Power of Commissioner to require audited financial statements

(1) The Commissioner shall have the power to require the following companies to be audited by an independent audit firm in accordance with International Financial Reporting Standards (IFRS)– (a) an international business company with receipts of at least $6,000,000 United States dollars (US$); (b) a company operating in a designated processing area with receipts of at least $500,000.00; (c) any other appropriate entity which meets at least two of the following criteria– (i) entities listed on an approved stock 40 (ii) entities under going a restructure and liquidation or proposing to sell all of its assets through an auction; (iii) entities regulated by the International Financial Services Commission; (iv) entities and organisations subject to preparing consolidated statements; or (v) any other business entities. (2) For the purposes of sub-section (1)(c), the Commissioner shall have regard to total assets, revenues and the average number of employees during the reporting period. (3) The procedural details of this requirement may be as prescribed. (4) Every person who contravenes any of the provisions of this section commits an offence.