Singapore legislation
Schedule 2
of Singapore Institute of Standards and Industrial Research (Amendment) Bill
Schedule 2
Financial Provisions
SECOND SCHEDULESection 25 Financial ProvisionsFinancial year
1. The financial year of the Institute shall begin on 1st April of each year and end on 31st March of the succeeding year, except that the first financial year shall begin on the date of commencement of the Singapore Institute of Standards and Industrial Research (Amendment) Act 1992 and end on 31st March 1993.Accounts of Institute
2. The Institute 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 Institute and over the expenditure incurred by the Institute.Financial statements
3. The Institute 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 of the Institute.Auditor4.—
The accounts of the Institute 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 sub-paragraph (1) unless he is an approved company auditor under the Companies Act (Cap. 50).(3) The remuneration of the auditor shall be paid out of the funds of the Institute.Auditor’s report5.—
The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Institute;
whether proper accounting and other records have been kept, including records of all assets of the Institute whether purchased, donated or otherwise;
whether the receipts, expenditure, investment of moneys, and the acquisition and disposal of assets by the Institute during the financial year have been in accordance with the provisions of this Act; and
such other matters arising from the audit as he considers necessary.(2) The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Institute.(3) The auditor shall submit such periodical and special reports to the Minister and to the Institute as may appear to him to be necessary or as the Minister or the Institute may require.Powers of auditor6.—
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 Institute.(2) The auditor or any 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 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.Penalty for obstruction
7. Any person who fails without any reasonable excuse to comply with any requirement of the auditor under paragraph 6(3) or who otherwise hinders, obstructs or delays the auditor in the performance of his duties or the exercise of his powers under this Act shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.Presentation of audited financial statements and auditor’s report8.—
The Institute shall, as soon as the financial statements have been audited in accordance with the provisions of this Act, send to the Minister a copy of the audited financial statements, signed by the Chairman, together with a copy of the auditor’s report.(2) Where the Auditor-General is not the auditor of the Institute, a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General when they are submitted to the Institute.(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.”.