Audit reportAudit report

Audit report

(14) The responsible entity of an IDPS-like scheme must after the end of each financial year of the scheme cause a registered company auditor to provide one or more annual reports that set out each of the following opinions or statements: (a) the auditor’s opinion as to whether the internal controls and other procedures of the responsible entity, each custodian and any other relevant person acting on behalf of the responsible entity were suitably designed and operated effectively in all material respects to ensure that: (i) the annual investor statement for the relevant financial year of the scheme is or has been given to members without material misstatements; and (ii) where the annual investor statement does not purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the financial year of the scheme: (A) any quarterly reports, are or have been given to members without material misstatements; and (B) any information that is made accessible electronically undersubsection (12) in respect of the financial year is not materially misstated at each quarter’s end in the financial year; and (b) the auditor’s opinion as to whether the aggregates of assets (other than assets held by a member), liabilities, revenue and expenses shown in the annual investor statement for the financial year of the scheme have been properly reconciled in all material respects to the corresponding amounts shown in the reports prepared by the custodian and which have been independently audited; and (c) the auditor’s statement as to whether or not the auditor has any reason to believe that: (i) any annual investor statement for the relevant financial year of the scheme given to any member is materially misstated; and (ii) if the annual investor statement does not generally purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the financial year: (A) any quarterly reports given for the financial year are materially misstated; and (B) any information accessible electronically by members under subsection (12) that relates to transactions during the financial year, assets held during the financial year and any corresponding liabilities or revenue and expenses for the financial year was materially misstated at each quarter’s end during the financial year; and no such report may contain any statement that has or purports to have the effect of excluding or disclaiming liability to members of the scheme as users of the report.