Singapore legislation
Clause 11
of Commercial and Industrial Security Corporation (Amendment) Bill
Clause 11
Amendment of Schedule
The Schedule to the principal Act is amended —
by inserting, immediately after paragraph 2, the following paragraph:“2A. A person shall not be qualified for appointment as an auditor under paragraph 2 unless he is an approved company auditor under the Companies Act [Cap. 50].”; and
by deleting paragraphs 5, 6 and 7 and substituting the following paragraphs:“5. The Auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Corporation;
whether proper accounting and other records have been kept, including records of all assets of the Corporation whether purchased, donated or otherwise;
whether the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the Corporation 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.
6. The Auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Corporation. He shall also submit such periodical and special reports to the Minister and to the Corporation as may appear to him to be necessary or as the Minister or the Corporation may require.”; and
by deleting paragraph 11 and substituting the following paragraph:“11. Any person who fails, without reasonable cause, to comply with any requirement of the Auditor or any duly authorised person under paragraph 10 or who otherwise hinders, obstructs or delays the Auditor or any duly authorised person 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 and, in the case of a continuing offence, to a further fine not exceeding $100 for every day or part thereof during which the offence continues after conviction.”.