Singapore legislation
Clause 6
of Rubber Association of Singapore (Incorporation) (Amendment No. 2) Bill
Clause 6
New Schedule
The principal Act is amended by inserting, immediately after section 20 thereof, the following Schedule: —“THE SCHEDULESection 15B.Accounts to be kept
1. The Association shall keep proper accounts and records of its transactions and affairs and shall 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 Association and over the expenditure incurred by the Association.Appointment and remuneration of the Auditor2.—
The accounts of the Association shall be audited by the Auditor-General or by an auditor appointed annually by the Minister in consultation with the Auditor-General (hereinafter in this Schedule referred to as “the Auditor”).(2) The remuneration of the Auditor shall be paid out of the funds of the Association.Financial statements
3. The Association shall, as soon as practicable after the close of a financial year, prepare and submit the financial statements in respect of that year to the Auditor who shall audit and report on them.Duties of Auditor4.—
The Auditor shall report —
whether the financial statements show fairly the financial transactions and the state of affairs of the Association; and
such other matters arising from the audit as he considers should be reported.(2) The Auditor shall state in his report whether —
proper accounting and other records have been kept; and
the receipt, expenditure, and investment of moneys and the acquisition and disposal of assets by the Association during the year have been in accordance with the provisions of this Schedule.(3) The Auditor may at any other time report to the Minister through the Association upon any matter arising out of the performance of his audit.Powers of Auditor5.—
The Auditor or any person authorised by him 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 Association.(2) The Auditor or a person authorised by him may make copies of, or extracts from, any such accounting and other records.(3) The Auditor or any person authorised by him may require any person to furnish him with such information which such person possesses or has access as the Auditor or any duly authorised person considers necessary for the purposes of the functions of the Auditor under this Schedule.(4) Any officer of the Association who refuses or fails without any reasonable cause to allow the Auditor access to any accounting and other records of the Association in his custody or power or to give any information possessed by him as and when required or who otherwise hinders, obstructs or delays the Auditor in the performance of his duties or the exercise of his powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding five hundred dollars and in the case where the offence is continued after conviction to a fine not exceeding one hundred dollars for every day or part thereof during which the offence is continued.Presentation of financial statements and audit reports6.—
As soon as the accounts of the Association and the financial statements have been audited in accordance with the provisions of this Schedule, a copy of the audited financial statements signed by the Chairman of the Committee, together with a copy of any report made by the Auditor, shall be submitted to the Minister.(2) Where the Auditor-General has not been appointed to be the Auditor a copy of the audited financial statements and any report made by the Auditor shall be forwarded to the Auditor-General at the same time as they are submitted to the Association.(3) The Minister shall cause a copy of the audited financial statements and of the Auditor’s report to be presented to Parliament.”.