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(1) A self-regulatory organization shall within ninety days from the end of its financial year, submit to the Commission, an annual report which includes

(a) a report on the corporate governance policy of the self-regulatory organization and any other information required by the Commission;

(b) audited financial statements prepared in accordance with the accounting standards adopted by the Institute of Chartered Accountants (Ghana); and

(c) other requirements specified by die Commission.

(2) The financial statements to be included in an annual report under subsection (1), shall

(a) be audited by an audit firm approved by the Commission, and

(b) be in accordance with die auditing standards by the Institute of Chartered Accountants (Ghana).

(3) Where, in the course of audit, die auditor of a self-regulatory organization has reason to believe that

(a) there has been a material adverse change in the risks inherent in the business of tat self-regulatory organization with the potential to adversely affect die ability of the self-regulatory organization to continue as a going concern;

(b) the self-regulatory organization may be in contravention of this Act, the Regulations or rules of the Commission;

(c) a financial crime has been, is being or is likely to be committed; or

(d) serious irregularities have occurred; that auditor shall report immediately in writing the matter to the Commission.

(4) A report made under subsection (3) does not constitute a breach of the duties of the auditor.