Singapore legislation
Schedule 3
Schedule 3
THIRD SCHEDULESection 25Financial ProvisionsBoard’s financial year
1. The financial year of the Board shall begin on 1st April of each year and end on 31st March of the succeeding year except that the first financial year shall begin on 6th June 1990 and shall end on 31st March 1991.Accounts to be kept
2. The Board shall keep proper accounts and records of its transactions and affairs and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Board and over the expenditure incurred by the Board.Financial statements
3. The Board shall, as soon as practicable after the close of each financial year, prepare and submit financial statements in respect of that year to the auditor of the Board.Appointment and remuneration of auditor4.—
The accounts of the Board shall 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 shall not be qualified for appointment as an auditor under sub-paragraph (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 Board.Powers of auditor
5. The auditor or any person authorised by him 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 of the Board and may make copies of, or extracts from, any such accounting and other records.Duties of auditor6.—
The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Board;
whether proper accounting and other records have been kept, including records of all assets of the Board whether purchased, donated or otherwise;
whether receipts, expenditure, and investment of moneys and the acquisition and disposal of assets by the Board during the financial year were in accordance with the provisions of this Act; and
such other matters arising from the audit as he considers necessary.(2) The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Board. He shall also submit such periodical and special reports to the Minister and to the Board as may appear to him to be necessary or as the Minister or the Board may require.Failure to furnish information to auditor7.—
The auditor or any person authorised by him may require any person to furnish him with such information in the possession of that person or to which that person has access as the auditor considers necessary for the purposes of his functions under this Act.(2) Any person who fails without reasonable excuse to comply with any requirement of the auditor under sub-paragraph (1) or who otherwise hinders, obstructs or delays the auditor in the performance of his duties or the exercise of his 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 Parliament8.—
The Board shall, as soon as the financial statements 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 Chairman, together with a copy of the auditor’s report.(2) Where the Auditor-General is not the auditor of the Board a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General when they are submitted to the Board.(3) The Minister shall as soon as practicable cause a copy of the audited financial statements and of the auditor’s report to be presented to Parliament.