This notice is issued pursuant to Section 26 of the Banking Act (Cap 19) and applies to all banks.
Definitions
2 In this Notice, "auditor" means an auditor appointed by a bank under section 58 of the Act.
3 The expressions used in this Notice shall, except where expressly defined in this Notice or where the context otherwise requires, have the same meanings as in the Banking Act.
Reports of the Auditor of the Bank
4 For the purpose of section 26(2)(a)(ii) of the Act, every bank shall furnish to the Authority the following documents:
(a) a copy of the auditors' long form report, which shall include:
(i) findings and recommendations, if any, on the bank's accounting system, internal controls, quality of loans and advances and other assets, and any non-compliance with the Banking Act, Companies Act, Notices to Banks, guidelines and circulars issued by the Authority, or any other relevant laws and regulations;
(ii) comments on any other areas of weaknesses;
(b) a copy of the auditors' supplementary report, which shall be addressed to the chief executive of the bank and shall contain the auditors' statement as to whether, during the course of their examination, anything came to their notice that caused or led them to believe that:
(i) known bad debts of material amounts had not been written off or fully provided for;
(ii) adequate provision had not been made for known material doubtful debts and for any material impairment of other assets; or
(iii) there was non-compliance with the Banking Act, Companies Act, Notices to Banks, guidelines or circulars issued by the Authority or any other relevant laws or regulations;
(c) in the case of a bank incorporated in Singapore that has established one or more branches in any country outside Singapore, a copy of the auditors' report on the bank's overseas branch or branches.
5 For the purpose of section 26(2)(c), a bank incorporated in Singapore that has established one or more branches in any country outside Singapore shall furnish to the Authority copies of the relevant supervisory authority's report on the bank's overseas operations as and when the bank receives such report from the foreign supervisory authority.
Additional Information
6 For the purpose of section 26(2)(c) of the Act, every bank shall furnish to the Authority, together with a set of audited financial statements of the bank, information relating to items in the balance-sheet and profit or loss account according to the format in Appendix I (PDF, 17.1KB). The bank shall obtain the auditors' certification that all the data contained in the information that is prepared by the bank is in accordance with the financial books and records of the bank.
7 Any bank that is incorporated outside Singapore shall only be required to furnish information referred to in paragraph 6 in respect of the operations of the branches and offices of the bank located within Singapore.
8 Any bank that is incorporated in Singapore shall, in addition to the information referred to in paragraph 6, furnish to the Authority the following additional information:
(a) consolidated audited financial statements of the bank and its subsidiaries, together with the separate financial statements of any company in which the bank holds, directly or through any subsidiary of the bank, 20% or more of the issued share capital; and
(b) the annual audited consolidated financial statements of the bank's ultimate holding company,
as and when the bank receives such additional information.
9 Every bank shall furnish the information referred to in paragraphs 4 to 8 above together with any other information or financial statements that the bank is required to furnish to the Authority under the Act.
Supplementary Information
10 Every bank shall furnish to the Authority any other supplementary information that the Authority may require from time to time to enable it to analyse or study the information furnished by the bank.
Commencement date of Notice
11 This Notice shall take immediate effect.
12 MAS Notice 609 dated 11 November 2002 is cancelled with immediate effect.
Appendix I
 (PDF, 17.1KB)
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