Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Islamic Self-Regulatory Organizations
121. Financial statements of an Islamic self-regulatory organization
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financial year
“financial year” means the period not exceeding fifty-three weeks at the end of which the balance of the fund’s accounts is struck or, if no such balance is struck or if the period of fifty-three weeks for so doing is exceeded, the calendar year;
Islamic self-regulatory organization shall file with the Authority a copy, certified by the secretary as a true copy, of the financial statements of the Islamic self-regulatory organization for that year prepared and audited in accordance with Part VI of the Labuan
Islamic self-regulatory organization
“Islamic self-regulatory organization” means a self-regulatory organization established under Part XI expressly with a view that the aims and operations of such self-regulatory organization are in compliance with Syariah principles, whose object is to regulate the operations of its members or of the users of its services, their standards or practice and business conduct in order to better protect investors and consumer of securities or related services and includes such other organizations as may be declared or recognized as such by the Authority;
Companies Act 1990.
The financial statements shall be audited by an auditor.
Labuan Islamic Financial Services and Securities 125
Where, in the course of his audit, the auditor of an Islamic self-regulatory organization has reason to believe that—
there has been a material adverse change in the risks inherent in the business of an Islamic self-regulatory organization with the potential to jeopardize the ability of the Islamic self-regulatory organization to continue as a going concern;
the Islamic self-regulatory organization may be in contravention of this Act, any regulations made under this Act, any guidelines issued by the Authority or any directions issued by the Authority;
a financial crime has been, is being or is likely to be committed; or
serious irregularities have occurred, he shall forthwith report in writing the matter to the Authority.
Any report made under subsection (3) shall not constitute a breach of the duties of the auditor.