Singapore legislation
Schedule 2
Schedule 2
Financial Provisions
SECOND SCHEDULESection 21Financial ProvisionsFinancial year
1. The financial year of the Agency begins on 1 April of each year and ends on 31 March of the succeeding year.2. [Deleted by Act 5 of 2018]Financial statements
3. The Agency must, as soon as practicable after the close of each financial year, prepare and submit the financial statements in respect of that financial year to the auditor who is to audit and report on them.Appointment of auditor
4. The accounts of the Agency are to be audited by the auditor that the Minister appoints.Remuneration of auditor
5. The remuneration of the auditor must be paid out of the funds of the Agency.Duties of auditor6.—
The auditor must state in the auditor’s report —
whether the financial statements show fairly the financial transactions and the state of affairs of the Agency;
whether proper accounting and other records have been kept, including records of all assets of the Agency whether purchased, donated or otherwise;
whether the receipts, expenditure, investment of moneys, and the acquisition and disposal of assets by the Agency during the financial year have been in accordance with this Act; and
any other matters arising from the audit that the auditor considers should be reported.(2) The auditor must, as soon as practicable after the accounts have been submitted for audit, send a report of the audit to the Minister.(3) The auditor may at any other time report to the Minister on any matter arising out of the performance of the audit.Powers of auditor7.—
The auditor 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 the Agency, except records pertaining to transactions that are declared by the Permanent Secretary to the Ministry of Defence to be of a secret nature and to which access is not granted.(2) Any expenditure by the Agency on goods or services of a secret nature, whether for itself or for the Government, the purpose and particulars of which cannot be made public, must be supported in the appropriate accounts by a certificate of payment from the Permanent Secretary to the Ministry of Defence and his or her declaration that he or she has satisfied himself or herself that the money has been properly expended.(3) The Permanent Secretary to the Ministry of Defence must forward a copy of the certificate of payment and the declaration to the auditor.Duty to furnish information to auditor
8. The auditor or any person authorised by the auditor (also called in this paragraph an auditor) may require any person to furnish the auditor with such information in the possession of that person or to which that person has access as the auditor considers necessary for the performance of the auditor’s duties under this Act, except where the information pertains to transactions that are declared by the Permanent Secretary to the Ministry of Defence to be of a secret nature.Penalty for obstruction
9. Any person who, without reasonable excuse, fails to comply with any requirement of the auditor under paragraph 8 or who otherwise hinders, obstructs or delays the auditor in the performance of the auditor’s duties or the exercise of the auditor’s powers under this Act shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and, in the case of a continuing offence, to a further fine not exceeding $100 for every day or part of a day during which the offence continues after conviction.Presentation of audited financial statements and auditor’s report10.—
As soon as the accounts of the Agency and the financial statements have been audited in accordance with the provisions of this Act, a copy of the audited financial statements signed by the Chairperson and certified by the auditor, together with a copy of any report made by the auditor, must be submitted to the Minister.(2) 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 the committee appointed by the Prime Minister under section 30.[5/2018]