Subject Title - INSETA

Self-Assessment Answers1. Section 19 of the FAIS Act stipulates the accounting and auditrequirements which an FSP must adhere to.a) Trueb) False2. The financial statements musta) fairly represent the state of affairs of the provider‟s businessb) refer to any material matter which has affected or is likely toaffect the financial affairs of the providerc) be submitted by the FSP, to the Registrar, within four (4)months after financial year-end, or as allowed by theRegistrard) All the above3. Sec 19(3) requires FSPs who hold money and/or assets on behalf oftheir clients to:a) maintain full and proper accounting records of theseb) submit an audited report together with the financialstatements (that is, within six (6) months of financial yearend),in the prescribed formatc) submit an audited report in the prescribed format before thefollowing financial year-end4. The aim of the Section 19(3) Report is to ensure that clients‟ assetsand/or monies held by a provider are:a) protected from unauthorised useb) kept included in the provider‟s business fundsc) invested according to the provider's instructionsd) All the above© INSETA - Section 1 12a 243