Singapore legislation
Clause 12
Clause 12
Repeal of Schedule, and new First and Second Schedules
The Schedule to the principal Act is repealed and the following Schedules substituted therefor:“FIRST SCHEDULESection 16.Financial ProvisionsFinancial year
1. The financial year of the Board shall begin on 1st April of each year and end on 31st March of the succeeding year except that the first financial year shall begin on the date of commencement of this Act and shall end on 31st March of the succeeding year.Accounts of Board
2. The Board shall keep proper accounts and records of its transactions and affairs and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorised and that adequate control is maintained over the assets of, or in the custody of, the Board and over the expenditure incurred by the Board.Auditor3.—
The accounts of the Board shall be audited by the Auditor-General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor-General.(2) A person shall not be qualified for appointment as an auditor under sub-paragraph (1) unless he is an approved company auditor under the Companies Act (Cap. 50).(3) The remuneration of the auditor shall be paid out of the Fund.Financial statements
4. The Board shall, as soon as practicable but not later than 30th June in every year, prepare and submit the financial statements in respect of the preceding financial year to the auditor who shall audit and report on them.Auditor’s report5.—
The auditor shall in his report state —
whether the financial statements show fairly the financial transactions and the state of affairs of the Board;
whether proper accounting and other records have been kept, including records of all assets of the Board whether purchased, donated or otherwise;
whether the financial statements are prepared on a basis similar to that adopted for the preceding year;
whether the financial statements are in agreement with the accounting and other records;
whether the receipts, expenditure, investment of moneys, and the acquisition and disposal of assets by the Board during the financial year have been in accordance with this Act; and
such other matters arising from the audit as he considers should be reported.(2) The auditor shall send an annual report of his audit to the Board not later than 30th September in each year.(3) The auditor may at any other time report to the Minister through the Board upon any matter arising out of the performance of his audit.Powers of auditor6.—
The auditor or any person authorised by him is entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Board.(2) The auditor or a person authorised by him may make copies of or extracts from any such accounting and other records.(3) The auditor may require any person to furnish him with such information in the possession of that person or to which that person has access as the auditor considers necessary for the purposes of his functions under this Act.Penalty for obstruction
7. Any person who fails without any reasonable cause to comply with any requirement of the auditor under paragraph 6(3) or who otherwise hinders, obstructs or delays the auditor in the performance of his functions under this Act shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and, in the case of a continuing offence, to a further fine not exceeding $100 for every day during which the offence continues after conviction.Presentation of audited financial statements and auditor’s report8.—
As soon as the accounts of the Board and the financial statements have been audited in accordance with the provisions of this Act but not later than 30th September in each year, a copy of the audited financial statements signed by the Chairman and certified by the auditor, together with a copy of any report made by the auditor, shall be submitted to the Minister.(2) Where the Auditor-General is not the auditor of the Board, a copy of the audited financial statements and any report made by the auditor shall be forwarded to the Auditor-General at the same time they are submitted to the Board.(3) The Minister shall as soon as practicable cause a copy of the audited financial statements and of the report of the auditor to be presented to Parliament.SECOND SCHEDULESection 22.Matters in Respect of Which Minister May Make Regulations
1. Requiring employers to give notice of their liability to pay the levy and the manner in which the notice shall be given.
2. The manner in which the levy is to be paid and collected and the manner in which the levy when paid and collected shall be accounted for.
3. The manner in which the levy due and unpaid are to be assessed and collected.
4. The keeping by employers liable to pay the levy of payroll records, receipts of contributions and such other documents as may seem necessary, and the preservation of the same.
5. The disclosure and making of returns to persons authorised by the Board of such information as may be required for the ascertainment and assessment of liability to pay contributions.
6. The production to and inspection and removal by persons authorised by the Board of accounts, payroll records, books, receipts and other records for the purpose of satisfying themselves as to whether the levy has been duly paid.
7. The refund of any levy paid in excess of the amount required by this Act.
8. Matters consequential on the death of an employer, his becoming bankrupt or subject to any incapacity or (where the employer is a company) its winding up, in relation to any unpaid levy.
9. The remission of any levy.
10. The purposes for which moneys of the Fund may be applied.
11. The production to and inspection and removal by persons authorised by the Board of accounts, books, receipts and other records for the purpose of satisfying them as to whether grants or loans from the Fund have been properly applied by persons obtaining such grants or loans.
12. Making any act or omission in contravention of any regulations made under this Act an offence and prescribing penalties for such offences which may consist of a fine not exceeding $5,000 or imprisonment for a term not exceeding one year or both.
13. The imposition of penalties (such penalties, if unpaid, to be recoverable as a debt due to the Board) to be paid by an employer for late payment of the levy.
14. The manner of the service of notices for the purposes of this Act.”.