PART 6B | CHARTERED ACCOUNTANTS OF SINGAPORE |
| Interpretation of this Part |
35A.—(1) In this Part —| “accounting corporation” means a company approved or deemed to be approved as an accounting corporation under the Accountants Act 2004; |
| “accounting entity” means a public accountant, an accounting corporation, an accounting firm or an accounting limited liability partnership; |
| “accounting firm” means a firm approved or deemed to be approved as an accounting firm under the Accountants Act 2004; |
| “accounting limited liability partnership” means a limited liability partnership approved as an accounting limited liability partnership under the Accountants Act 2004; |
| “designated entity” means any company, association or body of persons, corporate or unincorporate, specified in the Third Schedule; |
| “member”, in relation to a designated entity, means a person who is admitted to such membership specified by the designated entity as being required to be held by persons registered or seeking to be registered as chartered accountants under this Part, and “membership” is to be construed accordingly. |
| (2) Unless the context otherwise requires, any reference in this Part to a person registered as a chartered accountant is a reference to a person who is registered, or deemed to be registered, as a Chartered Accountant of Singapore by a designated entity under this Part and whose registration is not suspended under this Part. |
| (3) For the purposes of sections 35C and 35I, any reference to the Minister includes a reference to a Minister of State for his or her Ministry who is authorised by the Minister for the purpose of hearing an appeal under those sections. [Act 36 of 2022 wef 01/04/2023] |
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| Restrictions on use of “Chartered Accountant of Singapore” |
35B.—(1) An accounting entity or a person who is registered as a chartered accountant may —| (a) | describe itself, himself or herself (as the case may be) as “Chartered Accountant of Singapore”; and | | (b) | use the initials “CA (Singapore)” after the entity’s or person’s name, as the case may be. |
| (2) A person who is not an accounting entity or a person registered as a chartered accountant may also describe itself as “Chartered Accountant of Singapore” and use the initials “CA (Singapore)” after its name if it is an approved entity. |
(3) An individual who is not registered as a chartered accountant, or whose registration as such is suspended, under this Part must not —| (a) | practise as, or hold himself or herself out to be, a Chartered Accountant of Singapore; or | | (b) | use, verbally or otherwise, in connection with his or her business, employment, profession, description or name (or the name under which he or she carries on business) —| (i) | the expression “Chartered Accountant of Singapore” or any of its derivatives or abbreviations, in any language; | | (ii) | the initials “CA (Singapore)”; or | | (iii) | any word, designation or description, in any language, tending to convey the impression that he or she is a Chartered Accountant of Singapore, or that he or she is qualified or authorised to practise as such. |
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(4) A person that is not an individual and not an accounting entity or an approved entity must not —| (a) | practise as, or hold itself out to be, a Chartered Accountant of Singapore; or | | (b) | use, verbally or otherwise, in connection with its business, profession, description or name (or the name under which it carries on business) —| (i) | the expression “Chartered Accountant of Singapore” or any of its derivatives or abbreviations, in any language; | | (ii) | the initials “CA (Singapore)”; or | | (iii) | any word, designation or description, in any language, tending to convey the impression that the person is a Chartered Accountant of Singapore, or that it is qualified or authorised to practise as such. |
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(5) Any person who —| (a) | contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction —| (i) | to a fine not exceeding $5,000; and | | (ii) | in the case of a second or subsequent offence, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 6 months or to both; or |
| | (b) | contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction —| (i) | to a fine not exceeding $5,000; and | | (ii) | in the case of a second or subsequent offence, to a fine not exceeding $10,000. |
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| (6) In this section, “approved entity” means an entity approved by the Authority under section 35C(2) to describe itself as “Chartered Accountant of Singapore” and use the initials “CA (Singapore)” after its name and whose approval has not ceased under section 35C(3). [Act 36 of 2022 wef 01/04/2023] |
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35C.—(1) A company or proposed company, a firm or proposed firm, or a limited liability partnership or proposed limited liability partnership (called in this section an entity), which is not an accounting entity, may apply to the Authority for approval to describe itself as “Chartered Accountant of Singapore” and use the initials “CA (Singapore)” after its name.(2) The Authority may approve an application made under subsection (1) if the following conditions are satisfied:| (a) | one of the primary objects of the entity is to provide such accounting services as may be prescribed; | | (b) | in the case of an entity that is —| (i) | a company or proposed company — the constitution of the company or proposed company provides that at least two-thirds, or any other prescribed proportion, of the directors (including the chairperson) must be chartered accountants, or —| (A) | if the company or proposed company has only one director, that that director must be a chartered accountant; or | | (B) | if the company or proposed company has only 2 directors, that at least one of those directors must be a chartered accountant; |
