Singapore legislation
Clause 9
Clause 9
Audit of accounts
(1)
The accounts of the University 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)
A person shall not be qualified for appointment as an auditor under subsection (1) unless he is an approved company auditor under the Companies Act [Cap. 50].
(3)
The remuneration of the auditor of the University shall be paid out of the funds of the University.
(4)
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 University.
(5)
The auditor or any person authorised by him may require any person to furnish him with such information in the possession of that person or to which that person has access as the auditor considers necessary for the purposes of his functions under this Act.
(6)
Any person who fails without reasonable excuse to comply with any requirement of the auditor under subsection (5) 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 $1,000.
(7)
The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the University;
whether proper accounting and other records have been kept, including records of all assets of the University whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys, and the acquisition and disposal of assets by the University during the financial year were in accordance with the provisions of this Act; and
such other matters arising from the audit as he considers necessary.
(8)
The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the University and shall also submit such periodical and special reports to the Minister and to the University as may appear to him to be necessary or as the Minister or the University may require.