Singapore legislation
Schedule 3
Schedule 3
Financial provisions
THIRD SCHEDULESection 21Financial provisionsFinancial year
1. The financial year of the Board shall begin on 1st April and end on 31st March of each year, except that the first financial year of the Board shall begin on the commencement of this Act and shall end on 31st March 2011.Accounts of Board2.—
The Board 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 assets of, or in the custody of, the Board and over the expenditure incurred by the Board.(2) The Board shall —
cause to be kept proper accounts and records of all transactions and affairs relating to the Fund;
do all things necessary to ensure that payments out of the Fund are correctly made and properly authorised; and
ensure that adequate control is maintained over the assets and receipts of the Fund.(3) The Board shall appoint an officer to be an accounting officer of the Fund with responsibility for keeping proper accounts and records in relation thereto, and preparing and signing a statement of the Fund’s accounts in respect of each financial year.Auditor
3. The accounts of the Board 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.Appointment of auditor
4. A person shall not be qualified for appointment as an auditor under paragraph 3 unless he is a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2).Remuneration of auditor
5. The remuneration of the auditor shall be paid out of the Fund.Annual financial statements
6. The Board shall, as soon as practicable after the close of the financial year, prepare and submit the financial statements in respect of that year to the auditor who shall audit and report on them.Duties of auditor
7. The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Board;
whether proper accounting and other records have been kept, including records of all assets of the Board whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the Board 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.Auditor’s report8.—
The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Board.(2) The auditor shall submit such periodical and special reports to the Minister and to the Board as may appear to him to be necessary or as the Minister or the Board may require.Powers of auditor9.—
The auditor or any person authorised by him is entitled at any reasonable time to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Board.(2) The auditor or any person authorised by him may make copies of, or take extracts from, any such accounting and other records.(3) 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 or any duly authorised person considers necessary for the purposes of his functions under this Act.Penalty for obstructing auditor
10. Any person who fails, without any reasonable cause, to comply with any requirement of the auditor or authorised person under paragraph 9 or who otherwise hinders, obstructs or delays the auditor or authorised person in the performance of his functions under this Act shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and, in the case of a continuing offence, to a further fine not exceeding $250 for every day or part thereof during which the offence continues after conviction.