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Accountants Act 2004
coporate law, lawyer (law 201)
Trường Đại học Luật Hà Nội
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THE STATUTES OF THE REPUBLIC OF SINGAPORE
ACCOUNTANTS ACT 2004
2020 REVISED EDITION This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021.
Prepared and Published by THE LAW REVISION COMMISSION UNDER THE AUTHORITY OF THE REVISED EDITION OF THE LAWS ACT 1983
Accountants Act 2004
ARRANGEMENT OF SECTIONS
PART 1 PRELIMINARY
Section 1. Short title 2. Interpretation
PART 2 ADMINISTRATION OF ACT 3. Administration of Act 4. Appointment of Public Accountants Oversight Committee 5. Functions and powers of Oversight Committee 6. Appointment of sub-committees by Oversight Committee 7. Appointment and duties of Registrar 8. Registers 9. Certificate of Registrar
PART 3 REGISTRATION OF PUBLIC ACCOUNTANTS 10. Qualifications for registration 11. Application for registration 12. Certificate of registration and record in Register of Public Accountants 12A. Electronic transaction system 12B. Request for copy of filed documents 12C. Alternate address 13. Renewal of registration 14. Duty to report change in particulars 15. Removal from Register of Public Accountants 16. Publication of list of public accountants
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2020 Ed.
PART 6 DISCIPLINARY PROCEEDINGS
Section 39. Appointment of Complaints and Disciplinary Panel 40. Complaints against public accountants, accounting corporations, accounting firms and accounting LLPs 41. Review of complaint 42. Power to proceed with complaint despite complainant’s withdrawal 43. Conviction final and conclusive 44. Constitution of Complaints Committee 45. Proceedings of Complaints Committee 46. Powers of Complaints Committee 47. Findings of Complaints Committee 48. Decision of Oversight Committee 49. Constitution of Disciplinary Committee 50. Notice of formal inquiry 51. Procedure of Disciplinary Committee 52. Cancellation of registration, suspension, etc., of public accountants 53. Revocation of approval, etc., of accounting corporations, accounting firms and accounting LLPs 54. Appeal against disciplinary orders of Oversight Committee
PART 7 MISCELLANEOUS 55. Reinstatement to Register 56. Holding out as public accountant, accounting corporation, accounting firm or accounting LLP 57. Remuneration for services rendered 58. Fraudulent practices in relation to registration 59. Restrictions on employing disqualified persons 60. Offences committed by bodies corporate, etc. 61. Jurisdiction of District Court 62. Composition of offences 63. Protection from personal liability 64. Rules 64A. Service of documents on public accountant
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PART 8 SAVING AND TRANSITIONAL PROVISIONS
Section 65. Saving for repealed Accountants Act 66. Saving and transitional provisions for public accountants, accounting corporations and accounting firms 67. Saving for other written laws 68. Transitional provisions relating to Institute of Certified Public Accountants of Singapore The Schedule — Constitution and proceedings of Oversight Committee
An Act relating to public accountants. [5/2013] [1 April 2004]
PART 1
PRELIMINARY
Short title
- This Act is the Accountants Act 2004.
