Singapore legislation

Regulation 4

of Co-operative Societies (Requirements for Members of Committee and Officers of Credit Society) Rules 2019

Regulation 4

Requirements for audit committee member

For the purposes of section 36(2)(b) of the Act —

(a)

at least one member of the audit committee of a small credit society must have either or both of the following qualifications and experience:

(i)

at least 2 years of work experience in performing accounting, audit, business, financial or management duties in any organisation;

(ii)

at least a tertiary qualification in accountancy, business, economics or finance;

(b)

at least one member of the audit committee of a medium credit society must have either or both of the following qualifications and experience:

(i)

at least 4 years of work experience in performing accounting, audit, business, financial or management duties in any organisation;

(ii)

at least 2 years of work experience in performing accounting, audit, business, financial or management duties in any organisation, and at least a tertiary qualification in accountancy, business, economics or finance; and

(c)

at least one member of the audit committee of a large credit society must have either or both of the following qualifications and experience:

(i)

at least 5 years of work experience in performing accounting, audit, business, financial or management duties in any organisation;

(ii)

at least 3 years of work experience in performing accounting, audit, business, financial or management duties in any organisation, and at least a higher tertiary qualification, or a professional certification, in accountancy, business, economics or finance.

Read in full context — Co-operative Societies (Requirements for Members of Committee and Officers of Credit Society) Rules 2019 →