Singapore legislation
Section 37
Section 37
Appointment, powers and duties of auditor
(1)
The accounts of the Medifund, the ElderCare Fund and every Medifund Account must 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 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 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 Medifund, the ElderCare Fund and every Medifund Account and may make copies of, or take extracts from, any of those accounting and other records.
(4)
The auditor must in the auditor’s report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Medifund, the ElderCare Fund or the Medifund Account, as the case may be;
whether proper accounting and other records have been kept, including records of all assets of the Medifund, the ElderCare Fund or the Medifund Account, as the case may be;
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets on account of the Medifund, the ElderCare Fund or the Medifund Account (as the case may be) during the financial year were in accordance with the provisions of this Act; and
any other matters arising from the audit that the auditor considers necessary.
(5)
The auditor must —
as soon as practicable after the accounts of the Medifund, the ElderCare Fund or Medifund Account (as the case may be) have been submitted for audit, send a report of the audit to the Minister; and
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 Medifund, the ElderCare Fund or any Medifund Account, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor‑General.