(1) An international public mutual fund licensee shall have its accounts audited annually or at such other times as the Director may require by an auditor appointed by the international public mutual fund licensee who shall conduct the audit in accordance with international standards on auditing.
(2) The audited accounts of the international public mutual fund licensee shall be forwarded to the Director within 3 months of the end of the financial year of the international public mutual fund licensee unless prior written approval for an extension has been granted by the Director.
(3) Where an international public mutual fund licensee changes its auditor, the administrator or manager shall immediately advise the Director of the change and as to the reason for the change and the Director if satisfied that the auditor meets the requirements of this Act shall record the change accordingly.
(4) An international public mutual fund licensee who contravenes subsections (1) to (2) or an administrator or manager who contravenes subsection (3) commits an offence and is liable on conviction to a fine of $20,000.00.