Singapore legislation
Clause 13
Clause 13
Appointment of auditors
(1)
Every licensed housing developer shall appoint annually an auditor, being a person approved by the Controller, whose duties shall be to make a report upon the annual balance-sheet and accounts of such housing developer. The auditor shall in every such report state in his opinion whether —
the balance-sheet is full and fairly and properly drawn up;
the balance-sheet exhibits a true and correct statement of the licensed housing developer’s affairs; and
if the auditor has called for explanation or information from the officers or agents of the licensed housing developer, such explanation or information has been satisfactory.
(2)
The report of the auditor shall be sent to the Controller within three months after the close of the financial year of the housing developer concerned.
(3)
Any licensed housing developer which fails to comply with the requirements of subsection (1) or (2) of this section shall be guilty of an offence under this Ordinance and shall be liable on conviction to a fine not exceeding ten thousand dollars.
(4)
If a licensed housing developer fails to appoint an auditor under the provisions of subsection (1) of this section or at any time fails to fill a vacancy for an auditor, the Minister shall have power to appoint an auditor and shall fix the remuneration to be paid by such licensed housing developer to such auditor.
(5)
No person having an interest in the business of a licensed housing developer, as a shareholder or otherwise, and no director, officer, employee or agent of that licensed housing developer shall be eligible for appointment as an auditor for such licensed housing developer. Any person appointed as an auditor to a licensed housing developer, who shall after such appointment acquire such interest or become a director, an officer, employee or agent of such licensed housing developer, shall forthwith cease to be such auditor.
(6)
The duties, powers and liabilities imposed and conferred under the provisions of section 16 of this Ordinance in relation to an investigation by the Controller or an Inspector of the affairs of a licensed housing developer under the provisions of section 14 or 15 of this Ordinance are hereby imposed and conferred upon auditors appointed under the provisions of this section.