Singapore legislation
Clause 29
Clause 29
Audit of accounts
(1)
The accounts of the Agency 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 (referred to in this Act as the auditor).
(2)
A person shall not be qualified for appointment as an auditor under subsection (1) unless he is an approved company auditor under the Companies Act (Cap. 50).
(3)
The Agency shall, as soon as practicable after the close of the financial year, prepare and submit the financial statements in respect of that financial year to the auditor who shall audit and report on them.
(4)
The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Agency;
whether proper accounting and other records have been kept, including records of all assets of the Agency whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the Agency 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.
(5)
The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Agency.
(6)
The auditor shall submit such periodical and special reports to the Minister and to the Agency as may appear to him to be necessary or as the Minister or the Agency may require.