Singapore legislation

Clause 31

Reports by auditor to Authority in certain cases

(1)

Where the auditor of a licensed trust company, in the performance of his duties as such auditor, becomes aware of —

(a)

any matter which, in his opinion, adversely affects or may adversely affect the financial position of the licensed trust company to a material extent;

(b)

any matter which, in his opinion, constitutes or may constitute a contravention of any provision of this Act or an offence involving fraud or dishonesty; or

(c)

any irregularity that has or may have a material effect upon the accounts, including any irregularity that may affect or jeopardise the moneys or other assets of any protected party of the licensed trust company,the auditor shall immediately thereafter send a report in writing of the matter or irregularity to the Authority.

(2)

Any auditor who contravenes subsection (1) shall be guilty of an offence.

Read in full context — Trust Companies Bill →