Section 182 Investments and Securities Act

Section 182 of the Investments and Securities Act 2025 is about Appointment and removal of auditor. It is under Part XIII (Collective Investments Schemes) of the Act. It provides as follows:

(1) A manager in consultation with the trustee or custodian shall appoint an auditor registered by the Commission for the purpose of auditing the whole of the business of the scheme administered by it.

(2) A director or employee of a manager, trustee or custodian and a firm of which any such director or employee is a member shall not be appointed as an auditor of a scheme.

(3) A manager shall within 30 days from the date of appointment of an auditor apply to the Commission for the approval of such appointment.

(4) The Commission may withdraw a prior approval of the appointment of an auditor.

(5) An auditor may be removed by the manager in consultation with the trustee or custodian and the Commission shall accordingly be informed by the manager.

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