Clause 42

by deleting subsection (1) and substituting the following subsection:“(1) An auditor of a registered business trust must report to the unitholders of the registered business trust —

on the financial statements required to be laid before the unitholders in general meeting and on the accounting and other records of the registered business trust relating to those financial statements; and

where the registered business trust is a parent business trust for which consolidated financial statements are prepared, on the consolidated financial statements.”;

by deleting the word “accounts” wherever it appears in subsection (2) and substituting in each case the words “financial statements”;

by deleting paragraph (a) of subsection (3) and substituting the following paragraphs:“(a)whether the financial statements and (if the registered business trust is a parent business trust for which consolidated financial statements are prepared) the consolidated financial statements, in the auditor’s opinion —

are in compliance with the requirements of the Accounting Standards; and

give a true and fair view of —

the financial position and performance of the registered business trust; and

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

by inserting, immediately after paragraph (b) of subsection (3), the following paragraph:“(ba)in the case where the registered business trust is a parent business trust, whether the accounting and other records kept by each subsidiary (where the subsidiary is a corporation) or the trustee‑manager of each subsidiary (where the subsidiary is a registered business trust), other than those of a subsidiary for which the auditor has not acted as auditor, have been, in the auditor’s opinion, properly kept in accordance with this Act or any other written law applicable to the subsidiary in respect of the keeping of accounting and other records;”;

by deleting the word “accounts” wherever it appears in subsections (3)(c), (6)(a) and (8)(b) and substituting in each case the words “financial statements or consolidated financial statements”;

by deleting the words “referred to in paragraph (a)” in subsection (3)(d) and substituting the words “mentioned in paragraph (a), (aa)”;

by deleting the word “and” at the end of subsection (4)(a);

by inserting, immediately after the words “other records” in subsection (4)(b), the words “, excluding registers,”;

by deleting the comma at the end of paragraph (b) of subsection (4) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(c)where consolidated financial statements are prepared otherwise than as one set of consolidated financial statements for the group, whether the auditor agrees with the reasons for preparing them in the form in which they are prepared, as given by the trustee‑manager in the financial statements,”;

by deleting the words “referred to” in subsection (4) and substituting the word “mentioned”;

by inserting, immediately after subsection (4), the following subsection:“(4A) An auditor of a registered business trust is not required to form an opinion in the auditor’s report as to whether the accounting and other records of subsidiaries (which are not incorporated or constituted in Singapore) of a parent business trust have been kept in accordance with this Act.”;

by inserting, immediately after subsection (5), the following subsection:“(5A) An auditor of a parent business trust 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, and is entitled to require from any officer or auditor of any subsidiary, at the expense of the parent business trust, any information and explanations in relation to the affairs of the subsidiary that the auditor requires for the purpose of reporting on the consolidated financial statements.”;

by inserting, immediately after the words “registered business trust” in subsection (8)(b), the words “or, if the registered business trust is a subsidiary, of the board of directors of the parent company or trustee-manager of the parent business trust”;

by inserting, immediately after the words “a registered business trust” in subsections (9) and (10), the words “or a subsidiary of a registered business trust”;

by deleting “$20,000” in subsection (11)(b) and substituting “$100,000”;

by deleting subsection (12) and substituting the following subsection:“(12) Any —

officer of the trustee‑manager of a registered business trust who refuses or fails without lawful excuse to allow an auditor of the registered business trust access, in accordance with this section, to any accounting and other records, including registers, of the registered business trust in the officer’s custody or control;

officer or auditor of a subsidiary who refuses or fails without lawful excuse to allow an auditor of its parent business trust access, in accordance with this section, to any accounting and other records, including registers, of the subsidiary in the officer’s or auditor’s custody or control;

officer of the trustee‑manager of a registered business trust or officer or auditor of a subsidiary who refuses or fails without lawful excuse to give any information or explanation as and when required under this section; or

officer of the trustee‑manager of a registered business trust or officer or auditor of a subsidiary who otherwise hinders, obstructs or delays an auditor in the performance of the auditor’s duties or the exercise of the auditor’s powers, shall be guilty of an offence.”;

by inserting, immediately after subsection (12), the following subsection:“(13) The references to the registers of a registered business trust in subsections (5) and (12) do not include any register kept by the trustee‑manager of a registered business trust under Part 8A.”; and

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

a registered business trust in subsections (5) and (12)(a); or

a subsidiary of a parent business trust in subsections (5A) and (12)(b),do not include any register kept by the trustee‑manager of a registered business trust or the trustee‑manager of a subsidiary of a parent business trust, under Part 8A, or by a subsidiary of a parent business trust under Part 11A of the Companies Act 1967.”.