Valuation & Reporting — A Manager should ensure that assets under management are subject to independent valuation and customer reporting. The Manager may have:
The annual audit performed by the independent auditor is intended to serve as a periodic check on the valuation of the assets. Taken on its own, the annual audit will not fulfil the requirement for independent valuation.
4 Unless otherwise required in the Rules, e.g. Fund Managers of Property Funds pursuant to the FUNDS Rulebook.