Interpretation
2.—(1) In this Act, unless the context otherwise requires — “accounting corporation” means a company approved as an accounting corporation under section 17; “accounting firm” means a firm approved as an accounting firm under section 18; “accounting limited liability partnership” or “accounting LLP” means a limited liability partnership approved as an accounting limited liability partnership under section 18A; “alternate address” means an alternate address maintained with the Registrar under section 12C that meets the requirements of that section;
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“firm” means a sole proprietorship or partnership; “identification” means — (a) in the case of an individual issued with an identity card under the National Registration Act 1965, the number of the individual’s identity card; and (b) in the case of an individual not issued with an identity card under that Act, particulars of the individual’s passport or other similar evidence of identity that is acceptable to the Registrar; “lay person”, in relation to the Complaints and Disciplinary Panel, a Complaints Committee or a Disciplinary Committee, means an architect, a banker, an advocate and solicitor, a company director, an insurer, a professional engineer, a medical practitioner or a person who possesses such other qualifications as may be approved by the Oversight Committee; “limited liability partnership” has the meaning given by section 4(1) of the Limited Liability Partnerships Act 2005; “manager”, in relation to a limited liability partnership, has the meaning given by section 2(1) of the Limited Liability Partnership Act 2005; “Oversight Committee” means the Public Accountants Oversight Committee appointed by the Authority under section 4; “professional indemnity insurance” includes insurance indemnifying a public accountant, an accounting corporation, an accounting firm or an accounting LLP against liability to compensate a third party who has sustained financial loss or any other damage or injury due to a breach of professional duty or to any professional negligence on the part of such public accountant, accounting corporation, accounting firm or accounting LLP, as the case may be (including any such negligence by any director of such accounting corporation or any partner of such accounting LLP), or fraud or dishonesty;
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“public accountancy services” means the audit and reporting on financial statements and the doing of any other acts that are required by any written law to be done by a public accountant; “public accountant” means an individual who is registered or deemed to be registered in accordance with this Act as a public accountant; “Register of Public Accountants” means the register kept and maintained under section 5(1)(a)(i); “Register of Public Accounting Corporations” means the register kept and maintained under section 5(1)(a)(ii); “Register of Public Accounting Firms” means the register kept and maintained under section 5(1)(a)(iii); “Register of Public Accounting Limited Liability Partnerships” means the register kept and maintained under section 5(1)(a)(iv); “Registrar” means the Registrar of Public Accountants appointed by the Authority under section 7(1)(a) and includes a Deputy Registrar and an Assistant Registrar appointed under section 7(1)(b); “relevant particulars”, in relation to a public accountant, an accounting corporation, an accounting firm or an accounting LLP, means such particulars of the public accountant, accounting corporation, accounting firm or accounting LLP as the Oversight Committee may determine to be relevant for inclusion in the Register of Public Accountants, the Register of Public Accounting Corporations, the Register of Public Accounting Firms or the Register of Public Accounting Limited Liability Partnerships, as the case may be; “repealed Accountants Act” means the Accountants Act (Cap. 2, 2001 Revised Edition) in force immediately before 1 April 2004; “residential address”, in relation to an individual, means the individual’s usual place of residence;
7 Accountants Act 2004 2020 Ed.
PART 2
ADMINISTRATION OF ACT
Administration of Act
- The Authority is responsible — (a) for the registration of public accountants and the approval of accounting corporations, accounting firms and accounting LLPs and the names thereof under this Act; (b) for the control and regulation of the practice of the profession of accountancy by public accountants, accounting corporations, accounting firms and accounting LLPs; and (c) generally, for the administration of this Act,
and must carry out those functions subject to the general or special directions of the Minister. [11/2006]
Appointment of Public Accountants Oversight Committee
4.—(1) For the discharge of its functions under section 3, the Authority may, with the approval of the Minister and subject to subsection (2), appoint from among its members a committee to be known as the Public Accountants Oversight Committee.
(2) At least one member of the Oversight Committee must be a public accountant.
(3) The Oversight Committee must carry out the functions and duties and exercise the powers conferred on it by this Act in accordance with any general or special directions that the Authority may give to the Oversight Committee.
(4) The Schedule has effect with respect to the Oversight Committee, its members and proceedings.
(5) The Authority may, with the approval of the Minister, amend or vary the Schedule by order in the Gazette.
