Public Accountants Board (Amendment) Rules 1998

No. S 626

Accountants Act

(Chapter 2A)

Public Accountants Board (Amendment) Rules 1998

In exercise of the powers conferred by section 57 of the Accountants Act, the Public Accountants Board, with the approval of the Minister for Finance, hereby makes the following Rules:

Citation and commencement

1. These Rules may be cited as the Public Accountants Board (Amendment) Rules 1998 and shall come into operation on 1st January 1999.

Amendment of rule 8

2. Rule 8 of the Public Accountants Board Rules (R 1) (referred to in these Rules as the principal Rules) is amended by deleting the marginal note and substituting the following rule heading:

“Board to decide whether any person is engaged in public Practice of Accountancy”.

New rule 10A

3. The principal Rules are amended by inserting, immediately after rule 10, the following rule:

“Renewal of certificate of registration

10A.—(1) A public accountant who desires to renew his certificate of registration shall submit his application for renewal to the Board not less than one month before the expiry of his current certificate of registration, unless the Board or Registrar allows otherwise.

(2) An application for the renewal of a certificate of registration shall be in such form as the Board may determine and shall be accompanied by the appropriate fee as set out in the First Schedule.

(3) For the purpose of section 15(5) of the Act, the Board shall not renew the certificate of registration of an applicant unless it is satisfied that the applicant —

(a)	has satisfied the requirements relating to continuing professional education as are prescribed by the Institute for its practising members or by any other body or institution specified by the Board for the purpose; and
(b)	has met the required standard of professional conduct and practice as determined by the Institute or by any other body or person appointed by the Board for the purpose.

(4) The Board may require an applicant to furnish such information, certificate, document or other evidence as the Board may require for the purpose of satisfying itself that the applicant has complied with the requirements specified in paragraph (3) and with such other requirement as the Board may specify.

(5) For the purposes of paragraph (4), the Board or the Registrar may require any information furnished thereunder to be verified by a statutory declaration.”.

Amendment of rule 11

4. The principal Rules are amended by renumbering rule 11 as paragraph (1) of that rule, and by inserting immediately thereafter the following paragraphs:

“(2) For the purpose of paragraph (1), the Board may adopt the pronouncements on professional matters and professional ethics of any other professional accountancy body.

(3) Failure to observe the Code or any of the pronouncements on professional matters and ethics issued or adopted by the Board may result in disciplinary action.”.

Amendment of rule 17

5. Rule 17 of the principal Rules is amended by deleting paragraph (8).

New rule 19

6. The principal Rules are amended by inserting, immediately after rule 18, the following rule:

“Offences compoundable under section 56A of Act

19. The offences referred to in section 20(3E) and (5) of the Act may be compounded by the Board in accordance with section 56A of the Act.”.

Amendment of First Schedule

7. The First Schedule to the principal Rules is amended —

(a)	by deleting “$100” in the second column of item 1 and substituting “$300”; and
(b)	by deleting “$25” in the second column of item 3 and substituting “$50”.

Amendment of Second Schedule

8. Paragraph 1 (b) of the Second Schedule to the principal Rules is amended —

(a)

by deleting sub-paragraph (iv) and substituting the following sub-paragraph:

“(iv)

the Association of Chartered Certified Accountants (ACCA) (formerly known as the Chartered Association of Certified Accountants);”;

(b)

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

“(vii)

the Institute of Chartered Accountants of New Zealand (ICANZ) (formerly known as the New Zealand Society of Accountants);”; and

(c)

by deleting sub-paragraph (x) and substituting the following sub-paragraph:

“(x)

the Chartered Institute of Management Accountants of the United Kingdom (CIMA), except that CIMA members shall have passed the following subjects:

(A)	Financial Reporting Environment;
(B)	Accounting and Audit Practice.”.

Amendment of Third Schedule

9. Paragraph 1 under the heading “FUNDAMENTAL PRINCIPLES” of the Third Schedule to the principal Rules is amended —

(a)

by deleting sub-paragraph (4) and substituting the following sub-paragraph:

“(4) A public accountant shall conduct himself in a manner consistent with the good reputation of the accountancy profession and refrain from any act or default which is likely to bring discredit to the profession or to himself in his capacity as a public accountant.”; and

(b)

by deleting sub-paragraphs (6) and (7) and substituting the following sub-paragraphs:

“(6) Public accountants who assume responsibilities in respect of financial statements or as auditors shall observe the professional and technical pronouncements of the Board and such other professional and technical pronouncements as the Board may adopt from those issued by any other professional accountancy body.

(7) Notwithstanding the generality of the foregoing, a public accountant shall also comply with any supplementary Guidelines on Professional Conduct issued from time to time by the Board to clarify ambiguities or to deal with specific circumstances of universal application, and with any other guidelines on professional conduct as the Board may adopt from those issued by any other professional accountancy body.”.

[G.N. Nos. S 33/92; S 524/92; S 280/96; S 364/96; S 373/96]

Made this 24th day of December 1998.

KOH CHER SIANG

Chairman,
Public Accountants Board,
Singapore.

[MF(R) F 55.1.01 PT 3 Vol. 2; AG/LEG/SL/2A/98/1 Vol. 1]

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