Singapore legislation
Section 31
of Singapore Institute of Standards and Industrial Research Act
Section 31
Financial statements
(1)
The Institute 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 auditor who shall audit and report on them.
(2)
The auditor shall report —
whether the financial statements show fairly the financial transactions and the state of affairs of the Institute; and
on such other matters arising from the audit as he considers necessary.
(3)
The auditor shall state in his report whether or not —
proper accounting and other records have been kept;
the statements are prepared on a basis similar to the basis adopted for the preceding year;
the statements are in agreement with the accounting and other records; and
the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the Institute during the year have been in accordance with the provisions of this Act.