On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 29/04/2011.
SIXTH SCHEDULE
Financial Provisions With Respect to Di Fund,
Ppf Life Fund and Ppf General Fund
Ppf Life Fund and Ppf General Fund
1.—(1) The financial year of the DI Fund shall begin on 1st April of every year and end on 31st March of the following year.
(2) The financial year of the PPF Life Fund and the PPF General Fund shall begin on 1st April of every year and end on 31st March of the following year, except that the first financial year of the PPF Life Fund and the PPF General Fund shall begin on the effective date and end on 31st March of the following year.
2. The Agency shall —
(a)
keep or cause to be kept proper accounts and records of the transactions and affairs in respect of the DI Fund, PPF Life Fund and PPF General Fund; and
(b)
after the close of each financial year prepare financial statements in respect of the DI Fund, PPF Life Fund and PPF General Fund for that year.
3. The accounts shall be audited by the Auditor-General or such other auditor as may be appointed annually by the Agency in consultation with the Auditor-General.
4. A person shall not be qualified for appointment as an auditor under paragraph 3 unless he is a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2).
5. The Agency shall, as soon as practicable after the close of each financial year, prepare and submit financial statements in respect of that year to the auditor.
6. The remuneration of the auditor shall be paid out of the DI Fund, PPF Life Fund or PPF General Fund in such proportion as the Agency considers proper.
7. The auditor shall in his report state —
(a)
whether the financial statements show fairly the financial transactions and the state of affairs of the DI Fund, PPF Life Fund and PPF General Fund, respectively;
(b)
whether proper accounting and other records have been kept, including records of all assets of the DI Fund, PPF Life Fund and PPF General Fund, respectively, whether purchased, donated or otherwise;
(c)
whether the receipts, expenditure and investment of moneys by the DI Fund, PPF Life Fund and PPF General Fund, respectively, during the financial year were in accordance with the provisions of this Act; and
(d)
such other matters arising from the audit as he considers necessary.
8.—(1) The auditor shall, as soon as practicable after the accounts have been submitted for audit, send a report of his audit to the Agency.
(2) The auditor shall submit such periodical and special reports to the Minister and to the Agency as may appear to him to be necessary or as the Minister or the Agency may require.
9.—(1) The auditor or any person authorised by him shall be 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 DI Fund, PPF Life Fund and PPF General Fund, and may make copies of or extracts from any such accounting and other records.
(2) The auditor or any person authorised by him 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.
10. Any person who fails, without reasonable excuse, to comply with any requirement of the auditor under paragraph 9(2) or who otherwise hinders, obstructs or delays the auditor in the performance of his duties or the exercise of his powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $4,000.
11. The Agency shall, as soon as the financial statements have been audited in accordance with the provisions of this Act, submit a copy of the audited financial statements, together with a copy of the auditor’s report, to the Minister.
12. Where the Auditor-General is not the auditor of the DI Fund, PPF Life Fund or PPF General Fund, the Agency shall cause to be sent to the Auditor-General a copy of the audited financial statements and any report made by the auditor at the same time they are submitted to the Minister.