Singapore legislation
Clause 28
Clause 28
Power of Minister to appoint independent auditor upon application of client
(1)
Upon receipt of an application in writing from a person who alleges that a dealer has failed to account to him in respect of any moneys or securities held or received by that dealer for or on his behalf, the Minister may appoint in writing an independent auditor to examine, audit and report either generally or in relation to any particular matter upon the books, accounts and records of and securities held by that dealer.
(2)
Every application under subsection (1) of this section shall state —
particulars of the circumstances under which the dealer received the moneys or securities in respect of which he is alleged to have failed to account;
particulars of those moneys or securities and of the transactions of the applicant and the dealer relating thereto; and
such other particulars as are prescribed.
(3)
Every statement in any such application shall be verified by a statutory declaration made by the applicant and shall, if made bona fide and without malice, be privileged.
(4)
The Minister shall not appoint an independent auditor under subsection (1) of this section unless he is satisfied —
that the applicant has good reason for making the application; and
that it is expedient in the interests of the dealer or the applicant or the public generally that the books, accounts and records of and securities held by the dealer should be examined, audited and reported upon.