(1) A licensee shall have its financial statements audited annually or at such other times as the Minister may require, by an auditor who is a member of the Institute of Chartered Accountants of Saint Lucia or is approved by the Minister, and who shall conduct the audit in accordance with International Standards on Auditing. (Substituted by Act 2 of 2003)
(2) The audited accounts shall be forwarded to the Minister within 3 months of the end of the financial year of the licensee, unless prior written approval for an extension has been granted by the Minister.
(3) Where the licensee is a company which has a parent company, the licensee shall provide a copy of audited annual accounts of its parent company to the Minister within 3 months of the end of the financial year of the parent company, unless prior approval for an extension has been granted by the Minister.
(4) Where a licensee changes its auditor, it shall immediately advise the Director of the change and as to the reason for the change and the Director shall record the change accordingly.
(5) A licensee and the auditor of a licensee shall report in writing to the Minister within 30 days of becoming aware of—
(a) any transactions or conditions affecting the well-being of the licensee that require rectification;
(b) a failure of the licensee to comply substantially with any requirement imposed by this Act, or any conditions contained in the licensee's licence; or
(c) any suspicious activity relating to the affairs of the licensee.