Singapore legislation
Schedule “THIRD SCHEDULE
Schedule “THIRD SCHEDULE
Financial Provisions Relating to Trust, Wakaf, Nazar and Mosque
Section 65Financial Provisions Relating to Trust, Wakaf, Nazar and Mosque
1. The trustees, mutawallis or management board of any trust, wakaf, nazar or mosque to which this Schedule applies, as the case may be, shall —
keep or cause to be kept proper accounts and records of its transactions and affairs; and
after the close of each financial year prepare financial statements in respect of the trust, wakaf, nazar or mosque for that year.
2. The financial statements shall, as soon as possible after the close of each financial year but not later than 6 months after the close of the financial year, be submitted to a meeting of the Majlis.
3. The accounts shall, before their submission to the Majlis under paragraph 2, be audited by an auditor to be appointed by the Majlis and approved by the Minister.
4. A person shall not be qualified for appointment as an auditor under paragraph 3 unless he is an approved company auditor under the Companies Act (Cap. 50).
5. The remuneration of the auditor shall be paid out of the funds of the trust, wakaf, nazar or mosque, as the case may be.
6. The Majlis and the auditor or their authorised representatives 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 trust, wakaf, nazar or mosque, as the case may be, and may make copies of or extracts from any such accounting and other records.
7. The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the trust, wakaf, nazar or mosque, as the case may be;
whether proper accounting and other records have been kept, including records of all assets of the trust, wakaf, nazar or mosque, as the case may be, whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the trust, wakaf, nazar or mosque, as the case may be, 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 Majlis and the auditor or their authorised representatives may require any person to furnish them with such information in the possession of that person or to which that person has access as the Majlis or the auditor considers necessary for the purposes of their functions under this Act.
9. Any person who fails, without reasonable excuse, to comply with any requirement of the Majlis or the auditor under paragraph 8 or who otherwise hinders, obstructs or delays the Majlis or the auditor in the performance of their duties or the exercise of their powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.
10. The Secretary of the Majlis shall, within one month after the meeting of the Majlis referred to in paragraph 2, submit a copy of the audited financial statements, together with a copy of the auditor's report, to the Minister; and in the case of any mosque, the Majlis shall also cause a copy of the same to be exhibited at the mosque.
11. The financial year of any trust, wakaf, nazar or mosque to which this Schedule applies shall begin on 1st January and end on 31st December in each year.”.