| | (ii) | a firm or proposed firm — at least two-thirds, or any other prescribed proportion, of the partners are chartered accountants, or if the partnership has only 2 partners, at least one of those partners is a chartered accountant; or | | (iii) | a limited liability partnership or proposed limited liability partnership — at least two-thirds, or any other prescribed proportion, of the partners are chartered accountants, or if the partnership has only 2 partners, at least one of those partners is a chartered accountant; |
| | (c) | the entity meets any other conditions that may be prescribed. |
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| (3) If any of the conditions mentioned in subsection (2) ceases to be satisfied by the entity, the Authority’s approval under subsection (2) automatically ceases. |
| (4) Subsection (3) does not prevent an entity from making a fresh application under subsection (1) and from being approved by the Authority under subsection (2) if the entity subsequently meets the conditions of subsection (2) again. |
| (5) An entity aggrieved by the Authority’s refusal to approve an application under subsection (2) may, within 30 days after being informed of the Authority’s refusal, appeal to the Minister whose decision is final. [Act 36 of 2022 wef 01/04/2023] |
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| Registration of chartered accountant |
35D.—(1) No person, except a designated entity, may register, or renew the registration of, any person as a chartered accountant.(2) A designated entity may, on the application of any person made in accordance with the membership rules or other requirements of the designated entity, register the person as a chartered accountant if the person —| (a) | has completed, to the satisfaction of the Authority, any professional qualification programme that may be specified by the Authority for the class of persons to which that person belongs; | | (b) | is a member of the designated entity; | | (c) | satisfies the requirements relating to chartered accountants specified in the membership rules of the designated entity; and | | (d) | satisfies any other requirements that may be prescribed. |
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(3) Subject to subsections (4) and (5), every registration of a member of a designated entity as a chartered accountant under this Act —| (a) | is valid for one year, unless the registration ceases or is revoked earlier under this Act; and | | (b) | on its expiry and on an application made by the member in accordance with the membership rules of the designated entity, may be renewed by the designated entity for the same period. |
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(4) A designated entity must not renew the registration of a chartered accountant under subsection (3)(b) if the chartered accountant —| (a) | ceases to be a member of the designated entity; | | (b) | does not satisfy any of the requirements relating to chartered accountants specified in the membership rules of the designated entity; or | | (c) | does not satisfy any other requirement that may be prescribed. |
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| (5) Without affecting subsection (4), a designated entity must not renew the registration of a chartered accountant under subsection (3)(b) while the chartered accountant’s membership in the designated entity is suspended. |
(6) Any person, other than a designated entity, that holds himself, herself or itself out as a designated entity, or purports to register, or renew the registration of, any person as a chartered accountant, shall be guilty of an offence and shall be liable on conviction —| (a) | to a fine not exceeding $5,000; and | | (b) | in the case of a second or subsequent offence, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 6 months or to both. [Act 36 of 2022 wef 01/04/2023] |
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| Suspension or termination of membership in designated entity |
35E.—(1) Nothing in this Part affects the right of a designated entity under its membership rules to suspend or terminate the membership of any of its members registered as a chartered accountant.(2) The registration of a member of a designated entity as a chartered accountant under this Part must, by virtue of this subsection —| (a) | be suspended, for the applicable period in subsection (3), immediately upon the suspension of the member’s membership in the designated entity; and | | (b) | cease immediately upon the termination of the member’s membership in the designated entity. |
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(3) The period of any suspension of the registration of a chartered accountant under subsection (2)(a) is the shorter of the following:| (a) | the period of the suspension of the chartered accountant’s membership in the designated entity; | | (b) | the period remaining of the validity of the registration as a chartered accountant. [Act 36 of 2022 wef 01/04/2023] |
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| Revocation or suspension of registration by designated entity |
35F.—(1) Subject to subsection (2), a designated entity may take any disciplinary or other action against, or impose any penalty on or make any other order against, any of its members registered with it as a chartered accountant that is provided in its membership rules.| (2) A designated entity must not revoke or suspend the registration of any person as a chartered accountant except as provided under this section. |
