ADVOKS GLOBAL · KENYA
The Capital Markets (Collective Investments Schemes) Regulations, 2023
60. External auditor
Edition: 2023-12-15 · In force
60. External auditor
(1)The fund manager shall, with the approval of the trustee, participants and Authority, appoint an auditor for the scheme who shall be a member of the Institute of Certified Public Accountants in Kenya in good standing.(2)The fund manager shall not change the fund manager’s auditor without prior approval of the Authority.(3)A person appointed as an auditor shall serve for a maximum period of four (4) consecutive years subject to satisfactory performance.(4)The audit fees of the auditor shall be determined by the fund manager with the approval of the trustee.(5)The fund manager shall ensure that the accounts required to be included in the annual report of the scheme are audited by the auditors and that, the report is accompanied by a report of the auditor to the participants that those accounts have been audited in accordance with International Standards on Auditing.(6)The auditor shall assess the compliance status of the scheme and report any non-compliance to the trustee and the Authority.(7)The fund manager may at any time, with the approval of the trustee and participants, at any time remove an auditor and this power exists notwithstanding anything in any agreement between the persons concerned.(8)The fund manager shall notify the Authority of the removal of an auditor and that notice shall include the grounds for such removal.