Singapore legislation
Section 73
Section 73
Additional powers of Authority in respect of auditors
(1)
If an auditor of an approved clearing house, in the course of the performance of his or her duties, becomes aware of any matter or irregularity referred to in the following paragraphs, he or she must immediately send to the Authority a written report of that matter or irregularity:
any matter which, in his or her opinion, adversely affects or may adversely affect the financial position of the approved clearing house to a material extent;
any matter which, in his or her 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 clearing house, including any irregularity that affects or jeopardises, or may affect or jeopardise, the funds or property of investors.
(2)
An auditor of an approved clearing house shall not, in the absence of malice on his or her part, be liable to any action for defamation at the suit of any person in respect of any statement made in his or her report under subsection (1).
(3)
Subsection (2) does not restrict or affect any right, privilege or immunity that the auditor of an approved clearing house 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 clearing house, and the auditor must carry out the duties so imposed:
a duty to submit such additional information and reports in relation to his or her audit as the Authority considers necessary;
a duty to enlarge, extend or alter the scope of his or her audit of the business and affairs of the approved clearing house;
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 his or her audit, examination or establishment of procedure referred to in paragraph (b) or (c).
(5)
The approved clearing house must remunerate the auditor in respect of the discharge by the auditor of all or any of the duties referred to in subsection (4).