PART 2 3. 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 subsections (2) and (2A), appoint from among its members or from among other persons a committee to be known as the Public Accountants Oversight Committee. [Act 36 of 2022 wef 01/04/2023] | (2) At least one member of the Oversight Committee must be a public accountant. |
| (2A) At least 3 members of the Oversight Committee must be members of the Authority. [Act 36 of 2022 wef 01/04/2023] |
| (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 First Schedule has effect with respect to the Oversight Committee, its members and proceedings. [Act 32 of 2022 wef 01/07/2023] |
| (5) [Deleted by Act 32 of 2022 wef 01/07/2023] |
| (6) For the purposes of the Accounting and Corporate Regulatory Authority Act 2004, a member of the Oversight Committee is deemed to be a member of a committee of the Authority. [Act 36 of 2022 wef 01/04/2023] |
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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 to determine, prescribe, issue, adopt and review —| (i) | the requirements to be applied by public accountants, accounting corporations, accounting firms and accounting LLPs in relation to —| (A) | the detection and prevention of money laundering or the financing of terrorism; and | | (B) | the recording and reporting of transactions suspected of involving money laundering or the financing of terrorism, |
| including any requirement necessary or expedient to give effect to any recommendation issued or adopted by the intergovernmental body known as the Financial Action Task Force relating to the prevention of money laundering and the financing of terrorism; |
| | (ii) | the requirements in respect of professional conduct and ethics applicable to public accountants, accounting corporations, accounting firms and accounting LLPs when providing public accountancy services, other than the matters assigned to the Oversight Committee by the Authority and set out in the code of professional conduct and ethics prescribed by order under section 64AA(1)(a); and | | (iii) | the standards, methods, procedures and other requirements to be applied by public accountants, accounting corporations, accounting firms and accounting LLPs when providing public accountancy services, other than any standard, method, procedure or requirement which is of a class or description specified in the Second Schedule; [Act 32 of 2022 wef 01/07/2023] |
| | (ga) | administer programmes to review the compliance by —| (i) | accounting corporations, accounting firms and accounting LLPs with the quality control standards as defined in section 38B; and | | (ii) | public accountants, accounting corporations, accounting firms and accounting LLPs with the requirements relating to the detection and prevention of money laundering and the financing of terrorism, |
| in accordance with Part 5A; |
[Act 32 of 2022 wef 01/07/2023] | | (h) | inquire into —| (i) | any complaint against any public accountant, accounting corporation, accounting firm or accounting LLP; or | | (ii) | any information relating to any professional misconduct on the part of any public accountant, accounting corporation, accounting firm or accounting LLP, |
| and, if necessary, institute disciplinary proceedings in accordance with Part 6; |
| | (i) | advise the Authority on any matter which relates to the profession of public accountancy; [Act 32 of 2022 wef 01/07/2023] | | (ia) | prescribe the code of professional conduct and ethics applicable to public accountants, accounting corporations, accounting firms and accounting LLPs; [Act 32 of 2022 wef 01/07/2023] | | (ib) | prescribe any standard, method, procedure or other requirement which is of a class or description specified in the Second Schedule that is to be applied by public accountants, accounting corporations, accounting firms and accounting LLPs when providing public accountancy services; and [Act 32 of 2022 wef 01/07/2023] | | (j) | generally do all such acts, matters and things as are necessary to be carried out, or which the Oversight Committee is authorised to carry out, under this Act. [11/2006] |
| (2) The registers referred to in subsection (1)(a) may be kept in such form or manner as the Oversight Committee may determine. |
| (3) Subject to any general or special direction given by the Authority, the Oversight Committee has the power to do anything for the purpose of discharging its functions under this Act, or which is incidental or conducive to the discharge of those functions. |
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| Appointment of sub-committees by Oversight Committee |
6.—(1) Subject to any general or special direction of the Authority, the Oversight Committee may appoint one or more sub‑committees for any general or special purpose which in the opinion of the Oversight Committee may be better dealt with or managed by a sub‑committee.| (2) The Oversight Committee may delegate to any sub‑committee appointed under subsection (1), with or without restrictions or conditions as it thinks fit, any of the powers or functions which may 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. |
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| 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; | | (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. |
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| (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. |
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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 | | (iv) | in the Register of Public Accounting Limited Liability Partnerships the name and relevant particulars of every accounting LLP that is approved under this Act or that has had its approval revoked; |
| | (b) | allow any person to inspect 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 in such manner and on such terms as the Oversight Committee may determine; | | (c) | insert in the appropriate register any change in the names or relevant particulars recorded therein that may have been notified to him or her or that may otherwise have come to his or her knowledge; and | | (d) | correct any error in any entry in any of the registers. [11/2006] |
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| Transitional provision for contact address |
8A.—(1) Where an individual maintained an alternate address with the Registrar under this Act immediately before the commencement date, as from that date, the Registrar must cause —| (a) | the alternate address to be kept as the individual’s contact address in a register maintained under section 8(1), instead of as the individual’s alternate address, until notice of a change in the individual’s contact address is lodged under any ACRA administered Act on or after that date; and | | (b) | the contact address to be made available for public inspection under section 8(2)(b) as the individual’s address. |
