Article 7. Audit requirements of the Law on Investment and Venture Funds

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1. An audit of a joint-stock investment fund and (or) an investment fund management company is performed by an audit organization authorized to conduct an audit in accordance with the legislation of the Republic of Kazakhstan on auditing and complying with the requirements of paragraph 2 of Article 55-1 of the Law of the Republic of Kazakhstan "On the Securities Market".

An audit of a joint-stock investment fund and the management company of this investment fund is performed by the same auditing organization if the joint-stock investment fund and this management company are affiliated with each other.

2. The audit report does not constitute a trade secret.

3. The annual audit reports of the joint-stock investment fund and (or) the management company of the investment fund must contain an independent opinion of the auditing organization on the financial statements of the joint-stock investment fund and (or) the management company of the investment fund and information on the results of the audit for compliance with the requirements of the legislation of the Republic of Kazakhstan accounting and reporting procedures in respect of the assets of the investment fund transferred (accepted) in investment management.

The Law of the Republic of Kazakhstan dated July 7, 2004 No. 576.

This Law defines the legal status, specifics of the creation, operation, reorganization and liquidation of a joint-stock investment fund, the conditions and procedure for the creation, operation and termination of a mutual investment fund, the specifics of the legal status and activities of venture funds in the Republic of Kazakhstan, regulates relations related to the activities of professional securities market participants to ensure the functioning of investment funds, and It also defines the procedure for state regulation of investment funds.

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