Singapore legislation
Clause 21
Clause 21
Accounts
(1)
The Corporation 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 funds are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Corporation and over the expenditure incurred by the Corporation.
(2)
The Corporation shall, as soon as practicable after the close of each financial year, prepare and submit financial statements in respect of that year to the auditor who shall audit and report on them.