Singapore legislation
Clause 49
Clause 49
Accounts
(1)
The accounts of the Board 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 Act referred to as “the Auditor”).
(2)
The remuneration of the Auditor shall be paid out of the funds of the Board.
(3)
The Board 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.
(4)
The Auditor shall report —
whether the financial statements show fairly the financial transactions and the state of affairs of the Board; and
on such other matters arising from the audit as he considers should be reported.
(5)
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 Board during the year have been in accordance with the provisions of this Act.
(6)
The Auditor may at any other time report to the Minister through the Board upon any matter arising out of the performance of his audit.