Subject Title - INSETA

The financial statements can either be hand delivered/posted to the FSB orthey can be submitted using the online reporting system.There are a number of documents that together form the set of financialstatements.Section 19(1) (a) & (b) - Accounting and audit requirements.Section 19 (2) External Auditors Report.Section 19 (3) Audit Report.SummaryManaging the infrastructure within the FSP is part of the keyindividual's responsibilities.In order to meet the licensing requirements, FSPs must have theoperational ability to render financial services. Once licensed, theserequirements must be maintained.In order to get an FSP licence, applicants must demonstrate that theymeet the financial soundness requirements. These requirements areongoing during the lifespan of an FSP licence. The General Codestipulates the asset values that must be maintained at all times forthe different product categories.Self-Assessment QuestionsPlease note that the questions which follow are formative in nature. Thequestions were not developed by the FSB‟s examination bodies and as suchcannot be used as an indication of the nature/structure/level of the questionsthat you will encounter in the FSB‟s regulatory examination.1. The operational ability requirements for FSPs include:a) a fixed business addressb) adequate storage and filing systems for the safe‐keeping ofrecords, business communications and correspondencec) an account with a registered bank including, where requiredby the Act, a separate bank account for client fundsd) All the above234 © INSETA - Section 1 12a