Accounting records and financial statements

(1) Every registered public fund shall, (a) maintain adequate accounting records and prepare financial statements in respect of 21 each financial year in accordance with generally accepted accounting principles; and (b) keep such accounting records and financial statements available for examination by the Registrar or any person authorised under his hand at, (i) its principal place of business or registered office in Belize; or (ii) such other place as its officers may see fit, provided that copies of such records and statements or such other documents or information as the Registrar may consider adequate are kept at its principal place of business or registered office in Belize. (2) The financial statements required under subsection (1) of this section shall be, (a) audited by an auditor acceptable to the Registrar (in this Act called “the approved auditor”) in accordance with generally accepted auditing standards; (b) accompanied by the report of the approved auditor thereon which shall include a statement of the auditing standards under which the statements have been prepared; and (c) provided to or made available for examination by all investors in the registered public fund.