Jordan issues instructions for auditing, monitoring private investment funds

(File photo: Jordan News)
AMMAN —  The Jordanian government has published instructions in the latest edition of the Official Gazette outlining the procedures for auditing and monitoring Private Investment Fund (PIF) No. 11 of 2023. اضافة اعلان

These guidelines are in accordance with Article 53 of the Investment Environment Regulation No. 7 of 2023, the Jordan News Agency, Petra, reported.

Regular auditing and control tasksThe registrar is responsible for conducting financial audits and control tasks on the records and documents of the targeted private investment fund.

These audits are performed periodically, or upon the request of partners who collectively own at least 25 percent of the fund's assets.

Formation of an auditing committee
To oversee the operations of the fund, a committee will be established based on the decision of the concerned minister.

The committee's responsibilities include carrying out auditing activities, determining the names of its members, defining the scope of work, and establishing future procedures.

According to Article 5 of the instructions, the minister, upon the registrar's recommendation, may seek the assistance of an external auditing body.

This independent entity will be responsible for performing auditing and monitoring tasks over the private investment fund.

Ensuring compliance with accounting standards
The designated auditing body will also verify whether the target private investment fund complies with international accounting rules and standards when preparing financial statements.

This verification process aims to ensure the accuracy and reliability of accounting and control procedures. Additionally, the auditing body will examine the fund's annual business results and assess its adherence to the relevant laws in force.

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