C)
In addition to other matters the auditor shall state in
his report as to whether in his opinion the business conducted,
investment made, expenditure incurred and the activities
undertaken by the Investment Bank were in accordance with
the rules framed for the Cash Management Accounts and the
policy laid down and approved by the Board on Directors
of the Investment Bank.
9.
INTERNAL CONTROL:
An
Investment Bank dealing in the Cash Management Account will
introduce and maintain proper internal controls relating
to the trading of securities, settlement of transactions,
monitoring, control and proper accounting of all transaction
relating to the Cash Management Account and incorporate
the same in its policy manual.
10.
PENAL ACTION:
Failure
to operate the Cash Management Accounts in accordance will
these rules will invoke penal action under the Banking Companies
Ordinance, 1962
11.
MISCELLANEOUS:
Adequate
record of market information shall include all data as is
available to an institutional investor for making investment
decisions. Such record shall be kept at all such places
and branches where the Cash Management Accounts are being
operated.
Please
acknowledge receipt.