Singapore legislation
Clause 50
Clause 50
Power of Authority to appoint auditor
(1)
Where —
a licensed financial adviser fails to lodge an auditor’s report under section 48(1)(b); or (b)the Authority receives a report under section 49(1),the Authority may, without prejudice to its powers under section 49(2), if it is satisfied that it is in the interests of the financial adviser, its clients or the general public to do so, appoint in writing an auditor to examine and audit, either generally or in relation to any particular matter, the books of the financial adviser.
(2)
Where the Authority is of the opinion that the whole or any part of the costs and expenses of an auditor appointed by the Authority under subsection (1) should be borne by the licensed financial adviser, the Authority may, in writing, direct the licensed financial adviser to pay a specified amount, being the whole or part of such costs and expenses, within such time and in such manner as may be specified in the direction.
(3)
Where a licensed financial adviser contravenes a direction under subsection (2) to pay the specified amount or any part thereof, such amount may be sued for and recovered by the Authority as a civil debt.
(4)
An auditor appointed under subsection (1) shall, on the conclusion of the examination and audit, make a report thereon to the Authority.
(5)
Any auditor who contravenes subsection (4) shall be guilty of an offence.