Proper accounting of payments and refunds
18.—(1)  The competent authority shall maintain a separate bank account for all collections of the following:
(a)the development charge;
(b)the prescribed fee paid in respect of any request under section 39(2) of the Act; and
(c)the prescribed fee paid under rule 15(1),
less any refund as may be permitted under the Act or these Rules.
(2)  The competent authority shall maintain proper accounts and records of all the collections and refunds referred to in paragraph (1).
(3)  The accounts and records maintained by the competent authority under paragraph (2) for each financial year shall be audited by an approved auditor.
(4)  The approved auditor shall, upon completion of an audit of the accounts and records, submit to the Permanent Secretary to the Ministry of National Development, an audit certificate stating —
(a)whether proper records and accounts have been maintained for all the collections and refunds referred to in paragraph (1);
(b)whether, in the opinion of the approved auditor, the competent authority’s system of collection and refund is operating satisfactorily; and
(c)the amounts collected and refunded in the relevant financial year.
(5)  The competent authority shall, if requested in writing and as soon as practicable, make the accounts and records available for inspection by the Auditor-General or any public officer of the Ministry of National Development.
(6)  The competent authority shall, on or before the 15th day of each month —
(a)pay into the Consolidated Fund the total collection, less any refund made, for the preceding month together with all interest accrued to the bank account for that month; and
(b)certify and submit to the Permanent Secretary to the Ministry of National Development, a statement of the collections and refunds for the preceding month.
(7)  For the purposes of this rule —
(a)a financial year begins on 1st April of each year and ends on 31st March of the succeeding year; and
(b)“approved auditor” means —
(i)the internal auditor of the Urban Redevelopment Authority;
(ii)the internal auditor of the Ministry of National Development; or
(iii)a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2).