Singapore legislation
Clause 16
Clause 16
Appointment, powers and duties of auditor
(1)
The accounts and annual financial statements of the Fund shall be audited by the Auditor-General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor-General.
(2)
A person shall not be qualified for appointment as an auditor under subsection (1) unless he is an approved company auditor within the meaning of the Companies Act (Cap. 50).
(3)
The remuneration of the auditor shall be charged upon the Fund.
(4)
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 Fund and may make copies of, or extracts from, any such accounting and other records.
(5)
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 considers necessary for the purposes of his functions under this Act.
(6)
Any person who fails, without reasonable excuse, to comply with any requirement of the auditor under subsection (1) or who otherwise hinders, obstructs or delays the auditor in the performance of his duties or the exercise of his powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.
(7)
The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Fund;
whether proper accounting and other records have been kept, including records of all assets of the Fund;
whether receipts, expenditure, and investment of moneys and the acquisition and disposal of assets on account of the Fund during the financial year were in accordance with the provisions of this Act; and
such other matters arising from the audit as he considers necessary.
(8)
The auditor shall —
as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Minister; and
submit such periodical and special reports to the Minister as may appear to him to be necessary or as the Minister may require.
(9)
Where the Auditor-General is not the auditor of the Fund, a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General when they are submitted to the Minister.
(10)
The Minister shall as soon as practicable cause a copy of the audited financial statements and of the report of the auditor to be presented to Parliament.