Irish Collective Asset-Management Vehicles Act 2015
Auditor reports on accounts
120. (1) An ICAV shall, in respect of its annual accounts, arrange to have an auditor—
(a) audit them, and
(b) make a report on the audit, to the shareholders of the ICAV.
(2) The auditors’ report shall state clearly the statutory auditors’ opinion as to—
(a) whether the annual accounts give a true and fair view—
(i) in the case of a balance sheet, of the assets, liabilities and financial position of the ICAV at the end of the financial year,
(ii) in the case of a profit and loss account, of the profit or loss of the ICAV for the financial year,
(b) whether the annual accounts have been properly prepared in accordance with the relevant financial reporting framework.
(3) A copy of the auditor’s report shall be attached to the annual accounts and the directors’ report for the financial year of the ICAV to which the report relates.
(4) If an ICAV fails to comply with subsection (1) or (3), the ICAV and any officer of it who is in default commits a category 1 offence.