Common use of Financial Statements and Audit Clause in Contracts

Financial Statements and Audit. a. The Company shall deliver to the Government within 90 days after the end of each Financial Year of the Company, or within such shorter period as may then be required by applicable Law: i) a balance sheet of the Company as at the end of such year, and ii) statements of income, changes in shareholders’ equity and cash flows of the Company for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, and certified by the chief financial officer of the Company as having been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) or International Financial Reporting Standards (“IFRS”), consistently applied except as otherwise noted. b. Such financial statements shall be accompanied by an opinion thereon of independent public accountants of recognized international standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP or IFRS, consistently applied except as otherwise noted, that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances. c. Each year’s financial statements shall be accompanied by a certificate of the senior financial officer of the Company to the effect that during the Financial Year then ended the Company was in compliance with (1) Section 20.3, (2) Section 20.4 (setting forth in such certificate the value of the ratio provided for in such Section as at the end of each quarter of such Financial Year) and (3) Section 20.7 (or setting forth the extent of non-compliance at such time (if any) and the actions taken and being taken to remedy such non-compliance), and has made all deposits or contributions (if any) required by the closure management component of the Company’s approved EMP. d. Each year’s financial statements shall be accompanied by a listing of all transactions with Affiliates of the Company or any of its shareholders reflected in such financial statements, identifying the amount of the transaction, the Affiliate involved, the shareholder of which such entity is an Affiliate, and the nature of the transaction, certified by the chief financial officer of the Company as being correct and complete. Transactions of the same type with the same entity that are individually immaterial may be aggregated rather than separately listed. e. If the Minister or the Government determines that it is necessary for it to cause an independent review or audit the Company’s own records or books or those of any Affiliate outside of Liberia , the Company will cooperate to provide the Government with copies of the information, books and records needed to complete the review or audit. If the Government nonetheless deems it necessary for any part of such audit to be performed outside of Liberia, the cost of associated travel will be borne by the Government except to the extent that the Company is unable to provide the information, books or records needed to complete the audit in Liberia, in which case the Company shall bear both the reasonable travel cost of a reasonable number of auditors selected by the Government to travel to the place where such information, books and records may be obtained and their accommodation costs for a reasonable amount of time necessary to complete their review.

Financial Statements and Audit. a. The Each of the Concessionaire and the Operating Company shall deliver to the Government within 90 days after the end of each of its respective Financial Year of the CompanyYears, or within such shorter period as may then be required by applicable Law: i) a balance sheet of the Company Concessionaire or the Operating Company, as applicable, as at the end of such year, and and ii) statements of income, changes in shareholders’ equity and cash flows of the Company Concessionaire or the Operating Company, as applicable, for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, and certified by the chief financial officer of the Company Concessionaire or the Operating Company, as applicable, as having been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) or International Financial Reporting Standards (“IFRS”), consistently applied except as otherwise noted. b. Such financial statements shall be accompanied by an opinion thereon of independent public accountants of recognized international standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations Operations and cash flows and have been prepared in conformity with GAAP or IFRS, consistently applied except as otherwise noted, that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances. c. Each year’s financial statements shall be accompanied by a certificate of the senior chief financial officer of the Company Concessionaire or the Operating Company, as applicable, to the effect that during the Financial Year then ended the Company Concessionaire or the Operating Company, as applicable, was in compliance with with (1) Section 20.3, (2) Section 20.4 20.5 (setting forth in such certificate the value of the ratio provided for in such Section as at the end of each quarter of such Financial Year) and (3) Section 20.7 (or setting forth the extent of non-compliance at such time (if any) and the actions taken and being taken to remedy such non-compliance), and has made all deposits or contributions (if any) required by the closure management component of the Company’s approved EMP. d. Each year’s financial statements shall be accompanied by a listing of all transactions with Affiliates of the Company or any of its shareholders reflected in such financial statements, identifying the amount of the transaction, the Affiliate involved, the shareholder of which such entity is an Affiliate, and the nature of the transaction, certified by the chief financial officer of the Company as being correct and complete. Transactions of the same type with the same entity that are individually immaterial may be aggregated rather than separately listed. e. If the Minister or the Government determines that it is necessary for it to cause an independent review or audit the Company’s own records or books or those of any Affiliate outside of Liberia , the Company will cooperate to provide the Government with copies of the information, books and records needed to complete the review or audit. If the Government nonetheless deems it necessary for any part of such audit to be performed outside of Liberia, the cost of associated travel will be borne by the Government except to the extent that the Company is unable to provide the information, books or records needed to complete the audit in Liberia, in which case the Company shall bear both the reasonable travel cost of a reasonable number of auditors selected by the Government to travel to the place where such information, books and records may be obtained and their accommodation costs for a reasonable amount of time necessary to complete their review.and

