Singapore legislation
Section 29
Section 29
Audit of accounts
(1)
The accounts of the Corporation shall be audited by the Auditor-General or by an auditor appointed annually by the Minister in consultation with the Auditor-General.
(2)
A person shall not be qualified for appointment as an auditor under subsection (1) unless he is an approved company auditor under the Companies Act [Cap. 50].
(3)
The auditor shall be paid out of the funds of the Corporation.
(4)
The auditor or any person authorised by him shall be 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 Corporation.
(5)
The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Corporation;
whether proper accounting and other records have been kept, including records of all assets of the Corporation whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the Corporation during the financial year were in accordance with the provisions of this Act; and
such other matters arising from the audit as he considers should be reported.
(6)
The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Corporation and shall also submit such periodical and special reports to the Minister and to the Corporation as may appear to him to be necessary or as the Minister or the Corporation may require.[23