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Chapter 4
Audit
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Auditor reports on accounts
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120. (1) An ICAV shall, in respect of its annual accounts, arrange to have an auditor—
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(a) audit them, and
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(b) make a report on the audit, to the shareholders of the ICAV.
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(2) The auditors’ report shall state clearly the statutory auditors’ opinion as to—
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(a) whether the annual accounts give a true and fair view—
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(i) in the case of a balance sheet, of the assets, liabilities and financial position of the ICAV at the end of the financial year,
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(ii) in the case of a profit and loss account, of the profit or loss of the ICAV for the financial year,
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and
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(b) whether the annual accounts have been properly prepared in accordance with the relevant financial reporting framework.
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(3) A copy of the auditor’s report shall be attached to the annual accounts and the directors’ report for the financial year of the ICAV to which the report relates.
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(4) If an ICAV fails to comply with subsection (1) or (3), the ICAV and any officer of it who is in default commits a category 1 offence.
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