Singapore legislation
Section 81ZH
Section 81ZH
Additional powers of Authority in respect of auditors
(1)
If an auditor of an approved holding company, in the course of the performance of his or her duties, becomes aware of —
any matter which, in his or her opinion, adversely affects or may adversely affect the financial position of the approved holding company 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; or
any irregularity that has or may have a material effect upon the accounts of the approved holding company, including any irregularity that affects or jeopardises, or may affect or jeopardise, the funds or property of investors,the auditor must immediately send to the Authority a written report of the matter or the irregularity.
(2)
An auditor 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 the auditor’s report under subsection (1).
(3)
Subsection (2) does not restrict or affect any right, privilege or immunity that the auditor has, 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 holding company:
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 holding company;
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),and the auditor must carry out such duties.
(5)
The approved holding company must remunerate the auditor in respect of the discharge by him or her of all or any of the duties referred to in subsection (4).