Singapore legislation
Clause 14
Clause 14
Amendment of Second Schedule
The Second Schedule to the principal Act is amended —
by deleting paragraph 3 and substituting the following paragraphs:“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) 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 Council.Financial statements
4. 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.Duties of auditor5.—
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, including records of all assets of the Council whether purchased, donated or otherwise;
whether the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the Council 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 should be reported.(2) The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Council, and shall also submit such periodical and special reports to the Minister and to the Council as may appear to him to be necessary or as the Minister or the Council may require.Powers of auditor6.—
The auditor or any person authorised by him is 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 and may make copies of, or extracts from, any such accounting and other records.(2) 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.(3) Any person who fails, without reasonable excuse, to comply with any requirement of the auditor under sub-paragraph (2) 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.”; and
by renumbering the existing paragraph 4 as paragraph 7.