Singapore legislation
Clause 49
Clause 49
Duties of auditor
(1)
Where, in the performance of his duties as an auditor for a licensed financial adviser, an auditor becomes aware of —
any matter which, in his opinion, adversely affects or may adversely affect the financial position of the financial adviser to a material extent;
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
any irregularity that has or may have a material effect upon the accounts has occurred, including any irregularity that jeopardises the moneys or other assets of the clients of the financial adviser,he shall immediately thereafter send a report in writing of the matter or the irregularity to the Authority.
(2)
The Authority may impose all or any of the following duties on an auditor for a licensed financial adviser:
a duty to submit to the Authority such additional information in relation to his audit as the Authority considers necessary;
a duty to enlarge or extend the scope of his audit of the business and affairs of the financial adviser;
a duty to carry out any other examination or establish any procedure in any particular case;
a duty to submit a report to the Authority on any of the matters referred to in paragraphs (b) and (c),and the auditor shall carry out such duty or duties.
(3)
The licensed financial adviser shall remunerate the auditor in respect of the discharge of such duty or duties as the Authority may impose on the auditor under subsection (2).
(4)
Any auditor who contravenes subsection (1) or (2) shall be guilty of an offence.
(5)
Any licensed financial adviser which contravenes subsection (3) shall be guilty of an offence.