Singapore legislation
Schedule 6
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Schedule 6
Financial provisions with respect to DI Fund, PPF Life Fund and PPF General Fund
SIXTH SCHEDULESection 74Financial provisions with respect to DI Fund, PPF Life Fund and PPF General FundFinancial year1.—
The financial year of the DI Fund begins on 1 April of every year and ends on 31 March of the following year.(2) The financial year of the PPF Life Fund and the PPF General Fund begins on 1 April of every year and ends on 31 March of the following year.Accounts of DI Fund, PPF Life Fund and PPF General Fund
2. The Agency must —
keep or cause to be kept proper accounts and records of the transactions and affairs in respect of the DI Fund, PPF Life Fund and PPF General Fund; and
after the close of each financial year prepare financial statements in respect of the DI Fund, PPF Life Fund and PPF General Fund for that year.Auditor
3. The accounts must be audited by such auditor as may be appointed annually by the Agency.Appointment of auditor
4. A person is not qualified for appointment as an auditor under paragraph 3 unless he or she is a public accountant who is registered or deemed to be registered under the Accountants Act 2004.Annual financial statements
5. The Agency must, as soon as practicable after the close of each financial year, prepare and submit financial statements in respect of that year to the auditor.Remuneration of auditor
6. The remuneration of the auditor must be paid out of the DI Fund, PPF Life Fund and PPF General Fund in such proportion as the Agency considers proper.Duties of auditor
7. The auditor must in the auditor’s report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the DI Fund, PPF Life Fund and PPF General Fund, respectively;
whether proper accounting and other records have been kept, including records of all assets of the DI Fund, PPF Life Fund and PPF General Fund, respectively, whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys by the DI Fund, PPF Life Fund and PPF General Fund, respectively, during the financial year were in accordance with the provisions of this Act; and
such other matters arising from the audit as the auditor considers necessary.Auditor’s report8.—
The auditor must, as soon as practicable after the accounts have been submitted for audit, send a report of the auditor’s audit to the Agency.(2) The auditor must submit such periodical and special reports to the Minister and to the Agency as may appear to the auditor to be necessary or as the Minister or the Agency may require.Powers of auditor9.—
The auditor or any person authorised by the auditor is entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the DI Fund, PPF Life Fund and PPF General Fund, and may make copies of or extracts from any such accounting and other records.(2) The auditor or any person authorised by the auditor may require any person to provide the auditor or any person authorised by the auditor with such information in the possession of that person or to which that person has access as the auditor considers necessary for the purposes of the auditor’s functions under this Act.Penalty for obstructing auditor
10. Any person who, without reasonable excuse, fails to comply with any requirement of the auditor under paragraph 9(2) or who otherwise hinders, obstructs or delays the auditor in the performance of the auditor’s duties or the exercise of the auditor’s powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $4,000.Presentation of audited financial statements and auditor’s report
11. The Agency must, as soon as the financial statements have been audited in accordance with the provisions of this Act, submit a copy of the audited financial statements, together with a copy of the auditor’s report, to the Minister.[31/2018]