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FRC NOTIFICATION

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It is important that the report must be fully audited.

Enterprises licensed by the Financial Regulatory Commission, they must submit annual audits of accounting records for each financial year end to the FRC, and submit a certified copy to the FRC with the audit opinion which according to Securities market law, Insurance law, insurance intermediaries law, Non-bank financial activities law, Savings and Credit Cooperative law.

It is inadequate for auditors to carry out monitoring on regulated entities and it is required audit must do complete audit on financial statement of regulated entities.

Therefore, entities must conduct a financial operation which has to submit a certification to auditors in the annual financial statements of 2016 for their financial statements and with civil financial documents in accordance with relevant international standards.

In addition, if the circumstances affect the client’s financial condition that may have serious adverse effects on the financial condition of the client or other financial liabilities, the insurer may have insolvent or may have become insolvent, may have committed a commission or was committed in violation of other laws and regulations. It is advisable to implement its obligations under the Law to immediately notify the FRC.