Singapore legislation
Section 27
Section 27
Auditors
(1)
Every licensee shall at his or its own expense appoint annually an auditor to carry out an audit of the transactions in his or its money-changing business or remittance business, as the case may be.
(2)
The Authority may require an auditor appointed under subsection (1) —
to submit to the Authority such information as it may require in relation to the audit carried out by him;
to enlarge or extend the scope of his audit of the business and affairs of the licensee;
to carry out any examination or establish any procedure in any particular case; or
to submit to the Authority a report of his audit or a report on any matters referred to in paragraphs (b) and (c).
(3)
The licensee shall be responsible for the remuneration of the auditor for the services referred to in subsection (2).
(4)
Where the Authority requires an auditor to submit a report under subsection (2)(d), the licensee shall ensure that the auditor submits the report to the Authority in such form and within such time as may be prescribed by the Authority.
(5)
The Authority may, if it is of the view that the auditor appointed by the licensee does not carry out his duties to the satisfaction of the Authority, direct the licensee to appoint another auditor and where such direction has been made, the licensee shall comply with the direction.
(6)
Any licensee who contravenes subsection (1), (4) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. [26