(2) Where an individual did not maintain an alternate address with the Registrar under this Act immediately before the commencement date, but the individual’s residential address is kept in a register maintained under section 8(1), the Registrar must, as from that date, cause —| (a) | the individual’s residential address to be kept as the individual’s contact address in that register, in addition to being kept as the individual’s residential address, until notice of a change in the individual’s contact address is lodged under any ACRA administered Act on or after that date; and | | (b) | the contact address to be made available for public inspection under section 8(2)(b) as the individual’s address. |
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(3) Where —| (a) | before the commencement date, the residential address of an individual practitioner of an accounting corporation, an accounting firm or an accounting LLP, a director of an accounting corporation, a partner of an accounting firm or a partner or manager of an accounting LLP (called in this subsection the individual) has been entered in a register mentioned in section 8(1) of that accounting corporation, accounting firm or accounting LLP, as the case may be; and | | (b) | on the commencement date, the registers mentioned in section 8(1) of that accounting corporation, accounting firm or accounting LLP (as the case may be) do not show that the individual holds any of the positions mentioned in paragraph (a) in the same accounting corporation, accounting firm or accounting LLP, as the case may be, |
| the Registrar must, as from the commencement date, cause the individual’s residential address to be excluded from public inspection of that register of that accounting corporation, accounting firm or accounting LLP (as the case may be) under section 8(2)(b). |
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(4) In this section —| “commencement date” means the date of commencement of section 14 of the ACRA (Registry and Regulatory Enhancements) Act 2024; |
| “individual practitioner” has the meaning given by section 38B. [Act 21 of 2024 wef 09/12/2024] |
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| Exclusion of residential address from public inspection if contact address is available |
8B.—(1) The Registrar must cause an individual’s residential address recorded in any register maintained under section 8(1) to be excluded from public inspection under section 8(2)(b).| (2) Where, pursuant to subsection (1) or (3), the individual’s residential address is excluded from public inspection under section 8(2)(b), the Registrar may cause the residential address to cease to be excluded from such public inspection in accordance with section 8C. |
(3) Where, pursuant to subsection (2), the individual’s residential address has ceased to be excluded from public inspection under section 8(2)(b), the Registrar must cause the exclusion from public inspection to resume if —| (a) | subject to section 8C(8) and the equivalent provisions in other ACRA administered Acts, the Registrar receives notice of the individual’s contact address under any ACRA administered Act; or | | (b) | the Court so directs on an appeal under section 8C(7). [Act 21 of 2024 wef 09/12/2024] |
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| Cessation of exclusion of residential address from public inspection |
8C.—(1) For the purposes of section 8B(2), the grounds for causing an individual’s residential address to cease to be excluded from public inspection under section 8(2)(b) are either that —| (a) | communications sent by the Registrar under this Act, or any officer of the Authority under any ACRA administered Act, to the individual at his or her contact address and requiring a response within a specified period remain unanswered; or | | (b) | there is evidence to show that service of any document under this Act or under any ACRA administered Act at the individual’s contact address is not effective to bring it to the notice of the individual. |
(2) Before causing the individual’s residential address to cease to be excluded from public inspection pursuant to section 8B(2), the Registrar must give a notice under subsection (3) to —| (a) | the individual; and | | (b) | every accounting LLP or accounting corporation in respect of which the individual’s residential address had been recorded in any register maintained under section 8(1). |
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(3) The notice mentioned in subsection (2) must —| (a) | state the grounds under subsection (1) on which the Registrar intends to cease the exclusion of the individual’s residential address; and | | (b) | specify the period within which representations may be made to the Registrar. |
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| (4) The Registrar must consider the representations (if any) given in response to the notice mentioned in subsection (2) and received within the period specified by the Registrar under subsection (3)(b). |
(5) If the Registrar decides to cause the individual’s residential address to cease being excluded from public inspection, the Registrar must before doing so give notice of the decision to —| (a) | the individual; and | | (b) | every accounting LLP or accounting corporation in respect of which the individual’s residential address had been recorded in any register maintained under section 8(1). |
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| (6) A notice to the individual under subsection (2) or (5) must be sent to the individual’s residential address unless it appears to the Registrar that service at that address may be ineffective to bring it to the individual’s notice, in which case it may be sent to any other last known address of that individual. |
| (7) Any person aggrieved by the decision of the Registrar under section 8B(2) may, within 30 days after the date of receiving the notice under subsection (5), appeal to the Court which may confirm or reverse the Registrar’s decision and make any directions in the matter. |
| (8) The individual is not allowed to provide a contact address within 3 years after the Registrar causes the individual’s residential address to cease to be excluded from public inspection under section 8(2)(b) pursuant to section 8B(2), unless the Registrar is satisfied that there is good cause for allowing the individual to do so in a particular case. |
| (9) Subject to subsection (8), where notice of a change in the individual’s contact address is lodged under any ACRA administered Act, the Registrar must replace the individual’s contact address in each register maintained under section 8(1) with the new contact address. [Act 21 of 2024 wef 09/12/2024] |
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9. Where any question arises as to whether or not —| (a) | an individual is or was a public accountant registered under this Act; | | (b) | a company is or was an accounting corporation approved under this Act; | | (c) | a firm is or was an accounting firm approved under this Act; | | (d) | a limited liability partnership is or was an accounting LLP approved under this Act; or | | (e) | an entry in any register kept under this Act is accurate or correct, |
| a certificate issued by the Registrar addressing such question is admissible as evidence in any proceedings and is prima facie evidence of the facts stated in the certificate. |
[11/2006] |
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