Clause 78
Reporting to Minister
of Deposit Insurance and Policy Owners’ Protection Schemes Bill
BillNot in forceProvision 78 of 101
Clause 78
If the auditor in the course of the performance of his duties as an auditor of the Agency or the DI Fund, PPF Life Fund or PPF General Fund is satisfied that —
(a)
there has been a serious contravention of any provisions of this Act or the Companies Act (Cap. 50) or that an offence involving fraud or dishonesty has been committed; or
(b)
serious irregularities have occurred, including irregularities that jeopardise the interests of insured depositors or insured policy owners,the auditor shall immediately report the matter in writing to the Minister.