(1) Every 156 [collective investment scheme] shall have the annual statement of accounts audited byan auditor who is empanelled with the Board and who is not in any wayassociated with the auditor of the Collective Investment ManagementCompany.
(2) The auditor shall be appointed by the trustee.
(3) The auditor shall forward his report to the trustee and such report shallform part of the Annual Report of the v.
(4) The auditor‘s report shall comprise the following:—
(a) a certificate to the effect that:—
(i) he has obtained all information and explanations which,to the best of his knowledge and belief, were necessary for thepurpose of the audit;
(ii) the balance sheet and the revenue account give a fairand true view of the v, state of affairs and surplus ordeficit in the 157 [collective investment scheme] for the accounting period to which theBalance Sheet or, as the case may be the Revenue Accountrelates;
(iii) the statement of account has been prepared inaccordance with accounting policies and standards as specifiedin Part II of the Ninth Schedule;
(iv) any other matter which in the opinion of the auditor isvital and has a bearing on the 158 [collective investment scheme]s.
Functions of auditors of 159 [collective investment scheme]