Singapore legislation

Clause 108

Reports by auditor to Authority in certain cases

Where, in the performance of his duties as an auditor for a holder of a capital markets services licence, an auditor becomes aware of —

(a)

any matter which, in his opinion, adversely affects or may adversely affect the financial position of the holder to a material extent;

(b)

any matter which, in his opinion, constitutes or may constitute a contravention of any provision of this Act or an offence involving fraud or dishonesty; or

(c)

any irregularity that has or may have a material effect upon the accounts, including any irregularity that may affect or jeopardise the money or other assets of any customer of the holder,the auditor shall immediately thereafter send —

(i)

a report in writing of the matter or irregularity to the Authority; and

(ii)

where the holder is a member of a securities exchange or futures exchange, a copy of the report to the securities exchange or futures exchange, as the case may be.

Read in full context — Securities and Futures Bill →