Section 60
Section 60
(1)
Every takaful operator and registered takaful broker shall prepare such statements of account and other statements in the form and manner as set out in the Fourth
Schedule and lodge them with the Authority.
(2)
Every takaful operator and registered takaful broker shall cause to be kept such books and records according to international accounting standards including, but not limited to, those issued by the Auditing Organisation for Islamic Financial Institutions (AAOIFI), the
International Accounting Standards Board (IASB) or as directed by the Authority as will sufficiently explain the transactions and financial position of the takaful operator in Brunei
Darussalam and enable the takaful operator to comply with the requirements of this section and of section 61, and shall cause such books and records to be kept in such manner as to enable them to be conveniently and properly audited.
(3)
A takaful operator shall have its accounts audited for each accounting period for which statements of account have been prepared in accordance with subsection (1).
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(4)
A registered takaful broker shall have its accounts audited for each financial year for which statements of account have been prepared in accordance with subsection (1).
(5)
No person shall act as auditor for any takaful operator or registered takaful broker unless –
(a)
he has a place of business in Brunei Darussalam;
(b)
he has been authorised pursuant to section 131 of the Companies Act
(Chapter 39) to perform the duties required by that Act to be performed by an auditor;
and
(c)
he has the approval of the Authority.
(6)
An auditor shall not be approved by the Authority as an auditor for takaful operators or registered takaful brokers unless he is able to comply with such conditions in relation to the discharge of his duties as may be determined by the Authority.
(7)
The Authority may impose all or any of the following duties on an auditor –
(a)
a duty to submit such additional information in relation to his audit as the Authority considers necessary;
(b)
a duty to enlarge or extend the scope of his audit of the business and affairs of the takaful operator;
(c)
a duty to carry out any other examination or establish any procedure in any particular case; and
(d)
a duty to submit a report on any of the matters referred to in paragraphs
(b)
or (c), and the takaful operator or takaful broker shall remunerate the auditor in respect of the discharge by him of all or any of these duties.
(8)
An auditor’s report made under subsection (7) shall be lodged with the
Authority, together with the statements of accounts lodged by the takaful operator or the takaful broker under subsection (1).
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
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(9)
If an auditor, in the course of the performance of his duties as an auditor of a takaful operator, is satisfied that –
(a)
there has been a serious breach or non-observance of the provisions of this Order or that a criminal offence involving fraud or dishonesty has been committed;
(b)
any transaction or dispute has taken place which will have a material effect on the solvency of any takaful fund established by the takaful operator under this
Order;
(c)
serious irregularities have occurred, including irregularities that jeopardise the interests of participants; or
(d)
where the takaful operator is incorporated or established in Brunei
Darussalam, the takaful operator is unable to meet its obligations, he shall immediately report the matter to the Authority.
(10)
In the case of a company incorporated or established outside Brunei
Darussalam, the audit required by subsection (3) need not extend beyond the business for which a takaful fund is maintained under this Order.
(11)
The documents to be lodged with the Authority under this section for any accounting period of a takaful operator shall be accompanied by copies of any report submitted to the members of the takaful operator with respect to that period and, if it is not among the documents so lodged, by any statement of accounts so submitted with respect to that period;
but references in this section to documents lodged with the Authority shall be deemed not to include documents required by this section to accompany documents so lodged.
(12)
Where any report or statement referred to in subsection (10) is in a language other than the Malay or English language, the copy required by that subsection shall be in the
Malay or English language and shall be certified to be a true translation of the original by the translator.
(13)
Any registered takaful operator or registered takaful broker who fails to comply with any provision of this section shall be guilty of an offence and shall be liable on conviction
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to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
Actuarial investigations and reports as to family takaful business.