors of the institution, participants or users, as the case may be, are covered by the assets of the institution or assets attributable to the investment accounts or takaful fund, managed by the institution, as the case may be;

there is any weakness in the internal controls which is relevant to the financial reporting process undertaken by the institution; or

the financial position of the institution is likely to be or has been materially affected by any event, conduct of activity by the institution or any weakness in the internal controls of the institution.