Singapore legislation
Schedule 2
Schedule 2
Financial provisions with respect to trust, wakaf, nazar and mosque
SECOND SCHEDULESection 73Financial provisions with respect to trust, wakaf, nazar and mosque
1. The trustees, mutawallis or management board of any trust, wakaf, nazar or mosque to which this Schedule applies (as the case may be) must —
keep or cause to be kept proper accounts and records of its transactions and affairs; and
after the close of each financial year prepare financial statements in respect of the trust, wakaf, nazar or mosque for that year.
2. The financial statements in respect of a mosque must, as soon as possible after the close of each financial year but not later than 6 months after the close of the financial year, be submitted to a meeting of the Majlis.
3. The financial statements in respect of a trust, wakaf or nazar must, as soon as possible after the close of each financial year but not later than 3 months after the close of the financial year, be submitted to a meeting of the Majlis.
4. Subject to paragraph 5, the financial statements must, before their submission to the Majlis under paragraph 2 or 3, be audited by an auditor to be appointed by the Majlis and approved by the Minister.
5. The Minister may exempt any trustee, mutawalli or management board of any trust, wakaf, nazar or mosque to which this Schedule applies, or any class thereof, from paragraph 4 by written notice subject to such terms or conditions as the Minister may think fit to impose.
6. An exemption under paragraph 5 need not be published in the Gazette, and may be withdrawn at any time by the Minister by written notice.
7. A person is not qualified for appointment as an auditor under paragraph 4 unless he or she is a public accountant who is registered or deemed to be registered under the Accountants Act 2004.
8. The remuneration of the auditor is to be paid out of the funds of the trust, wakaf, nazar or mosque, as the case may be.
9. The Majlis and the auditor or their authorised representatives are entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the trust, wakaf, nazar or mosque (as the case may be) and may make copies of or extracts from any such accounting and other records.
10. The auditor must in his or her report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the trust, wakaf, nazar or mosque, as the case may be;
whether proper accounting and other records have been kept, including records of all assets of the trust, wakaf, nazar or mosque, (as the case may be) whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the trust, wakaf, nazar or mosque, (as the case may be) during the financial year were in accordance with the provisions of this Act; and
any other matters arising from the audit that he or she considers necessary.
11. The Majlis and the auditor or their authorised representatives may require any person to furnish them with such information in the possession of that person or to which that person has access as the Majlis or the auditor considers necessary for the purposes of their functions under this Act.
12. Any person who, without reasonable excuse, fails to comply with any requirement of the Majlis or the auditor under paragraph 11 or who otherwise hinders, obstructs or delays the Majlis or the auditor in the performance of their duties or the exercise of their powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.
13. The Chief Executive of the Majlis must, within one month after the meeting of the Majlis mentioned in paragraph 2 or 3, submit a copy of the financial statements, together with a copy of the auditor’s report (where applicable), to the Minister; and in the case of any mosque, the Majlis must also cause a copy of the same to be exhibited at the mosque.
14. The financial year of any trust, wakaf, nazar or mosque to which this Schedule applies begins on 1 January and ends on 31 December in each year.[33/2017]