(3) Subject to subsection (4), if, upon taking any disciplinary or other action provided in its membership rules against any member registered with it as a chartered accountant, the designated entity (or any body of persons specified in its membership rules as being responsible for making that assessment) is of the opinion that —| (a) | the member has contravened any code of professional conduct, standards or ethics applicable to chartered accountants under its membership rules; and | | (b) | there exists cause of sufficient gravity for revoking the registration of the chartered accountant, |
| the designated entity may revoke the member’s registration as a chartered accountant. |
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| (4) A designated entity may, instead of revoking the registration of a chartered accountant under subsection (3), suspend the registration for a period not exceeding 10 months. [Act 36 of 2022 wef 01/04/2023] |
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| Revocation or suspension of registration by Authority |
35G.—(1) A designated entity must inform the Authority, within the period specified by the Authority, of every complaint received, investigation undertaken, disciplinary or other action taken, penalty imposed or other order made by the designated entity in respect of any member of the designated entity who is registered with it as a chartered accountant.(2) The Authority may, at any time, review any matter concerning any contravention or alleged contravention by any member of a designated entity registered as a chartered accountant of any code of professional conduct, standards or ethics applicable to chartered accountants under the membership rules of the designated entity where the designated entity —| (a) | did not take any disciplinary or other action against the member in respect of the contravention or alleged contravention; or | | (b) | having taken such action, suspends the member’s registration under section 35F(4), or imposes any lesser penalty or makes any other order provided for under its membership rules. |
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(3) Subject to subsections (4) and (5), if, upon a review under subsection (2), the Authority is satisfied that —| (a) | any member of a designated entity registered as a chartered accountant has contravened any code of professional conduct, standards or ethics applicable to chartered accountants under the membership rules of the designated entity; and | | (b) | there exists cause of sufficient gravity for revoking the registration of the chartered accountant, |
| the Authority may revoke the member’s registration as a chartered accountant. |
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(4) Subject to subsection (5), the Authority may, instead of revoking the registration of a chartered accountant under subsection (3) —| (a) | in a case where the designated entity has suspended the registration under section 35F(4), extend the suspension of the registration for a period not exceeding 10 months in the aggregate; or | | (b) | in any other case, suspend the registration for a period not exceeding 10 months. |
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| (5) Before revoking, suspending or extending the suspension of the registration of any person as a chartered accountant under this section, the Authority must give the person written notice of its intention to do so and an opportunity to submit reasons, within the period specified by the Authority in that notice, as to why the registration should not be revoked or suspended or why the suspension of the registration should not be extended. |
| (6) The Authority may require any person who appears to the Authority to have information that is relevant to the performance of its functions or the exercise of its powers under this section to provide the Authority with all such information, and any person required to provide the information must provide it in the manner and within the period specified by the Authority. |
(7) To avoid doubt, the Authority —| (a) | is not under any obligation to review any matter, or take any action in respect of any matter, under this section; and | | (b) | may, at any time, discontinue the review of any matter, or any action taken in respect of any matter with a view to revoking or suspending, or extending the suspension of, the registration of any chartered accountant, under this section. [Act 36 of 2022 wef 01/04/2023] |
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35H.—(1) Any person aggrieved by any decision of a designated entity —| (a) | refusing to register the person as a chartered accountant under section 35D; | | (b) | refusing to renew the person’s registration as a chartered accountant under section 35D; | | (c) | revoking the person’s registration as a chartered accountant under section 35F(3); or | | (d) | suspending the person’s registration as a chartered accountant under section 35F(4), |
| may, within 30 days after receipt of the decision, appeal to the Authority. |
(2) Any person who makes an appeal to the Authority under subsection (1) must, within the period specified in that subsection —| (a) | state as concisely as possible the circumstances under which the appeal arises and the issues and grounds for the appeal; and | | (b) | submit to the Authority all relevant facts, evidence and arguments in respect of the appeal. |
