Singapore legislation
Section 69
Section 69
Appointment of auditor
(1)
Notwithstanding the provisions of the Companies Act [Cap. 50], a relevant person —
shall appoint an auditor to carry out for the year in respect of which he is appointed, an audit of the accounts of the relevant person; and
shall, within 3 months or such other extension thereof permitted by the Authority under subsection (2), after the end of the financial year, lodge with the relevant authority the auditor’s report containing information on such matters as are prescribed.
(2)
Where an application for the extension of the period of 3 months specified in subsection (1) is made by a relevant person to the Authority and the Authority is satisfied that there are special reasons for requiring the extension, the Authority may extend that period by 3 months, subject to such conditions as the Authority thinks fit to impose.
(3)
A relevant person who contravenes or fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
(4)
Notwithstanding any other provisions of this Act, a securities exchange may, and shall if directed by the Authority or the Authority may on its own motion at any time, appoint an auditor to conduct a surprise audit on a relevant person and it may fix the remuneration to be paid by the relevant person to that auditor.
(5)
Notwithstanding any other provisions of this Act or the provisions of the Companies Act [Cap. 50], the Authority may at any time remove an auditor appointed by a relevant person if the Authority is not satisfied with the way he is performing his duties.