31. Special audit

The Authority may, at any time by a notice in writing —

require a licensed international market agent to appoint a special auditor to review or investigate the licensed international market agent’s affairs and report his findings to the Authority; and

specify the terms of reference for the special audit referred to in sub-paragraph (a) and the time within which it must be completed.

A licensed international market agent to whom a notice under paragraph (1) is directed shall engage, at his or its own expense, a public accountant or other suitably qualified person approved by the Authority to be the special auditor to conduct the special audit in accordance with the terms of reference and within the time specified in the notice.

The Authority may, in a case where the matter to be reviewed or investigated is of a confidential, commercially sensitive or security sensitive nature, appoint a special auditor to undertake the special audit mentioned in paragraph (1)(a) and recover the cost of the special audit from the licensed international market agent.

The special auditor engaged under paragraph (2) or (2A) shall submit his report, all relevant supporting documents and such other information or report as the Authority may require in relation to the special audit, to the Authority not later than 60 days after the conclusion of the special audit or within such other period as the Authority may specify in any particular case.

In this regulation, “public accountant” means a person who is registered or deemed to be registered under the Accountants Act 2004 as a public accountant.

The Authority may, at any time by a notice in writing —

require a licensed international market agent to appoint a special auditor to review or investigate the licensed international market agent’s affairs and report his findings to the Authority; and

specify the terms of reference for the special audit referred to in sub-paragraph (a) and the time within which it must be completed.

A licensed international market agent to whom a notice under paragraph (1) is directed shall engage, at his or its own expense, a public accountant or other suitably qualified person approved by the Authority to be the special auditor to conduct the special audit in accordance with the terms of reference and within the time specified in the notice.

The Authority may, in a case where the matter to be reviewed or investigated is of a confidential, commercially sensitive or security sensitive nature, appoint a special auditor to undertake the special audit mentioned in paragraph (1)(a) and recover the cost of the special audit from the licensed international market agent.

The special auditor engaged under paragraph (2) or (2A) shall submit his report, all relevant supporting documents and such other information or report as the Authority may require in relation to the special audit, to the Authority not later than 60 days after the conclusion of the special audit or within such other period as the Authority may specify in any particular case.

In this regulation, “public accountant” means a person who is registered or deemed to be registered under the Accountants Act 2004 as a public accountant.