Singapore legislation
Clause 174
Clause 174
Powers and duties of auditors as to reports on accounts
(1)
Every auditor of a company shall report to the members as to every balance-sheet and profit and loss account (including every consolidated balance-sheet and consolidated profit and loss account) laid before the company in general meeting during his tenure of office and shall state in the report whether, in his opinion —
the balance-sheet and profit and loss account are properly drawn up in accordance with the provisions of this Act and so as to give a true and fair view of the state of the company’s affairs;
the accounting and other records (including registers) examined by him are properly kept in accordance with the provisions of this Act; and
the director’s report made pursuant to subsection (5) of section 169 in so far as it is required by this Act to deal with matters dealt with in the accounting and other records examined by him, gives a true and fair view of such matters.[U.K.s. 162.][Aust. s. 167.][Singapore s. 135.]
(2)
Every auditor shall state in his report —
if he has not obtained all the information and explanations that he required;
if, in his opinion, proper accounting and other records (including registers) have not been kept by the company;
if, in his opinion, the returns submitted from branches not visited by the auditor are inadequate;
if, in his opinion, according to the best of his information and the explanations given to him and as shown by the accounting and other records of the company the profit and loss account is not in agreement with the company’s accounting and other records or is not properly drawn up so as to give a true and fair view of the results of the business of the company for the period of accounting;
if, in his opinion, according to the best of his information and the explanations given to him and as shown by the accounting and other records of the company, the balance-sheet is not in agreement with the company’s accounting and other records or is not properly drawn up so as to give a true and fair view of the state of the company’s affairs as at the end of the period of accounting;
if, in his opinion, according to the best of his information and the explanations given to him, the accounting and other records (including registers) the balance-sheet and the profit and loss account do not give the information required by this Act; and
if, in his opinion, according to the best of his information and the explanations given to him, the director’s report does not give the information required by this Act,and shall give particulars of any failure or shortcoming in respect of any of the matters referred to in this subsection.
(3)
Every auditor shall have a right of access at all times to the accounting and other records (including registers) of the company and shall be entitled to require from the officers of the company and from the auditor of any corporation which is by virtue of section 6 deemed to be related to the company such information and explanation as he desires for the audit.
(4)
The auditor’s report shall be attached to the balance-sheet and the profit and loss account and shall, if any member so requires, be read before the company in general meeting and shall be open to inspection by any member.
(5)
The auditor shall be entitled to attend any general meeting of the company and to receive all notices of and other communications relating to any general meeting which any member is entitled to receive and to be heard at any general meeting which he attends on any part of the business of the meeting which concerns him as auditor.
(6)
Any officer of a company who refuses or fails without lawful justification to allow any auditor access to any accounting and other records (including registers) of the company in his custody or power or to give any information possessed by him as and when required or who otherwise hinders, obstructs or delays an auditor in the performance of his duties or the exercise of his powers shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding two hundred and fifty dollars and also to a default penalty.