Clause 131

by deleting subsection (1) and substituting the following subsection:“(1) An auditor of a company shall report to the members —

on the financial statements required to be laid before the company in general meeting and on the company’s accounting and other records relating to those financial statements; and (b)where the company is a parent company for which consolidated financial statements are prepared, on the consolidated financial statements.”;

by deleting the word “accounts” wherever it appears in subsection (1A) and substituting in each case the words “financial statements”;

by deleting paragraph (a) of subsection (2) and substituting the following paragraph:“(a)whether the financial statements and, if the company is a parent company for which consolidated financial statements are prepared, the consolidated financial statements are in his opinion —

in compliance with the requirements of the Accounting Standards; and

give a true and fair view of —

the financial position and performance of the company; and

if consolidated financial statements are required, the financial position and performance of the group;”;

by deleting the words “accounts or consolidated accounts” wherever they appear in subsection (2)(aa) and (d) and substituting in each case the words “financial statements or consolidated financial statements”;

by deleting the words “section 201(14)” in subsection (2)(aa) and substituting the words “section 201(12)”;

by deleting paragraph (b) of subsection (2) and substituting the following paragraph:“(b)whether the accounting and other records required by this Act to be kept by the company and, if it is a parent company, by the subsidiary corporations other than those of which he has not acted as auditor have been, in his opinion, properly kept in accordance with this Act;”;

by inserting, immediately after the words “excluding registers,” in subsection (3)(b), the words “required to be kept under section 199(1),”;

by deleting paragraph (d) of subsection (3);

by deleting paragraph (e) of subsection (3) and substituting the following paragraph:“(e)where consolidated financial statements are prepared otherwise than as one set of consolidated financial statements for the group, whether he agrees with the reasons for preparing them in the form in which they are prepared, as given by the directors in the financial statements,”;

by deleting the words “subsidiaries (which are not incorporated in Singapore) of a Singapore holding company” in subsection (4) and substituting the words “subsidiary corporations (which are not incorporated in Singapore) of a Singapore parent company”;

by deleting subsection (6) and substituting the following subsection:“(6) An auditor of a parent company for which consolidated financial statements are required has a right of access at all times to the accounting and other records, including registers, of any subsidiary corporation, and is entitled to require from any officer or auditor of any subsidiary corporation, at the expense of the parent company, such information and explanations in relation to the affairs of the subsidiary corporation as he requires for the purpose of reporting on the consolidated financial statements.”;

by deleting the word “accounts” wherever it appears in subsection (7) and substituting in each case the words “financial statements”;

by deleting paragraph (b) of subsection (9) and substituting the following paragraph:“(b)the circumstances are such that in his opinion the matter has not been or will not be adequately dealt with by comment in his report on the financial statements or consolidated financial statements or by bringing the matter to the notice of the directors of the company or, if the company is a subsidiary company, of the directors of the parent company,”;

by deleting the word “subsidiary” in subsection (9A) and substituting the words “subsidiary corporation”;

by deleting “$20,000” in subsection (9D)(b) and substituting “$100,000”; (p)by deleting the words “holding company” in subsection (10) and substituting the words “parent company”; and

by deleting the word “accounts” in the section heading and substituting the words “financial statements”.