Singapore legislation
Section 11
Section 11
Appointment, powers and duties of auditor
(1)
The accounts of the Endowment Fund must be audited by the Auditor‑General or any other auditor that may be appointed annually by the Minister after consulting the Auditor‑General.
(2)
A person is not qualified for appointment as an auditor under subsection (1) 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 Endowment Fund and may make copies of, or extracts from, any such accounting and other records.
(4)
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 Endowment Fund;
whether proper accounting and other records have been kept, including records of all assets of the Endowment Fund;
whether receipts, expenditure, and investment of moneys and the acquisition and disposal of assets on account of the Endowment Fund during the financial year were in accordance with the provisions of this Act; and
such other matters arising from the audit as the auditor considers necessary.
(5)
The auditor must —
as soon as practicable after the accounts 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 may 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, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor-General.