Singapore legislation
Regulation 17
of Charities (Institutions of A Public Character) Regulations
Regulation 17
Requirements relating to financial statements and audits
Subregulation 1
An institution of a public character shall disclose in its financial statements —
the respective amounts of donations that qualify for tax deduction under each of the following sections of the Income Tax Act 1947, received for the period to which the financial statements relate:
section 37;
section 37AB; and
any transaction with any related party, as defined in the applicable accounting standards made or formulated, or deemed to be made or formulated, by the Accounting Standards Committee under Part 3 of the Accounting Standards Act 2007.
Subregulation 2
The institution of a public character shall disclose in its financial statements for the financial year ending on or after 1st April 2008, and for every subsequent financial year, the total amount of sponsorships in cash and the total cost or value of the sponsored property, goods and services it paid or received, as the case may be, during the period to which the financial statements relate in accordance with receipts or other documentary evidence presented to the institution of a public character if, and only if, such documentary evidence is available.
Subregulation 3
The institution of a public character shall cause its financial statements to be audited by an auditor, being a public accountant, whose appointment has been approved by the Sector Administrator.
Subregulation 4
The institution of a public character shall ensure that for the financial year commencing on or after 1st July 2006, and for every subsequent financial year, the auditor certifies in the auditor’s report whether the institution of a public character has complied with the requirements of regulation 15 (Fund-raising expenses).
Subregulation 5
[Deleted by S 122/2019 wef 01/03/2019]
Subregulation 6
[Deleted by S 122/2019 wef 01/03/2019]
Subregulation 7
An institution of a public character shall change its auditor at least once every 5 years, whether to another auditor from the same firm or company or to another auditor from a different firm or company.
Subregulation 8
Where an institution of a public character fails to comply with paragraph (7), the auditor shall make a qualification in the financial statement of the institution of a public character.