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(3) Where an appeal has been made to the Authority under subsection (1), the Authority may require —| (a) | any party to the appeal; or | | (b) | any person who is not a party to the appeal but appears to the Authority to have information that is relevant to the matters in that subsection, |
| to provide the Authority with all such information as the Authority may require for the purpose of considering and determining the appeal, and any person required to provide the information must provide it in the manner and within the period specified by the Authority. |
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| (4) The Authority may reject any appeal under subsection (1) if the appellant fails to comply with subsection (2) or (3). |
| (5) Unless otherwise directed by the Authority, an appeal under subsection (1) from a decision of a designated entity does not affect the operation of the decision or prevent the taking of any action to implement the decision. |
(6) The Authority may determine an appeal under subsection (1) from a decision of a designated entity by —| (a) | confirming the decision; | | (b) | directing the designated entity to register the appellant as a chartered accountant; | | (c) | directing the designated entity to renew the registration of the appellant as a chartered accountant; | | (d) | quashing any revocation or suspension of the registration of the appellant as a chartered accountant; | | (e) | substituting any suspension of the registration of the appellant as a chartered accountant with revocation; | | (f) | substituting any revocation of the registration of the appellant as a chartered accountant with suspension for a period not exceeding 10 months; | | (g) | extending any suspension of the registration of the appellant as a chartered accountant for a period not exceeding 10 months in the aggregate, or reducing the period of the suspension; or | | (h) | directing the designated entity to reconsider its decision, |
| and the decision of the Authority is final. |
[Act 36 of 2022 wef 01/04/2023] |
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35I.—(1) Any person aggrieved by any decision of the Authority —| (a) | revoking the person’s registration as a chartered accountant under section 35G(3); | | (b) | suspending the person’s registration as a chartered accountant under section 35G(4); or | | (c) | extending the suspension of the person’s registration as a chartered accountant under section 35G(4), |
| may, within 30 days after receipt of the decision, appeal to the Minister. |
(2) Any person who makes an appeal to the Minister under subsection (1) must, within the period specified in that subsection —| (a) | state as concisely as possible the circumstances under which the appeal arises and the issues and grounds for the appeal; and | | (b) | submit to the Minister all relevant facts, evidence and arguments in respect of the appeal. |
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(3) Where an appeal has been made to the Minister under subsection (1), the Minister may require —| (a) | any party to the appeal; or | | (b) | any person who is not a party to the appeal but appears to the Minister to have information that is relevant to the matters in that subsection, |
| to provide the Minister with all such information as the Minister may require for the purpose of considering and determining the appeal, and any person required to provide the information must provide it in the manner and within the period specified by the Minister. |
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| (4) The Minister may reject any appeal under subsection (1) if the appellant fails to comply with subsection (2) or (3). |
| (5) Unless otherwise directed by the Minister, an appeal under subsection (1) from a decision of the Authority does not affect the operation of the decision or prevent the taking of any action to implement the decision. |
(6) The Minister may determine an appeal under subsection (1) from a decision of the Authority by —| (a) | confirming the decision; | | (b) | quashing the decision; | | (c) | substituting any suspension of the registration of the appellant as a chartered accountant with revocation; | | (d) | substituting any revocation of the registration of the appellant as a chartered accountant with suspension for a period not exceeding 10 months; | | (e) | extending any suspension of the registration of the appellant as a chartered accountant for a period not exceeding 10 months in the aggregate, or reducing the period of the suspension; or | | (f) | directing the Authority to reconsider its decision, |
| and the decision of the Minister is final. |
[Act 36 of 2022 wef 01/04/2023] |
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| Powers relating to revocation or suspension not affected by membership rules, etc. |
35J. The Authority and the Minister may exercise their powers, respectively, under this Part in respect of the revocation or suspension of the registration of a member of a designated entity as a chartered accountant despite —| (a) | anything in the membership rules of the designated entity; | | (b) | anything done or omitted to be done by the designated entity in respect of the member; | | (c) | any irregularity in any disciplinary or other action taken by the designated entity against the member; or | | (d) | any penalty imposed on or any other order made against the member by the designated entity. [Act 36 of 2022 wef 01/04/2023] |
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35K.—(1) Subject to section 35L, the Authority may, with the approval of the Minister, by order in the Gazette, amend the Third Schedule by adding to or deleting from that Schedule or otherwise varying any designated entity.| (2) A designated entity is subject to any conditions that the Authority may specify. |
