Accountants (Public Accountants) (Amendment) Rules 2010

No. S 383

Accountants Act

(Chapter 2)

Accountants (Public Accountants) (Amendment) Rules 2010

In exercise of the powers conferred by section 64 of the Accountants Act, the Accounting and Corporate Regulatory Authority, with the approval of the Minister for Finance, hereby makes the following Rules:

Citation and commencement

1. These Rules may be cited as the Accountants (Public Accountants) (Amendment) Rules 2010 and shall come into operation on 1st October 2010.

Amendment of rule 2

2. Rule 2 of the Accountants (Public Accountants) Rules (R 1) (referred to in these Rules as the principal Rules) is amended —

(a)

by deleting the words “experience gained” in the definition of “structured practical experience” and substituting the words “practical experience acquired in Singapore”; and

(b)

by deleting the full-stop at the end of the definition of “structured practical experience” and substituting a semi-colon, and by inserting immediately thereafter the following definition:

“ “unstructured practical experience” means practical experience acquired in Singapore, other than structured practical experience.”.

Amendment of Second Schedule

3. The Second Schedule to the principal Rules is amended —

(a)

by deleting the word “or” at the end of paragraph 3(1);

(b)

by deleting sub-paragraph (c) of paragraph 3(1) and substituting the following sub-paragraphs:

“(c)

at least 3 years of practical experience consisting of —

(i)	at least one year of practical experience (whether structured or unstructured) acquired in a public accountant’s office in Singapore, whether acquired before or after passing the final examination referred to in paragraph 2, except that the period of unstructured practical experience shall not exceed 12 months; and
(ii)	qualifying foreign experience as determined by the Oversight Committee under sub-paragraph (1A); or

(d)

at least 6 years (in aggregate) of practical experience (whether structured or unstructured) acquired in a public accountant’s office in Singapore, whether acquired before or after passing the final examination referred to in paragraph 2, if the Oversight Committee is satisfied that the practical experience obtained —

(i)	is of sufficient depth and breadth; and
(ii)	includes practical experience that is sufficiently recent.”;

(c)

by inserting, immediately after sub-paragraph (1) of paragraph 3, the following sub-paragraphs:

“(1A) Subject to sub-paragraph (1B), the Oversight Committee may determine that any period of practical experience acquired in the auditing of financial statements in a country outside Singapore is to be treated as qualifying foreign experience if —

(a)

the country adheres to standards of auditing that the Oversight Committee considers to be equivalent to the standards applicable in Singapore; and

(b)

the Oversight Committee considers the practical experience to be of good quality having regard to any or all of the following factors:

(i)	whether the auditing firm in which the practical experience was acquired had implemented, or had taken steps to implement, quality controls that adhere to standards that the Oversight Committee considers to be equivalent to the standards applicable in Singapore (including the Singapore Standard on Quality Control I);
(ii)	whether the auditing firm in which the practical experience was acquired was subject to, and had satisfactorily passed, audit inspections carried out by or on behalf of the regulator of the audit profession in the country in which the auditing firm is registered or licensed;
(iii)	whether the auditing firm in which the practical experience was acquired is of good standing in the country in which the auditing firm is registered or licensed;
(iv)	whether the practical experience was acquired as part of a structured programme administered by the regulator of the audit profession in the country in which the auditing firm is registered or licensed (for example, for the purpose of registration as an auditor by the regulator);
(v)	whether the practical experience includes experience that the Oversight Committee considers to be sufficiently recent.

(1B) The Oversight Committee may disregard the qualifying foreign experience, or any part of the qualifying foreign experience, if the Oversight Committee is satisfied that —

(a)	disciplinary proceedings relating to any profession or occupation are pending against the applicant in any country; or
(b)	the applicant has been the subject of disciplinary action relating to any profession or occupation in any country.”;

(d)

by deleting sub-paragraph (6) of paragraph 3 and substituting the following sub-paragraph:

“(6) A pupil must not be a spouse, child, adopted child, step-child, brother, sister or parent of his approved principal.”;

(e)

by deleting sub-paragraph (11) of paragraph 3 and substituting the following sub-paragraph:

“(11) Where any applicant referred to in sub-paragraph (10) fails to meet the requisite length of practical experience set out in paragraph 2 of the Second Schedule to the Public Accountants Board Rules in force immediately before 1st April 2004, the Oversight Committee may nevertheless register the applicant as a public accountant if the Oversight Committee is satisfied that the applicant meets the practical experience requirements set out in —

(a)	sub-paragraph (1)(c), read with sub-paragraphs (1A) and (1B); or
(b)	sub-paragraph (1)(d).”; and

(f)

by deleting the words “such syllabus as may be issued by the Oversight Committee and shall consist of at least 30 hours of structured learning” in paragraph 4(2) and substituting the words “the continuing professional education syllabus approved by the Oversight Committee and shall consist of at least 30 hours of learning which is specified as structured learning in that syllabus”.

Amendment of Third Schedule

4. The Third Schedule to the principal Rules is amended —

(a)

by deleting paragraphs 1 and 2 and substituting the following paragraphs:

“1. Subject to paragraph 2, a public accountant applying for the renewal of his certificate of registration for any calendar year (being a calendar year that begins on or after 1st January 2012) must fulfil the following continuing professional education requirements:

(a)	acquire not less than 20 hours of structured learning in the calendar year immediately preceding that calendar year; and
(b)	acquire not less than 120 hours of continuing professional education (containing not less than 90 hours of structured learning, inclusive of the hours acquired under sub-paragraph (a)) in the 3 calendar years immediately preceding that calendar year.

2. Paragraph 1(b) does not apply —

(a)	to a public accountant who applies for the renewal of his certificate of registration for the calendar year beginning on 1st January 2012 or 1st January 2013; or
(b)	to a public accountant whose certificate of registration has been renewed not more than twice since the time of his registration (or last registration) as a public accountant.

2A. The continuing professional education required under paragraph 1 shall be undertaken in accordance with the continuing professional education syllabus approved by the Oversight Committee.”; and

(b)

by inserting, immediately after paragraph 4, the following paragraph:

“5. In paragraph 1, “structured learning” means learning which is specified as structured learning in the continuing professional education syllabus referred to in paragraph 2A.”.

Amendment of Fourth Schedule

5. The Fourth Schedule to the principal Rules is amended by deleting the words “and paragraph 3(6) of the Second Schedule” in the Schedule reference.

[G.N. Nos.S 615/2007; S 251/2009]

Made this 9th day of July 2010.

PETER ONG

Chairman,
Accounting and Corporate Regulatory Authority,
Singapore.

[F201000957J; AG/LLRD/SL/2/2002/1 Vol. 4]

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