Singapore legislation
Regulation 10
Regulation 10
Appointment and duties of auditor upon revision of financial statements, etc.
Subregulation 1
Subject to paragraph (2), where a company’s financial statements, or consolidated financial statements or balance‑sheet, are revised under section 202A or 202B(4) of the Act, the auditor of the company must report to the members of the company on the revised financial statements, or revised consolidated financial statements or balance‑sheet, of the company.
Subregulation 2
Instead of the auditor of the company, an accounting entity that reported to the members of the company on the original financial statements, or original consolidated financial statements or balance‑sheet, may make the report under paragraph (1) if —
the directors of the company resolve that the accounting entity reports to the members of the company on the revised financial statements, or revised consolidated financial statements or balance‑sheet, of the company; and
the accounting entity agrees to report to the members of the company on the revised financial statements, or revised consolidated financial statements or balance‑sheet, of the company.
Subregulation 3
If a company that revises its financial statements, or consolidated financial statements or balance‑sheet, under section 202A or 202B(4) of the Act does not have an auditor, the company must appoint an accounting entity to make the report under paragraph (1).
Subregulation 4
A report by an auditor of a company under paragraph (1) must be furnished by the auditor to the directors of the company in sufficient time to enable the directors to comply with the requirements of regulation 7(1)(a) in relation to that report.
Subregulation 5
Paragraph (4) only applies if the directors submit the revised financial statements, or revised consolidated financial statements or balance‑sheet, for audit in sufficient time, having regard to the complexity of the revised financial statements, or revised consolidated financial statements or balance‑sheet, for the auditor to make the auditor’s report.
Subregulation 6
Section 207(2) to (9D) of the Act applies to the auditor making the report under paragraph (1), subject to the following modifications:
references in those provisions to the financial statements and consolidated financial statements are references to the revised financial statements and revised consolidated financial statements or balance‑sheet;
references in those provisions to a true and fair view of any matter are references to a true and fair view of that matter as at the date of the original financial statements, or original consolidated financial statements or balance‑sheet;
the reference to section 201(12) of the Act in section 207(2)(aa) of the Act is a reference to regulation 8;
the reference to section 201 of the Act in section 207(2)(aa) of the Act is a reference to section 201 of the Act as applied by regulation 4.
Subregulation 7
The auditor must, in the auditor’s report made under paragraph (1), unless the Registrar otherwise allows —
refer to the statement made by the directors of the company under regulation 6(1)(c); and
state whether, in the auditor’s opinion, the revised financial statements, or revised consolidated financial statements or balance‑sheet, seen as at the date of the original financial statements, or original consolidated financial statements or balance‑sheet, comply with the requirements of the Act as applied by these Regulations.
Subregulation 8
If default is made in complying with paragraph (3), the company and every director of the company who is in default shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $2,000.
Subregulation 9
For the purposes of paragraphs (4), (5) and (7) and section 207(2) to (9D) of the Act as applied by paragraph (6), a reference to the auditor, or the auditor of the company, includes any accounting entity mentioned in paragraph (2) or (3).
Subregulation 10
To avoid doubt, this regulation does not apply where the company that revises its financial statements, or consolidated financial statements or balance‑sheet, under section 202A or 202B(4) of the Act is exempt from audit requirements in respect of its revised financial statements, or revised consolidated financial statements or balance‑sheet, under regulation 5(2).