Regulation 55 - Auditor’s report - Securities and Exchange Board of India (Mutual Funds) Regulations, 1996

Auditor s report 55. (1) Every mutual fund shall have the annual statement of accounts audited by an auditor who is not in any way associated with the auditor of the asset management company. 1 [ Explanation: For the purposes of this sub-regulation and regulation 66 auditor means a firm, including a limited liability partnership, constituted under the LLP Act, 2008, who is eligible and qualified to audit the accounts of a company under section 141 of the Companies Act, 2013 (18 of 2013). ] (2) An auditor shall be appointed by the trustees. (3) The auditor shall forward his report to the trustees and such report shall form part of the Annual Report of the mutual fund. (4) The auditor s report shall comprise the following:- (a) a certificate to the effect that,- (i) he has obtained all information and explanations which, to the best of his knowledge and belief, were necessary for the purpose of the audit ; (ii) the balance sheet and the revenue account give a fair and true view of the scheme, state of affairs and surplus or deficit in the Fund for the accounting period to which the Balance Sheet or, as the case may be, the Revenue Account relates ; (iii) the statement of account has been prepared in accordance with accounting policies and standards as specified in the Ninth Schedule. *********** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/08 dated 04-02-2021 w.e.f. 30th day from the date of their publication in the Official Gazette, that is 04-02-2021 before it was read as Explanation : For the purposes of this sub-regulation and regulation 66 auditor means a person who is qualified to audit the accounts of a company under section 224 of the Companies Act, 1956 (1 of 1956).