Singapore legislation
Schedule 3
Schedule 3
Financial provisions
THIRD SCHEDULESection 21Financial provisions
1. The Authority shall keep proper accounts and records of its transactions and affairs and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the property and assets of, or in the custody of, the Authority and over the expenditure incurred by the Authority.2.—
The accounts of the Authority 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 sub-paragraph (1) unless he is a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2).
3. The remuneration of the auditor shall be paid out of the funds of the Authority.
4. The Authority shall, as soon as practicable after the close of each financial year, prepare and submit the financial statements in respect of that year to the auditor who shall audit and report on them.
5. The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Authority;
whether proper accounting and other records have been kept, including records of all assets of the Authority whether purchased, donated or otherwise;
whether the receipts, expenditure, investment of moneys and the acquisition and disposal of assets by the Authority during the financial year have been in accordance with this Act; and
such other matters arising from the audit as he considers should be reported.
6. The auditor may at any other time report to the Minister through the Authority upon any matter arising out of the performance of his audit.
7. The auditor or any person authorised by him shall be 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 Authority.
8. The auditor or a person authorised by him may make copies of or extracts from any such accounting and other records.
9. The auditor 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.
10. Any person who fails, without any reasonable cause, to comply with any requirement of the auditor under paragraph 9 shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.