Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Expenses
28.—(1) All expenses incurred in connection with the administration of the Endowment Fund and Edusave Pupils Fund, including the cost of auditing the accounts of those Funds under section 31(1), must be defrayed out of the income of the Endowment Fund. (2) All expenses incurred in connection with the administration of the PSE Fund, including the cost of auditing the accounts of that Fund under section 31(1), must be paid out of the Consolidated Fund.[17
Financial year
29. The financial year of the Endowment Fund, the Edusave Pupils Fund and the PSE Fund begins on 1 April of each year and ends on 31 March of the succeeding year.[18
Accounts to be kept
30.—(1) The Minister must —(a) cause to be kept proper accounts and records of all transactions and affairs relating to the Endowment Fund, the Edusave Pupils Fund and the PSE Fund; and (b) do all things necessary to ensure that —(i) all payments out of each Fund are correctly made and properly authorised; and (ii) adequate control is maintained over the assets and receipts of each Fund. (2) The Minister must, as soon as practicable after the close of each financial year but not later than 30 June of each year, cause to be prepared and submitted to the auditor of each Fund financial statements in respect of that year for that Fund.[19
Appointment, powers and duties of auditor
31.—(1) The accounts of the Endowment Fund, the Edusave Pupils Fund and the PSE Fund must be audited by —(a) the Auditor-General; or (b) such other auditor as may be appointed annually by the Minister in consultation with the Auditor‑General. (2) A person is not qualified for appointment as an auditor under subsection (1)(b) unless the person is a public accountant within the meaning of the Companies Act 1967. (3) The auditor of each Fund or any person authorised by the auditor 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 that Fund and may make copies of, or extracts from, any of those accounting and other records. (4) The auditor of each Fund must in the auditor’s report state —(a) whether the financial statements show fairly the financial transactions and the state of affairs of that Fund; (b) whether proper accounting and other records have been kept, including records of all assets of that Fund; (c) whether receipts, expenditure and investment of moneys and the acquisition and disposal of assets on account of that Fund during the financial year were in accordance with the provisions of this Act; and (d) any other matter arising from the audit that the auditor considers necessary. (5) The auditor of each Fund must, as soon as practicable after the accounts have been submitted for audit, send a report of the audit to the Minister and must also submit such periodical and special reports to the Minister as appear to the auditor to be necessary or as the Minister may require. (6) Where the Auditor‑General is not the auditor of the Endowment Fund, the Edusave Pupils Fund or the PSE Fund, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor‑General.[20
Failure to provide information to auditor
32.—(1) The auditor or any person authorised by the auditor may require any person to provide any information in that person’s possession or to which that person has access that the auditor considers necessary for the purposes of the auditor’s functions under this Act. (2) Any person who, without reasonable excuse, fails to comply with any requirement of the auditor under subsection (1) or who otherwise hinders, obstructs or delays the auditor in the performance of the duties or the exercise of the powers of the auditor shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.[21
Presentation of financial statements, auditor’s report and annual report to Parliament
33. The Minister must, as soon as practicable but not later than 30 September of each year, cause an annual report in respect of the administration of the Endowment Fund, the Edusave Pupils Fund and the PSE Fund during the preceding financial year to be prepared, and must present a copy of the annual report and of the audited financial statements and the auditor’s report to Parliament.[22
Offences
34. Any person who for any purpose connected with this Act —(a) knowingly makes any false statement; or (b) produces or provides or causes or knowingly allows to be produced or provided any document which the person knows to be false in a material particular, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000. [23
Regulations
35.—(1) The Minister may make regulations necessary or expedient for the purpose of carrying out the provisions of this Act. (2) Without limiting subsection (1), the regulations may —(a) provide for the establishment of scholarships and other awards out of the income of the Endowment Fund and for all matters connected therewith, including the persons eligible to apply for each type of scholarship or award, and the amount of each type of scholarship or award; (b) prescribe the amount which may be withdrawn, and the manner in which withdrawals may be made, by members of the Edusave Pupils Fund or their parents; (c) provide for such information, evidence and documents as the Edusave Scheme Administrator may require from members of the Edusave Pupils Fund or their parents who have applied for or utilised the withdrawals mentioned in paragraph (b); (d) provide for the circumstances in which a refund of any sum withdrawn from the Edusave Pupils Fund must be made or may be required by the Edusave Scheme Administrator to be made, and for the person by whom and the manner in which the refund is to be made; (e) provide for the disposal of amounts in the Edusave Pupils Fund which are unclaimed or unpaid, or which otherwise remain in that Fund; (f) prescribe the procedure of the Council; (g) prescribe the amount which may be withdrawn, and the manner in which withdrawals may be made, by members of the PSE Fund or their parents; (h) provide for such information, evidence and documents as the PSE Scheme Administrator may require from members of the PSE Fund or their parents who have applied for or utilised the withdrawals mentioned in paragraph (g); (i) provide for the circumstances in which a refund of any sum withdrawn from the PSE Fund must be made or may be required by the PSE Scheme Administrator to be made, and for the person by whom and the manner in which the refund is to be made; (j) provide for the disposal of amounts in the PSE Fund which are unclaimed or unpaid, or which otherwise remain in that Fund; and (k) prescribe anything which may be prescribed.[24 [33/2014]
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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