UAE Virtual Asset Regulatory Authority (VARA) Regulations CRM-I.G: Compliance and Risk Management Rulebook I.G: External and internal audit

Appoint an independent external auditor for the annual financial statements under generally accepted accounting principles, notify VARA of the appointment, make the annual report available to clients and VARA, understand how the auditor verifies existence, ownership and valuation of virtual assets, have counterparties cooperate with the auditor, and replace the auditor if VARA requires. Where applicable, keep an independent internal audit function reporting to senior management, working at least quarterly, with defined relations to the external auditor and follow-up of findings.