A private fund must have its accounts audited annually by a Cayman Islands based auditor approved by CIMA. The accounts, together with a Fund Annual Return, must be filed with CIMA within six months of the relevant financial year end and must be prepared in accordance with IFRS or GAAP of the U.S., Japan, Switzerland or a non-high risk jurisdiction. CIMA has issued policies and procedures regarding waivers and extensions applicable to audits. A maximum of three one month extensions may be requested from CIMA with a fee of US$610 for each request. In addition, CIMA has the discretion to either absolutely or conditionally exempt a private fund from filing audited accounts, but this discretion will only be exercised where the private fund has a valid reason not to file audited accounts, which will be assessed on a case by case basis.