Singapore legislation
Section 50
Section 50
Financial statements
(1)
The Authority shall, as soon as practicable after the close of the financial year, prepare and submit the financial statements in respect of that year to the Authority’s auditor who shall audit and report —
whether the financial statements show fairly the financial transactions and the state of affairs of the Authority; and
on such other matters arising from the audit as he considers necessary.
(2)
The Authority’s auditor shall state in his report whether —
proper accounting and other records have been kept;
the financial statements are prepared on a basis similar to that adopted for the preceding financial year;
the financial statements are in agreement with the accounting and other records;
the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the Authority during the financial year have been in accordance with the provisions of this Act.
(3)
The Authority’s auditor may at any other time report to the Minister through the Authority upon any matter arising out of the performance of his audit.[47