Annual audit of companies accounts

(1) The accounts of every company shall be audited annually by its auditors, and every revenue account and balance sheet required to be prepared by the company under section 40(1) shall be accompanied by a port of the auditors addressed to the Supervisor stating whether in their opinion– (a) the accounts have been prepared in accordance with this Act; (b) the revenue account and the profit and loss account present fairly the results of the company’s operations for the financial period to which they relate; (c) the balance sheet presents fairly the state of the company’s affairs at the end of the financial period to which it relates; (d) adequate records of account have been maintained by the and are reasonably up to date; (e) the reserves relating to unexpired policies have been calculated in accordance with (f) the company is solvent within the meaning of (g) the provisions regarding the settlement of outstanding claims are adequate, having regard to the latest estimated costs of settlement of such claims. (2) Sub-section (1)(e), (f) and (g) shall apply only to a company carrying on general insurance business in Belize. (3) Where the auditors, for the purpose of exercising the responsibilities conferred on them by sub-section (1)– (a) are unable to obtain all the information they require; or (b) are not completely satisfied with the information contained in the accounts on which they are reporting, they shall in their report to the Supervisor specify the matters in respect of which they were unable to obtain all the information or matters about which they were not completely satisfied.