Singapore legislation
Clause 15
Clause 15
Accounts, financial statements and audit
(1)
The Minister shall be responsible for the administration of the Fund.
(2)
The Minister shall cause to be kept proper accounts and records of all transactions and affairs relating to the Fund and shall do all things necessary to ensure that payments out of the Fund are correctly made and properly authorised and that adequate control is maintained over the assets and receipts of the Fund.
(3)
The Minister shall, as soon as practicable after the close of each financial year, cause to be prepared and submitted financial statements in respect of that year to the auditor referred to in section 16.
(4)
The financial year of the Fund 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 Fund shall begin on the date of the commencement of section 11 of this Act and end on 31st March of the succeeding year.