Instructions for auditing and monitoring Private Investment Fund (PIF) No. 11 of 2023 were issued in the latest edition of Jordan’s Official Gazette, pursuant to Article 53 of the Investment Environment Regulation No. 7 of 2023. The registrar carries out financial auditing and control tasks on records and documents over the target private investment fund periodically, or at the request of partners, who own no less than 25% of the the fund’s assets. A committee is formed, upon a the concerned minister’s decision, to carry out auditing activities to oversee funds’ operations, and specify its member names, scope of work, and future procedures. Per Article 5 of the instructions, the minister, upon the registrar’s recommendation, shall seek assistance of an external auditing body to carry out auditing and monitoring tasks over private investment funds. The designed body also verifies the target private investment fund’s compliance with international accounting rules and standards in preparing financial statements, ensuring accuracy and soundness of accounting and control procedures, examining the fund’s annual business results and implementation of related laws in force.

Source: Jordan News Agency