Singapore legislation
Section 31
Section 31
Appointment, powers and duties of auditor
(1)
The accounts of the Endowment Fund, the Edusave Pupils Fund and the PSE Fund must be audited by —
the Auditor-General; or (b)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 subsection (1)(b) unless the person is a public accountant within the meaning of the Companies Act 1967.
(3)
The auditor of each Fund or any person authorised by the auditor 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 that Fund and may make copies of, or extracts from, any of those accounting and other records.
(4)
The auditor of each Fund must in the auditor’s report state —
whether the financial statements show fairly the financial transactions and the state of affairs of that Fund;
whether proper accounting and other records have been kept, including records of all assets of that Fund;
whether receipts, expenditure and investment of moneys and the acquisition and disposal of assets on account of that Fund during the financial year were in accordance with the provisions of this Act; and
any other matter arising from the audit that the auditor considers necessary.
(5)
The auditor of each Fund must, as soon as practicable after the accounts have been submitted for audit, send a report of the audit to the Minister and must also submit such periodical and special reports to the Minister as appear to the auditor to be necessary or as the Minister may require.
(6)
Where the Auditor‑General is not the auditor of the Endowment Fund, the Edusave Pupils Fund or the PSE Fund, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor‑General.[20