Singapore legislation
Regulation 12
Regulation 12
Audit of Central Co-operative Fund
Subregulation 1
The accounts of the Central Co-operative Fund shall be audited by an auditor (referred to in this rule as the auditor) appointed by the Central Co-operative Fund Committee.
Subregulation 2
The audit fees shall be paid out from the Central Co-operative Fund.
Subregulation 3
As soon as practicable after the close of each financial year, the Central Co-operative Fund Committee shall prepare or cause to be prepared and submit the financial statements in respect of that year to the auditor who shall audit and report on them.
Subregulation 4
The auditor shall inspect and audit the accounts and other relevant records in respect of the Central Co-operative Fund and shall immediately draw the attention of the Central Co-operative Fund Committee to any irregularity disclosed by the inspection and audit that is, in the opinion of the auditor, of sufficient importance to justify his so doing.
Subregulation 5
The auditor shall report —
whether the financial statements give a true and fair view of the financial position and performance of the Central Co-operative Fund; and
such other matters arising from the audit as he considers should be reported.
Subregulation 6
The auditor shall state in his report whether —
proper accounting and other records have been kept; and
the receipt, expenditure and investment of moneys in respect of the Central Co-operative Fund have been in accordance with the provisions of the Act and these Rules.
Subregulation 7
The auditor may at any other time report to the Central Co-operative Fund Committee upon any matter arising out of the performance of the audit.
Subregulation 8
The auditor shall at all reasonable times have full and free access to all accounting and other records relating to the financial transactions of the Central Co-operative Fund.
Subregulation 9
After the close of each financial year, the chairman of the Central Co-operative Fund Committee shall, as soon as the accounts have been audited, cause a copy of the financial statements to be submitted to the Minister through the Registrar together with a copy of any report made by the auditor on the accounts.
Subregulation 10
The Central Co-operative Fund Committee must change its auditor at least once every 5 years to either of the following:
another auditor from the same accounting corporation, accounting firm or accounting LLP;
another auditor from a different accounting corporation, accounting firm or accounting LLP.