Expenses
s 7
7. All expenses incurred in connection with the administration of the Endowment Fund, including the cost of auditing the accounts of the Fund, must be defrayed out of the income of the Fund.
Lifelong Learning Endowment Fund Act 2001 PART 3 — GENERAL FINANCIAL PROVISIONS
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Financial year of Endowment Fund
s 8
8. The financial year of the Endowment Fund begins on 1 April of each year and ends on 31 March of the succeeding year.
Accounts
s 9
9.—(1) The Minister must cause to be kept proper accounts and records of all transactions and affairs relating to the Endowment Fund and must do all things necessary to ensure that all payments out of the Fund are correctly made and properly authorised and that adequate control is maintained over the assets and receipts of the Fund. (2) The Minister must, as soon as practicable after the close of each financial year, cause to be prepared and submitted financial statements in respect of that year to the auditor of the Endowment Fund.
No payment unless authorised by Minister
s 10
10. A payment must not be made out of the Endowment Fund unless the payment is authorised by the Minister.
Appointment, powers and duties of auditor
s 11
11.—(1) The accounts of the Endowment Fund must be audited by the Auditor‑General or any other auditor that may be appointed annually by the Minister after consulting the Auditor‑General. (2) A person is not qualified for appointment as an auditor under subsection (1) unless the person is a public accountant within the meaning of the Companies Act 1967. (3) The auditor 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 the Endowment Fund and may make copies of, or extracts from, any such accounting and other records. (4) The auditor must state in the auditor’s report —(a) whether the financial statements show fairly the financial transactions and the state of affairs of the Endowment Fund; (b) whether proper accounting and other records have been kept, including records of all assets of the Endowment Fund; (c) whether receipts, expenditure, and investment of moneys and the acquisition and disposal of assets on account of the Endowment Fund during the financial year were in accordance with the provisions of this Act; and (d) such other matters arising from the audit as the auditor considers necessary. (5) The auditor must —(a) as soon as practicable after the accounts have been submitted for audit, send a report of the audit to the Minister; and (b) submit such periodical and special reports to the Minister as may 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, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor-General.
Failure to furnish information to auditor
s 12
12.—(1) The auditor or any person authorised by the auditor (called in this section the authorised person) may require any person to furnish the auditor or authorised person with such information in the possession of that person required or to which that person required has access as 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 auditor’s duties or the exercise of the auditor’s powers shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.
Presentation of annual report, financial statements and auditor’s report to Parliament
s 13
13. The Minister must, as soon as practicable, cause an annual report in respect of the administration of the Endowment 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.
Back to Lifelong Learning Endowment Fund Act 2001 — full text
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.
The Singapore legislation on this platform is subject to copyright of the Singapore Government and is used/reproduced for the purposes of this platform with the permission of the Attorney-General's Chambers. Users of this platform may check Singapore Statutes Online for the latest version of the Singapore legislation.
What to look at next
Lifelong Learning Endowment Fund Act 2001, full textChapter navigation and full text, so you can read this section in contextSingapore legislationSingapore Acts by type and yearGrouped by instrument type and year of enactment, so you can find others of the same kindBrowse by type and yearSingapore: what this database coversWhich datasets are here, which official source they come from, and how current they areSingapore overview