Singapore legislation
Schedule 2
Schedule 2
Financial provisions
SECOND SCHEDULESection 21Financial provisionsFinancial year
1. The financial year of the Commission shall begin on 1st April of each year and end on 31st March of the succeeding year, except that the first financial year of the Commission shall begin on the date of commencement of Part II and end on 31st March of the succeeding year.Accounts of Commission
2. The Commission 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 Commission and over the expenditure incurred by the Commission.Auditor
3. The accounts of the Commission shall be audited by such auditor as may be appointed by the Minister.Appointment of auditor
4. A person shall not be qualified for appointment as an auditor under paragraph 3 unless he is a public accountant 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 funds of the Commission.Annual financial statements
6. The Commission 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 Commission;
whether proper accounting and other records have been kept, including records of all assets of the Commission whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the Commission 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 Commission.(2) The auditor shall submit such periodical and special reports to the Minister and to the Commission as may appear to him to be necessary or as the Minister or the Commission 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 Commission.(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 the authorised person considers necessary for the purposes of discharging his duties under this Act.Penalty for obstructing auditor
10. Any person who fails, without reasonable cause, to comply with any requirement of the auditor or any person authorised by him under paragraph 9 or who otherwise hinders, obstructs or delays the auditor or the authorised person in the discharge of his duties 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 $100 for every day or part thereof during which the offence continues after conviction.Presentation of audited financial statements and auditor’s report 11. As soon as the accounts of the Commission and the financial statements have been audited in accordance with this Act, a copy of the audited financial statements signed by the Chairman, together with a copy of any report made by the auditor, shall be submitted by the Commission to the Minister.Copy of auditor’s report for Auditor-General 12. The Minister may direct that a copy of the audited financial statements and any report made by the auditor be forwarded to the Auditor-General at the same time they are submitted to the Commission.