Singapore legislation
Section 31
Section 31
Additional powers of Authority in respect of auditors
(1)
If an auditor of an approved exchange, in the course of the performance of the auditor’s duties, becomes aware of any matter or irregularity mentioned in the following paragraphs, the auditor must immediately send to the Authority a written report of that matter or irregularity:
any matter that, in the auditor’s opinion, adversely affects or may adversely affect the financial position of the approved exchange to a material extent;
any matter that, in the auditor’s opinion, constitutes or may constitute a breach of any provision of this Act or an offence involving fraud or dishonesty;
any irregularity that has or may have a material effect upon the accounts of the approved exchange, including any irregularity that affects or jeopardises, or may affect or jeopardise, the funds or property of investors.
(2)
An auditor of an approved exchange is not, in the absence of malice on the auditor’s part, liable to any action for defamation at the suit of any person in respect of any statement made in the auditor’s report under subsection (1).
(3)
Subsection (2) does not restrict or affect any right, privilege or immunity that the auditor of an approved exchange may have, apart from this section, as a defendant in an action for defamation.
(4)
The Authority may impose all or any of the following duties on an auditor of an approved exchange and the auditor must carry out the duties so imposed:
a duty to submit such additional information and reports in relation to the audit as the Authority considers necessary;
a duty to enlarge, extend or alter the scope of the audit of the business and affairs of the approved exchange;
a duty to carry out any other examination or establish any procedure in any particular case;
a duty to submit a report on any matter arising out of the audit, examination or establishment of procedure mentioned in paragraph (b) or (c).
(5)
The approved exchange must remunerate the auditor in respect of the discharge by the auditor of all or any of the duties mentioned in subsection (4).