Singapore legislation
Section 53
Section 53
Reports by auditor to Authority in certain cases
(1)
Where, in the performance of his or her duties as an auditor for a licensed financial adviser, an auditor becomes aware of —
any matter which, in the auditor’s opinion, adversely affects or may adversely affect the financial position of the financial adviser to a material extent;
any matter which, in the auditor’s opinion, constitutes or may constitute a contravention of any provision of this Act or an offence involving fraud or dishonesty; or
any irregularity that has or may have a material effect upon the accounts, including any irregularity that jeopardises the moneys or other assets of the clients of the financial adviser,the auditor must immediately thereafter submit a report in writing of the matter or the irregularity to the Authority.
(2)
The Authority may impose all or any of the following duties on an auditor for a licensed financial adviser:
a duty to submit to the Authority such additional information in relation to the auditor’s audit as the Authority considers necessary;
a duty to enlarge or extend the scope of the auditor’s audit of the business and affairs of the financial adviser;
a duty to carry out any other examination or establish any procedure in any particular case;
a duty to submit a report to the Authority on any of the matters referred to in paragraphs (b) and (c),and the auditor must carry out such duty or duties.
(3)
The licensed financial adviser must remunerate the auditor in respect of the discharge of such duty or duties as the Authority may impose on the auditor under subsection (2).
(4)
Any auditor who contravenes subsection (1) or (2) shall be guilty of an offence.
(5)
Any licensed financial adviser who contravenes subsection (3) shall be guilty of an offence.[49