48. Preparation of an Annual Report

Every offshore company to whom a licence has been issued in terms of this Part of this Act to engage in offshore banking business shall appoint annually an international firm of accountants to audit and report on its financial statement referred to in section 47 and such international firm of accountants shall submit such report and shall inter alia state therein whether in its opinion, the financial statement so audited provides a true and fair view of such offshore company’s offshore banking business and whether it remains a going concern.

A certified copy of such audit report shall be submitted to the Commission, and if the Commission is of the view that such international firm of accountants has not discharged its duties in accordance with International