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Functions and powers of Oversight Committee
5.—(1) The Oversight Committee is to assist the Authority in the discharge of the Authority’s functions under section 3 and, in so doing, is to —
(a) keep and maintain — (i) a Register of Public Accountants; (ii) a Register of Public Accounting Corporations; (iii) a Register of Public Accounting Firms; (iv) a Register of Public Accounting Limited Liability Partnerships; and (v) any other registers that may be necessary for the purposes of this Act; (b) consider and, as appropriate, grant (whether unconditionally or subject to such conditions as it thinks fit) or reject — (i) all applications for registration made under Part 3; and (ii) all applications for approval under Part 4; (c) assist the Authority in determining, prescribing and reviewing the requirements to be satisfied by individuals seeking to be registered as public accountants under Part 3; (d) conduct or arrange for the conduct of such examinations as it thinks necessary for the purposes of registering public accountants; (e) administer the continuing professional education programmes for public accountants; (f) administer the practice monitoring programmes under Part 5; (g) assist the Authority in determining, prescribing and reviewing — (i) the codes of professional conduct and ethics for public accountants; and
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be exercised or performed by the Oversight Committee under this Act.
(3) The number and term of office of the members of any sub-committee appointed under this section and the number of those members necessary to form a quorum is to be determined by the Oversight Committee.
(4) A sub-committee appointed under this section may include persons who are not members of the Oversight Committee.
(5) The Oversight Committee may continue to exercise any power conferred upon it or perform any function under this Act despite the delegation of such power or function to a sub-committee under this section.
(6) For the purposes of the Accounting and Corporate Regulatory Authority Act 2004, any member of a sub-committee appointed by the Oversight Committee under or for the purposes of this Act is deemed to be a member of a committee of the Authority.
Appointment and duties of Registrar
7.—(1) The Authority must, from among its officers, appoint — (a) a Registrar of Public Accountants; and (b) such number of Deputy Registrars and Assistant Registrars of Public Accountants as the Authority considers necessary. (2) The Registrar must — (a) carry out the functions and duties and exercise the powers conferred on him or her by this Act in accordance with any general or special directions that the Authority or the Oversight Committee may give to him or her; (b) attend all meetings of the Oversight Committee and record the proceedings of those meetings; (c) conduct the correspondence and deal with such matters as may be assigned to him or her by the Authority or the Oversight Committee;
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(d) issue all certificates and notices required to be issued under this Act; and (e) collect all fees payable under this Act and pay all amounts so collected into the funds of the Authority. (3) Subject to such restrictions and limitations as the Authority or Oversight Committee may determine, the powers and duties of the Registrar under this Act may be exercised and discharged by a Deputy Registrar or an Assistant Registrar.
Registers
8.—(1) The Registrar is responsible for the custody and maintenance of —
(a) the Register of Public Accountants; (b) the Register of Public Accounting Corporations; (c) the Register of Public Accounting Firms; and (d) the Register of Public Accounting Limited Liability Partnerships. [11/2006] (2) The Registrar must — (a) record — (i) in the Register of Public Accountants the name and relevant particulars of every public accountant who is registered under this Act or whose registration has been suspended or cancelled; (ii) in the Register of Public Accounting Corporations the name and relevant particulars of every accounting corporation that is approved under this Act or that has had its approval revoked; (iii) in the Register of Public Accounting Firms the name and relevant particulars of every accounting firm that is approved under this Act or that has had its approval revoked; and
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PART 3
REGISTRATION OF PUBLIC ACCOUNTANTS
Qualifications for registration
10.—(1) Any individual who — (a) has attained 21 years of age; and (b) satisfies the prescribed requirements relating to — (i) qualifications; (ii) practical experience; and (iii) membership in any professional accountancy body or organisation,
is entitled, on payment of the prescribed fee, to be registered as a public accountant under this Part.
(2) The Authority may, after consultation with the Oversight Committee and subject to such conditions as it thinks fit, exempt any individual from any of the prescribed requirements referred to in subsection (1)(b).
Application for registration
11.—(1) Any individual who desires to be registered as a public accountant under this Part may make an application to the Oversight Committee in such form or manner as the Oversight Committee may require.
