The following apply under Private Lotteries Act 2011:
(a) From 1 Apr 2011, clubs are not required to submit the monthly audited statement of account and auditors’ report on the conduct of all lotteries (including fruit machines, Tombola, Lucky Draws and Scheduled Lottery) to IRAS.
(b) On the monthly meter reading date for fruit machines, auditors are required to perform a review of Form PL-R1 based on the minimum checks imposed by IRAS.
(c) Clubs shall appoint a public accountant for the purposes of (b) above, without the need to seek IRAS' approval. Clubs may wish to verify if an auditor is a public accountant via ACRA's BizFile portal.
Minimum checks required of an external auditor when reviewing Form PL-R1
(a) These checks are prescribed to provide clarity and promote consistency on the work performed by the auditor.
(b) The auditor need not confine his work to these minimum checks. In the course of performing the review, the auditor is expected to exercise his professional judgment, make enquires and/or perform additional procedures to clear his doubts if there is anything to suggest that the particulars and meter readings set out on Form PL-R1 are incorrect.
(c) For identification purpose, IRAS requires the following to be provided on Form PL-R1:
(i) The audit firm's stamp; and
(ii) The name of auditor or his representative who is involved in the review.
(d) Where any exception is noted by the auditor, clubs shall submit the audit checklist with details of the exception to IRAS as part of their monthly filing. Where no exception is noted after the auditor has performed the review on Form PL-R1, there is no need for clubs to submit the checklist to IRAS.
The list of checks required of an external auditor is available in the Audit Checklist for Form PL-R1 (54 KB).