Singapore legislation
Section 29
Section 29
Appointment of auditors
(1)
A licensed trust company must appoint an auditor to audit its accounts and where, for any reason, the auditor ceases to act for the licensed trust company, the licensed trust company must, as soon as practicable thereafter, appoint another auditor.
(2)
Despite any other provision of this Act or any other written law, the Authority may, if it is not satisfied with the performance of duties by an auditor appointed by a licensed trust company —
at any time direct the licensed trust company to remove the auditor; and
direct the licensed trust company, as soon as practicable thereafter, to appoint another auditor,and the licensed trust company must comply with the direction.
(3)
Any licensed trust company which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.