(2) An application for registration under subsection (1) on or after 3 January 2016 must contain the following particulars of the applicant:
(a) full name; (b) identification; (c) nationality; (d) residential address. [35/2014]
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(3) An application under subsection (1) must be accompanied by — (a) the prescribed fee; and (b) a declaration by the applicant verifying any information contained in or relating to the application. (4) The Oversight Committee may require an applicant for registration to undergo such interviews as the Oversight Committee may determine.
(5) The Oversight Committee may refuse to register any applicant who —
(a) in the opinion of the Oversight Committee — (i) is not of good reputation or character; (ii) is engaged in any business or occupation that is inconsistent with the integrity of a public accountant; or (iii) is otherwise unfit to practise as a public accountant; or (b) has had his or her registration, licence or approval to practise as a public accountant in any other country withdrawn, suspended, cancelled or revoked. (6) Where the Oversight Committee refuses to register an applicant, it must by written notice inform the applicant of its refusal.
(7) Any person who is aggrieved by any refusal of the Oversight Committee under subsection (5) may, within 30 days of the notice given under subsection (6), appeal to the Minister whose decision is final.
(8) In the case of an applicant who applies for registration before 3 January 2016 and is registered as a public accountant after 3 January 2016, the address stated in his or her application to the Oversight Committee is treated as his or her residential address in the Register of Public Accountants, until a notification of any change to his or her residential address is received under section 14(1). [35/2014]
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(a) the filing or lodging of any document with the Registrar, or the submission, production, delivery, provision or sending of any document to the Registrar; (b) any making of any application, submission or request to the Registrar; (c) any provision of any undertaking or declaration to the Registrar; and (d) any extraction, retrieval or accessing of any document, record or information maintained by the Registrar. [18/2014]
Request for copy of filed documents
12B.—(1) Subject to section 12C, a person may, upon payment of such fee as may be prescribed, require a copy of or an extract from any document, as may be prescribed, which is filed with the Registrar, to be given or certified by the Registrar. [35/2014] (2) Any copy or extract given under subsection (1) which is certified to be a true copy or extract by the Registrar is, in any proceedings, admissible in evidence as of equal validity with the original document. [35/2014]
Alternate address
12C.—(1) Despite section 12B, the Registrar must not disclose or make available for public inspection the particulars of a public accountant’s residential address that is lodged with the Registrar under this Act or transmitted to the Registrar by the Commissioner of National Registration under section 11 of the National Registration Act 1965 if the requirements of subsection (2) are satisfied. [35/2014] (2) The requirements referred to in subsection (1) are that the public accountant mentioned in that subsection maintains with the Registrar an alternate address that complies with the following conditions:
(a) it is an address at which the public accountant can be located;
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(b) it is not a post office box number; (c) it is not the residential address of the public accountant; (d) it is located in the same jurisdiction as the public accountant’s residential address. [35/2014] (3) For the purposes of subsection (2) — (a) a public accountant who wishes to maintain an alternate address must lodge an application with the Registrar; (b) a public accountant may not maintain more than one alternate address at any one time; (c) a public accountant who wishes to cease to maintain an alternate address must lodge a notice of withdrawal with the Registrar; and (d) a public accountant who wishes to change his or her alternate address must lodge a notice of change with the Registrar. [35/2014] (4) An application to maintain an alternate address, and the lodgment of a notice of withdrawal or change of an alternate address, are subject to the payment of such fees as may be prescribed. [35/2014] (5) Subsection (1) applies from the time at which the Registrar accepts an application to maintain an alternate address mentioned in subsection (3)(a). [35/2014] (6) A public accountant who maintains an alternate address under subsection (2) must ensure that he or she can be located at that alternate address. [35/2014] (7) A public accountant who fails to comply with subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both. [35/2014]
19 Accountants Act 2004 2020 Ed.
Accountants Act 2004
Course: coporate law, lawyer (law 201)
University: Trường Đại học Luật Hà Nội
