Section 41: Annual report of SRO

41. Annual report of SRO (1) An SRO shall file with the Commission, within 90 days of its balance sheet date, an annual report which shall include— (a) a report on the corporate governance policy of the SRO and any other information required by the Commission; (b) financial statements prepared and audited in accordance with International Financial Reporting Standards and such other auditing standards as may be issued under the Financial Reporting Act; and (c) such other requirements as may be specified in FSC Rules. (2) The financial statements to be included in an annual report under subsection (1) shall be audited in accordance with International Standards on Auditing and such standards as may be issued under the Financial Reporting Act by an audit firm approved by the Commission. (3) The Commission shall not approve an audit firm under subsection (2) unless it is satisfied that the audit firm has adequate experience, expertise and resources to carry out such an audit. [Issue 3] F10 – 24 Revised Laws of Mauritius (4) Where, in the course of his audit, the auditor of an SRO has reason to believe that— (a) there has been a material adverse change in the risks inherent in the business of an SRO with the potential to jeopardise the ability of the SRO to continue as a going concern; (b) the SRO may be in contravention of this Act, any regulations made under this Act, any FSC Rules or any directions issued by the Commission; (c) a financial crime has been, is being or is likely to be committed; or (d) serious irregularities have occurred, he shall forthwith report in writing the matter to the Commission. (5) Any report under subsection (4) shall not constitute a breach of the duties of the auditor. PART VIII – POWERS OF COMMISSION