Regulatory Alerts2005-11-21
Added
Notice 801 Appointment of Auditors
The Monetary Authority of Singapore issued Notice 801 to mandate that auditors of finance companies must be approved by the Authority pursuant to Section 41 of the Finance Companies Act. Finance companies are required to submit the name of their proposed auditor for appointment or re-appointment annually for regulatory approval. The notice also specifies that the duties of the appointed auditor are defined under Sections 41(4) and 41(5) of the Act.
MAS 801 1 December 1983 (updated on 21 Nov 05) NOTICE TO FINANCE COMPANIES FINANCE COMPANIES ACT, CAP 191 BFI (FC) Circular No. 3/71 dated 7 April 1971 and FC Notice 1 dated 1 November 1973 are cancelled. Appointment of Auditors Pursuant to Section 41 of the Finance Companies Act, auditors of finance companies shall be approved by the Authority. Finance companies are required to submit annually for the Authority's approval the name of the auditor they propose to appoint or re-appoint in respect of each financial year. The duties of the auditor appointed are specified under Section 41(4) and (5) of the Act. Last modified on 19/3/2007