Accounts and audit

(1) A limited liability partnership shall keep for five years accounting records which are sufficient to show and explain its transactions and are such as to disclose with reasonable accuracy at any time its financial position. (2) Subject to the partnership agreement, it shall not be necessary for a limited liability partnership to appoint an auditor or have its accounts audited. (3) If default is made in compliance with sub-section (1), the designated partner commits an offence and is liable to a fine of up to a maximum amount of fifty thousand dollars or up to two years imprisonment, or to both a fine and term of imprisonment.