Singapore legislation
Schedule 2
Schedule 2
Financial provisions
SECOND SCHEDULESection 21Financial provisionsFinancial year
1. The financial year of the Commission begins on 1 April of each year and ends on 31 March of the succeeding year.Accounts of Commission
2. The Commission must keep proper accounts and records of its transactions and affairs and must do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Commission and over the expenditure incurred by the Commission.Auditor
3. The accounts of the Commission must be audited by an auditor appointed by the Minister.Appointment of auditor
4. A person is not qualified for appointment as an auditor under paragraph 3 unless the person is a public accountant registered or deemed to be registered under the Accountants Act 2004.Remuneration of auditor
5. The remuneration of the auditor must be paid out of the funds of the Commission.Annual financial statements
6. The Commission must, as soon as practicable after the close of the financial year, prepare and submit the financial statements in respect of that year to the auditor who must audit and report on them.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 Commission;
whether proper accounting and other records have been kept, including records of all assets of the Commission whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the Commission during the financial year were in accordance with the provisions of this Act; and
any other matters arising from the audit that 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 audit to the Commission.(2) The auditor must submit such periodical and special reports to the Minister and to the Commission as may appear to the auditor to be necessary or as the Minister or the Commission may require.Powers of auditor9.—
The auditor or any person authorised by the auditor (called the authorised person) is entitled at any reasonable time to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Commission.(2) The auditor or authorised person may make copies of, or take extracts from, any accounting and other records.(3) The auditor or authorised person may require any person to provide such information in the possession of that person or to which that person has access as the auditor or authorised person considers necessary for the purposes of discharging his or her duties under this Act.Penalty for obstructing auditor
10. Any person who, without reasonable cause, fails to comply with any requirement of the auditor or authorised person or who otherwise hinders, obstructs or delays the auditor or authorised person in the discharge of his or her duties under this Act shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and, in the case of a continuing offence, to a further fine not exceeding $100 for every day or part of a day during which the offence continues after conviction.Presentation of audited financial statements and auditor’s report
11. As soon as the accounts of the Commission and the financial statements have been audited in accordance with this Act, a copy of the audited financial statements signed by the Chairperson, together with a copy of any report made by the auditor, must be submitted by the Commission to the Minister.Copy of auditor’s report for Auditor-General 12. The Minister may direct that a copy of the audited financial statements and any report made by the auditor be forwarded to the Auditor-General at the same time they are submitted to the Commission.