Singapore legislation
Clause 11
Clause 11
New sections 17 and 18 and Schedule
The principal Act is amended by inserting, immediately after section 16, the following sections and Schedule:“Public servants
17. All employees of the Institute are deemed to be public servants for the purposes of the Penal Code (Cap. 224).Protection from personal liability
18. No liability is to lie personally against any member of the Board, employee of the Institute or other person acting under the direction of the Institute who, acting in good faith and with reasonable care, does or omits to do anything in —
the exercise or purported exercise of any power under this Act; or
the performance or purported performance of any function or duty under this Act.THE SCHEDULESection 11(3)Financial provisionsAccounts of Institute
1. The Institute must keep proper accounts and records of its transactions and affairs and must do all things necessary to ensure that —
all payments out of its moneys are correctly made and properly authorised; and
adequate control is maintained over the assets of, or in the custody of, the Institute and over the expenditure incurred by the Institute.Auditor
2. The accounts of the Institute must be audited by the Auditor-General or by an auditor appointed annually by the Minister in consultation with the Auditor-General.Appointment of auditor
3. A person does not qualify for appointment as an auditor under paragraph 2 unless the person is a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2).Remuneration of auditor
4. The remuneration of the auditor is to be paid out of the moneys of the Institute.Annual financial statements
5. The Institute must, 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 must audit and report on them.Duties of auditor
6. The auditor must state in the auditor’s report —
whether the financial statements show fairly the financial transactions and the state of affairs of the Institute;
whether proper accounting and other records have been kept, including records of all assets of, or in the custody of, the Institute whether purchased, donated or otherwise;
whether the receipts, expenditure and investment of moneys and the acquisition and disposal of assets by the Institute during the financial year were in accordance with the provisions of this Act; and
any other matters arising from the audit as the auditor considers necessary.Auditor’s report7.—
The auditor must, as soon as practicable after the accounts have been submitted for audit, send a report of the audit to the Institute.(2) The auditor must submit such periodical and special reports to the Minister and to the Institute as may appear to the auditor to be necessary or as the Minister or the Institute may require.Powers of auditor8.—
The auditor or any person authorised by the auditor 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 Institute.(2) The auditor or any person authorised by the auditor may make copies of, or take extracts from, any such accounting and other records.(3) The auditor or any person authorised by the auditor may require any person to furnish 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 the auditor’s functions under this Act.Penalty for obstructing auditor
9. Any person who fails, without any reasonable cause, to comply with any requirement of the auditor or authorised person under paragraph 8 or who otherwise hinders, obstructs or delays the auditor or authorised person in the performance of the auditor’s 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 $100 for every day or part of the day during which the offence continues after conviction.Presentation of audited financial statements and auditor’s report
10. The Institute must, as soon as its accounts and financial statements have been audited in accordance with the provisions of this Act, send to the Minister a copy of the audited financial statements, signed by the Chairman of the Board, together with a copy of the auditor’s report.Copy of auditor’s report for Auditor-General
11. Where the Auditor-General is not appointed as the auditor, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor-General at the same time they are submitted to the Institute.Presentation to Parliament
12. The Minister must, as soon as practicable, cause a copy of the audited financial statements and of the auditor’s report to be presented to Parliament.”.