Section 10
Approved auditors
Subject to such conditions as the Authority deems fit to impose, the Authority may approve any person to be an approved auditor for the purposes of this Act.
(2)
No person shall perform the duties of auditor of a
Labuan company unless he is an approved auditor.
Labuan Companies 31
(2A)
If default is made in complying with this section, the person who is in default commits an offence under this Act.
Penalty: One hundred thousand ringgit.
(3)
The Authority may revoke any approval given under subsection (1).
(4)
The Authority shall keep a register of approved auditors.
(5)
An approved auditor shall pay to the Authority such annual fee as may be prescribed.
(6)
An approved auditor shall lodge or file any document required to be lodged or filed under this Act within the stipulated period.
(7)
An approved auditor who fails to pay the annual fee as required under subsection (5) or fails to lodge or file any documents as required under subsection (6) commits an offence under this Act.