Clause 16

Section 205C of the principal Act is amended by deleting subsection (5) and substituting the following subsections:“(5) The accounts and annual financial statements of the SAVER-Premium 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.(5A) A person shall not be qualified for appointment as an auditor under subsection (5) unless he is a public accountant as defined in the Companies Act (Cap. 50).(5B) The remuneration of the auditor shall be paid out of the SAVER-Premium Fund.(5C) The auditor shall submit such periodic and special reports to the Minister as may appear to the auditor to be necessary or as the Minister may require.(5D) As soon as the accounts of the SAVER-Premium Fund and the financial statements have been audited in accordance with this Act, a copy of the audited financial statements, together with a copy of any report made by the auditor, shall be submitted to the Minister.(5E) Where the Auditor-General is not the auditor of the SAVER-Premium Fund, a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General at the same time they are submitted to the Minister.”.