Singapore legislation
Schedule 2
Schedule 2
Financial provisions
SECOND SCHEDULESection 8.Financial provisionsFinancial year of Council
1. The financial year of the Council shall begin on 1st April of each year and end on 31st March of the succeeding year, except that the first financial year of the Council shall begin on the date of the establishment of the Council and shall end on 31st March 1988.Accounts to be kept
2. The Council 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 Council and over the expenditure incurred by the Council.Audit of accounts3.—
The accounts of the Council shall be audited by the Auditor-General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor-General.(2) The remuneration of the auditor shall be paid out of the funds of the Council.(3) The Council shall, as soon as practicable after the close of each 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 in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Council;
whether proper accounting and other records have been kept;
whether the receipts and expenditure of moneys by the Council during the financial year have been in accordance with this Act; and
such other matters arising from the audit as he considers should be reported.(5) The auditor or any person authorised by him shall be 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 Council.(6) Any person who fails without any reasonable cause to comply with any requirement of the auditor under this paragraph shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.Presentation of financial statements and audit reports4.—
As soon as the accounts of the Council and the financial statements have been audited in accordance with the provisions of this Act, a copy of the audited financial statements signed by the Chairman, together with a copy of any report made by the auditor, shall be submitted to the Minister.(2) Where the Auditor-General is not the auditor of the Council, 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 they are submitted to the Council.(3) The Minister shall as soon as practicable cause a copy of the audited financial statements and of the auditor’s report to be presented to Parliament.