Accountants (Public Accountants) (Amendment) Rules 2007

Status:

Published in Subsidiary Legislation Supplement
on 15 Nov 2007

No. S 615

Accountants Act

(Chapter 2)

Accountants (Public Accountants) (Amendment) Rules 2007

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 2007 and shall come into operation on 15th November 2007.

New rule 16

2. The Accountants (Public Accountants) Rules (R 1) (referred to in these Rules as the principal Rules) are amended by inserting, immediately after rule 15, the following rule:

“Applications for exemption and extension of time

16.—(1) An application for —

(a)	an extension of time to renew a certificate of registration under section 13(1) of the Act; or
(b)	a waiver from any of the prescribed requirements relating to continuing professional education under section 13(3)(a) of the Act,

shall be made to the Oversight Committee in such form or manner as the Oversight Committee may require and be accompanied by the appropriate fee specified in the First Schedule for the processing of the application.

(2) An application to the Authority for an exemption from any of the prescribed requirements under section 10(1)(b) of the Act for registration as a public accountant shall be made to the Authority through the Oversight Committee in such form or manner as the Oversight Committee may require and be accompanied by the appropriate fee specified in the First Schedule for the processing of the application.”.

Deletion and substitution of First Schedule

3. The First Schedule to the principal Rules is deleted and the following Schedule substituted therefor:

“FIRST SCHEDULE

Rules 4, 5, 7(1), 8(1) and 16

Fees

First column

Second column

1. For an application for registration as a public accountant

$750

2. For a replacement certificate of registration

$50

3. For an application for the renewal of a certificate of registration

$450

4. In addition to the fee specified in item 3, the fee for the renewal of a certificate of registration payable by a public accountant in respect of each accounting entity in which he is practising as at 1st January of the year in respect of which the certificate of registration is renewed —

(a) where the accounting entity has not audited any listed corporation from 1st January to 31st December of the year immediately preceding the year in respect of which the certificate of registration is renewed; and

$100

(b) where the accounting entity has audited the following number of listed corporations from 1st January to 31st December of the year immediately preceding the year in respect of which the certificate of registration is renewed:

(i) 1 to 5

$200

(ii) 6 to 20

$400

(iii) 21 to 50

$600

(iv) more than 50

$800

5. For reinstatement as a public accountant

$50

6. For the conduct of a practice monitoring programme

$100 per hour

7. For making any change to the particulars of a public accountant as recorded in the Register of Public Accountants

$10

8. For an application for exemption from any of the prescribed requirements under section 10 (1) (b) of the Act for registration as a public accountant

$100

9. For an application for an extension of time to renew a certificate of registration under section 13(1) of the Act

$30

10. For an application for waiver from any of the prescribed requirements relating to continuing professional education under section 13 (3) (a) of the Act

$50

11. For an appeal to the Minister against the refusal of the Oversight Committee to register an applicant as a public accountant

$100

12. For an appeal to the Minister against the decision of the Oversight Committee as to whether a person is engaged in the public practice of accountancy

$100.”.

Amendment of Second Schedule

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

(a)

by deleting the words “Master of Professional Accountancy” in paragraph 2(a) (ix) and substituting the words “Master of Professional Accounting”;

(b)

by deleting sub-paragraph (vii) of paragraph 2(b) and substituting the following sub-paragraph:

“(vii) New Zealand Institute of Chartered Accountants (NZICA) (formerly known as the Institute of Chartered Accountants of New Zealand);”; and

(c)

by deleting sub-paragraph (10) of paragraph 3 and substituting the following sub-paragraph:

“(10) Nothing in this paragraph shall affect any applicant for registration as a public accountant if such applicant —

(a)	has, before 1st April 2004, passed any of the final examinations referred to in paragraph 2; and
(b)	makes an application for registration as a public accountant before 15th November 2010,

and the provisions relating to practical experience as set out in the Second Schedule to the Public Accountants Board Rules (Cap. 2, R 1) in force immediately before 1st April 2004 shall apply in respect of such applicant as if these Rules had not been enacted.”.

Made this 15th day of November 2007.

TEO MING KIAN

Chairman,
Accounting and Corporate Regulatory Authority,
Singapore.

[F 014.001.0035; AG/LEG/SL/2/2002/1 Vol. 2]

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