Singapore legislation
Regulation 4
Regulation 4
Accounts
Subregulation 1
The president, secretary and treasurer (or other officers holding analogous positions) of every registered society shall ensure that —
proper accounts and records of the transactions and affairs of the society are kept to show and explain all the society’s transactions and to disclose, with reasonable accuracy, the financial position of the society at any time; and
the accounts of the society for each financial year are audited by —
the society’s auditor where the gross income or expenditure of the society does not exceed $500,000 in that financial year; or
a qualified company auditor where the gross income or expenditure of the society exceeds $500,000 in that financial year.
Subregulation 2
The accounts and records referred to in paragraph (1) shall, in particular, contain —
entries showing from day to day all sums of money received and expended by the society and the matters in respect of which the receipt and expenditure took place; and
a record of the assets and liabilities of the society.