Singapore legislation
Clause 53
of Banking Bill
Clause 53
Auditing
(1)
Notwithstanding the provisions of the Companies Act, 1967 (Act 42 of 1967), every bank shall appoint annually an auditor approved by the Commissioner.
(2)
The Commissioner may appoint an auditor —
if the bank fails to appoint an auditor; or
if he considers it desirable that another auditor should act with the auditor appointed under subsection (1) of this section,and may at any time, fix the remuneration to be paid by the bank to such auditor.
(3)
The duties of the auditor appointed under subsections (1) and (2) of this section shall be —
to carry out for the year, in respect of which he is appointed, an audit of the accounts of the bank;
to make a report in accordance with section 174 of the Companies Act, 1967 —
in case of a bank incorporated in Singapore — upon the annual balance-sheet and profit and loss account as is referred to in subsections (1) and (3) of section 21 of this Act; and
in case of a bank incorporated outside Singapore — upon the annual balance-sheet and profit and loss account as is referred to in subsection (3) of section 21 of this Act.
(4)
The auditor’s report shall be attached to the balance-sheet and the profit and loss account and a copy thereof shall be sent to the Commissioner.