Accountants Act
(CHAPTER 2, Section 74)
Accountants (Accounting Corporations) Rules
R 5
G.N. No. S 117/2001

(31st May 2002)
[8th March 2001]
1.  These Rules may be cited as the Accountants (Accounting Corporations) Rules.
[S 165/2004 wef 01/04/2004]
Form of application for approval
2.  An application under section 19 of the Act for approval of a company or proposed company as an accounting corporation and of the name or proposed name of the accounting corporation shall be made in such form as may be determined by the Board.
Fee and documents accompanying application
3.—(1)  Every application under rule 2 shall be accompanied by a fee of $300 which shall be in the form of a bank draft or cheque made in favour of the Board.
(2)  The fee referred to in paragraph (1) shall not be refundable.
(3)  An application under rule 2 shall also be accompanied by —
(a)a certified true copy each of the memorandum and articles of association of the company or proposed company;
(b)a list of the members and directors of the company or proposed company containing particulars, as to whether they are public accountants or otherwise, and such other particulars as the Board may require;
(c)a certified true copy of any policy or proposed policy of professional indemnity insurance for the company or proposed company; and
(d)such other evidence (including any statutory declaration) or particulars as the Board considers necessary to determine whether to approve the application.
Appeals against refusal to approve
4.  An appeal under section 21 of the Act against any decision of the Board shall —
(a)be addressed to the Permanent Secretary to the Ministry of Finance;
(b)set out the grounds of appeal; and
(c)be accompanied by a copy of the following documents:
(i)the decision of the Board and the reasons therefor;
[S 165/2004 wef 01/04/2004]
(ii)the relevant application under rule 2 and all documents accompanying that application; and
(iii)any other correspondence between the Board and the appellant in relation to the refusal to approve the application.
[S 165/2004 wef 01/04/2004]
Annual report
5.  The annual report referred to in section 26(3) of the Act shall be in the Form set out in the First Schedule.
[S 165/2004 wef 01/04/2004]
Memorandum and articles of association
6.  The memorandum and articles of association of an accounting corporation shall provide for the matters specified in the Second Schedule.
[S 165/2004 wef 01/04/2004]
Notification of transfer of business
7.—(1)  Every accounting firm whose business is to be transferred to an accounting corporation shall, within 7 days of the transfer, give written notice to every client of the accounting firm of the transfer.
(2)  With effect from the date of the transfer —
(a)the possession of any document held by the accounting firm for or on behalf of that client shall be transferred to the accounting corporation to be held for and on behalf of the client; and
(b)any money or funds held by the accounting firm for or on account of that client shall be transferred to the accounting corporation to be held for or on account of that client.
(3)  A written notice under paragraph (1) shall have effect as if it is a notice of intention by an auditor to resign within the meaning of section 205(15) of the Companies Act (Cap. 50) and until the appointment of another auditor, the accounting firm shall remain as auditor.
Notification of change of particulars
8.  Every accounting corporation shall notify the Registrar in writing within 30 days of any change in the following particulars:
(a)its registered address or the address of any branch office; and
(b)its telephone and fax number.