Financial Statements and Audit. a. The Each of the Concessionaire and the Operating Company shall deliver to the Government within 90 days after the end of each of its respective Financial Year of the CompanyYears, or within such shorter period as may then be required by applicable Law: i) a balance sheet of the Company Concessionaire or the Operating Company, as applicable, as at the end of such year, and and ii) statements of income, changes in shareholders’ equity and cash flows of the Company Concessionaire or the Operating Company, as applicable, for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, and certified by the chief financial officer of the Company Concessionaire or the Operating Company, as applicable, as having been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) or International Financial Reporting Standards (“IFRS”), consistently applied except as otherwise noted. b. Such financial statements shall be accompanied by an opinion thereon of independent public accountants of recognized international standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations Operations and cash flows and have been prepared in conformity with GAAP or IFRS, consistently applied except as otherwise noted, that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances. c. Each year’s financial statements shall be accompanied by a certificate of the senior chief financial officer of the Company Concessionaire or the Operating Company, as applicable, to the effect that during the Financial Year then ended the Company Concessionaire or the Operating Company, as applicable, was in compliance with with (1) Section 20.3, (2) Section 20.4 20.5 (setting forth in such certificate the value of the ratio provided for in such Section as at the end of each quarter of such Financial Year) and (3) Section 20.7 20.8 (or setting forth the extent of non-compliance at such time (if any) and the actions taken and being taken to remedy such non-compliance), and has made all deposits or contributions (if any) required by the closure management component of the Company’s applicable approved EMP. d. Each year’s financial statements shall be accompanied by a listing of all transactions with Affiliates of the Company Concessionaire or the Operating Company, as applicable, or any of its shareholders respective shareholders, whether or not reflected in such financial statements, identifying the amount of the transaction, the Affiliate involved, the shareholder of which such entity is an Affiliate, and the nature of the transaction, certified by the chief financial officer of the Company Concessionaire or the Operating Company, as applicable, as being correct and complete. Transactions of the same type with the same entity that are individually immaterial may be aggregated rather than separately listed. Each of the Concessionaire and the Operating Company shall maintain contemporaneous documentation of each such transaction with an Affiliate evidencing that the pricing of the transaction was negotiated at arms-length. e. If the Minister or the Government determines that it is necessary for it to cause an independent review or audit of the Concessionaire’s or the Operating Company’s own records or books or those of any Affiliate outside of Liberia Country, the Company Concessionaire will cooperate to provide the Government with copies of the information, books and records needed to complete the review or audit. If the Government nonetheless deems it necessary for any part of such audit to be performed outside of LiberiaCountry, the cost of associated travel will be borne by the Government except to the extent that the Concessionaire or the Operating Company is unable to provide the information, books or records needed to complete the audit in LiberiaCountry, in which case the Company Concessionaire or the Operating Company, as applicable, shall bear both the reasonable travel cost of a reasonable number of auditors selected by the Government to travel to the place where such information, books and records may be obtained and their accommodation costs for a reasonable amount of time necessary to complete their review.. […]