| (3) Without affecting the Societies Act 1966 or any other legislation governing or regulating the designated entity, a designated entity may, with the concurrence of the Authority, modify any of its membership rules relating to chartered accountants in the manner provided in its membership rules. |
| (4) In the event of any inconsistency between the membership rules of a designated entity relating to chartered accountants and this Act, this Act prevails to the extent of the inconsistency. |
| (5) In this section, “membership rules”, in relation to a designated entity, includes but is not limited to the requirements for the registration, and renewal of the registration, of chartered accountants, codes of professional conduct, standards and ethics applicable to chartered accountants, and rules relating to disciplinary and other actions that may be taken by the designated entity against its members who are chartered accountants. [Act 36 of 2022 wef 01/04/2023] |
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| Deletion of designated entity |
35L.—(1) Subject to subsection (2), before deleting a designated entity from the Third Schedule under section 35K(1), the Authority must give the designated entity written notice of its intention to do so and an opportunity to submit reasons, within the period specified by the Authority in that notice, as to why the designated entity should not be deleted.| (2) Subsection (1) does not apply in the case where the designated entity requests in writing that it be deleted from the Third Schedule. |
| (3) Any order under section 35K(1) deleting a designated entity from the Third Schedule does not take effect until the end of at least 30 days after the date on which the Authority informs the designated entity of its decision to delete the designated entity from the Third Schedule. |
(4) If a designated entity is deleted from the Third Schedule —| (a) | it must immediately cease to register, or renew the registration of, any person as a chartered accountant; and | | (b) | every person who, on the eve of the deletion, is registered with it as a chartered accountant ceases to be a registered chartered accountant under this Part on the expiry of the period after the deletion specified by the Authority, by notification in the Gazette (called in this section the transitional period), unless before the expiry of the transitional period —| (i) | the person becomes a member of another designated entity (called in this section the successor designated entity); and | | (ii) | the successor designated entity certifies that the person satisfies the requirements relating to chartered accountants specified in its membership rules. |
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| (5) Any person referred to in subsection (4) who, before the expiry of the transitional period, becomes a member of and is certified by the successor designated entity under paragraph (b)(ii) of that subsection is, on the date of being so certified, deemed to be registered as a chartered accountant by the successor designated entity under this Part and for a period that is equal to the remaining period of validity of the person’s registration as a chartered accountant with the deleted designated entity but for the deletion. |
(6) Every person registered as a chartered accountant with a designated entity on the eve of the deletion of the designated entity from the Third Schedule is, despite the deletion, deemed to be registered as a chartered accountant under this Part during the shorter of the following:| (a) | the transitional period; | | (b) | the period commencing on the date of the deletion and ending on the date immediately before the date on which the person is deemed to be registered as a chartered accountant by the successor designated entity under subsection (5). |
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| (7) For the purposes of subsection (5), the remaining period of validity of the registration of a person as a chartered accountant with a deleted designated entity is the period during which the registration would have been valid but for the deletion of the designated entity less the period during which the person is deemed to be registered as a chartered accountant under subsection (6). [Act 36 of 2022 wef 01/04/2023] |
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| Regulations for this Part |
35M.—(1) The Authority may, with the approval of the Minister, make regulations to give effect to the provisions and purposes of this Part.(2) Without limiting subsection (1), regulations may be made under that subsection for or with respect to all or any of the following matters:| (a) | conditions or restrictions applicable to designated entities; | | (b) | the fees and charges payable under this Part, and the waiver, refund or remission, whether wholly or in part, of the fees and charges; | | (c) | matters required or permitted to be prescribed by this Part or which are necessary or expedient to be prescribed to give effect to this Part. |
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(3) Regulations made under subsection (1) may —| (a) | provide that a contravention of any specified provision of the regulations shall be an offence; and | | (b) | provide for penalties not exceeding a fine of $5,000 or imprisonment for a term not exceeding 6 months or both for any offence specified in the regulations and, in the case of a continuing offence, a further penalty not exceeding a fine of $250 for every day or part of a day during which the offence continues after conviction. [Act 36 of 2022 wef 01/04/2023] |
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