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PART VI
ACCOUNTS AND AUDIT
Division 1 — Accounts
Accounting records and systems of control
199. —(1) Every company and the directors and managers thereof shall cause to be
kept such accounting and other records as will sufficiently explain the transactions
and financial position of the company and enable true and fair profit and loss
accounts and balance-sheets and any documents required to be attached thereto to
be prepared from time to time, and shall cause those records to be kept in such
manner as to enable them to be conveniently and properly audited.
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(2) The company shall retain the records referred to in subsection (1) for a period
of not less than 5 years from the end of the financial year in which the transactions
or operations to which those records relate are completed.
(2A) Every public company and every subsidiary of a public company shall devise
and maintain a system of internal accounting controls sufficient to provide a
reasonable assurance that —
(a) assets are safeguarded against loss from unauthorised use or disposition; and
(b) transactions are properly authorised and that they are recorded as necessary to
permit the preparation of true and fair profit and loss accounts and balance-sheets
and to maintain accountability of assets.
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(3) The records referred to in subsection (1) shall be kept at the registered office of
the company or at such other place as the directors think fit and shall at all times be
open to inspection by the directors.
(4) If accounting and other records are kept by the company at a place outside
Singapore there shall be sent to and kept at a place in Singapore and be at all times
open to inspection by the directors such statements and returns with respect to the
business dealt with in the records so kept as will enable to be prepared true and fair
profit and loss accounts and balance-sheets and any documents required to be
attached thereto.
(5) The Court may in any particular case order that the accounting and other
records of a company be open to inspect