Singapore legislation
Schedule 1
Schedule 1
Financial provisions
FIRST SCHEDULESection 20Financial provisionsFinancial year
1. The financial year in respect of the Fund begins on 1 April of each year and ends on 31 March of the succeeding year.Accounts to be kept
2. The Agency must keep proper accounts and records of its transactions involving the Fund and must do all things necessary to ensure that all payments out of the Fund are correctly made and properly authorised and that adequate control is maintained over the moneys of the Fund and over the expenditure out of the Fund.Financial statements
3. The Agency must, as soon as practicable after the close of each financial year, prepare and submit to the auditor the financial statements relating to the Fund in respect of that year.Appointment of auditor4.—
The accounts relating to the Fund must be audited by the Auditor‑General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor‑General.(2) A person is not qualified for appointment as an auditor under sub‑paragraph (1) unless the person is a public accountant who is registered or deemed to be registered under the Accountants Act 2004.Remuneration of auditor
5. The remuneration of the auditor is to be paid out of the Fund.Duties of auditor6.—
The auditor must in the auditor’s report state —
whether the financial statements show fairly the financial transactions and the state of affairs relating to the Fund;
whether proper accounting and other records have been kept in respect of all transactions involving the Fund;
whether receipts, expenditure and investment of moneys of the Fund and the acquisition of assets by the Agency from the moneys of the Fund and the disposal of such assets during the financial year have been in accordance with the provisions of this Act; and
such other matters arising from the audit as the auditor considers necessary.(2) The auditor must, as soon as practicable after the accounts relating to the Fund have been submitted for audit, send a report of the audit to the Agency and must also submit such periodical and special reports to the Minister and to the Agency as may appear to the auditor to be necessary or as the Minister or the Agency may require.Powers of auditor
7. The auditor or any person authorised by the auditor (called in this Schedule the authorised person) is entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions involving the Fund and may make copies of, or extracts from, any such accounting and other records.Failure to furnish information to auditor8.—
The auditor or authorised person may require any person to furnish the auditor or authorised person with such information in that person’s possession or to which that person has access as the auditor considers necessary for the purposes of the auditor’s functions under this Act.(2) Any person who, without reasonable excuse, fails to comply with any requirement of the auditor or authorised person under sub‑paragraph (1) or who otherwise hinders, obstructs or delays the auditor in the performance of his or her duties or the exercise of his or her powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.Presentation of financial statements and auditor’s report to Parliament9.—
The Agency must, as soon as the financial statements relating to the Fund have been audited in accordance with the provisions of this Act, send to the Minister a copy of the audited financial statements, signed by the chief executive of the Agency, together with a copy of the auditor’s report.(2) Where the Auditor-General is not the auditor of the Fund, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor‑General when they are submitted to the Agency.(3) The Minister must as soon as practicable cause a copy of the audited financial statements and of the auditor’s report to be presented to Parliament.