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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