Singapore legislation
Schedule 2
Schedule 2
Financial Provisions
SECOND SCHEDULESection 21Financial ProvisionsFinancial year
1. The financial year of the Agency shall begin on 1st April of each year and end on 31st March of the succeeding year, except that the first financial year of the Agency shall begin on the appointed day and shall end on 31st March 2001.Accounts of Agency
2. The Agency 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 Agency and over the expenditure incurred by the Agency.Financial statements
3. The Agency shall, as soon as practicable after the close of each financial year, prepare and submit the financial statements in respect of that financial year to the auditor who shall audit and report on them.Appointment of auditor
4. The accounts of the Agency shall be audited by such auditor as may be appointed by the Minister.Remuneration of auditor
5. The remuneration of the auditor shall be paid out of the funds of the Agency.Duties of auditor6.—
The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Agency;
whether proper accounting and other records have been kept, including records of all assets of the Agency whether purchased, donated or otherwise;
whether the receipts, expenditure, investment of moneys, and the acquisition and disposal of assets by the Agency during the financial year have been in accordance with 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 Minister.(3) The auditor may at any other time report to the Minister upon any matter arising out of the performance of his audit.Powers of auditor7.—
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 Agency, except records pertaining to transactions that are declared by the Permanent Secretary to the Ministry of Defence to be of a secret nature and to which access is not granted.(2) Any expenditure by the Agency on goods or services of a secret nature, whether for itself or for the Government, the purpose and particulars of which cannot be made public, shall be supported in the appropriate accounts by a certificate of payment from the Permanent Secretary to the Ministry of Defence and his declaration that he has satisfied himself that the money has been properly expended.(3) The Permanent Secretary to the Ministry of Defence shall forward a copy of the certificate of payment and the declaration to the auditor.Failure to furnish information to auditor
8. 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 or any duly authorised person considers necessary for the performance of his duties under this Act, except where the information pertains to transactions that are declared by the Permanent Secretary to the Ministry of Defence to be of a secret nature.Penalty for obstruction
9. Any person who fails, without reasonable excuse, to comply with any requirement of the auditor under paragraph 8 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 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.Presentation of audited financial statements and auditor’s report10.—
As soon as the accounts of the Agency and the financial statements have been audited in accordance with the provisions of this Act, a copy of the audited financial statements signed by the Chairman and certified by the auditor, together with a copy of any report made by the auditor, shall be submitted to the Minister.(2) 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 the committee appointed by the Prime Minister under section 30.