Singapore legislation
Section 8
Section 8
Accounts to be kept
(1)
The Council must —
cause to be kept full and proper accounts and records of all financial transactions of the Federation;
ensure that payments out of the funds of the Federation are correctly made and properly authorised; and
ensure that adequate control is maintained over the assets and receipts of the funds of the Board.
(2)
The accounts of the Federation must be audited by an auditor appointed by the Council with the approval of the Board.
(3)
A person is not qualified for appointment as an auditor under subsection (2) unless the person is a public accountant within the meaning of the Companies Act 1967.
(4)
The Council must cause a copy of the audited accounts of the Federation and the auditor’s report to be submitted to the Board.
(5)
The Minister may, by regulations made under section 13, provide for the proper control and management of the funds of the Federation and for the proper accounting, reporting, auditing and periodic examination of the accounts of the Federation.