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Roles and Responsibilities of External Auditors

 
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The clubs' external auditors are required to perform a review of Form PL-R1 based on the minimum checks prescribed by IRAS.

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Monthly Audited Statement from 1 Apr 2011

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.

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Appointing an External Auditor

The club do not need to seek IRAS' approval when appointing a public accountant to perform the review of Form PL-R1. 

The club may verify if an auditor is a public accountant via ACRA's BizFile portal.

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Minimum Checks Required When Reviewing Form PL-R1

These checks are prescribed to provide clarity and promote consistency on the work performed by the auditor.

1. Audit Checklist

External auditors should use the Audit Checklist for Form PL-R1 (31 KB) to carry out the minimum checks.

2. Performing the Review

i) The auditor is not required to limit his work to these minimum checks. In the course of performing the review, the auditor is expected to:

  1. Exercise his professional judgment; and
  2. Make enquiries 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.

ii) For identification purpose, IRAS requires the following to be provided on Form PL-R1:

  1. The audit firm's stamp
  2. The name of auditor or representative who is involved in the review.
Where the Auditor Noted Any Exception

The club should submit to IRAS the audit checklist with details of the exception together with its monthly filing of PL duty.

Where No Exception is Noted after the Auditor has Performed the Review on Form PL-R1

The club does not need to submit the checklist to IRAS. Instead, the club should retain a copy of the completed checklist and submit it upon IRAS' request.

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