Accountants (Accounting Corporations and Accounting Firms) Rules

Accountants Act

(CHAPTER 2, Section 74)

R 5

G.N. No. S 117/2001

REVISED EDITION 2002

(31st May 2002)

[8th March 2001]

Citation

1. These Rules may be cited as the Accountants (Accounting Corporations and Accounting Firms) Rules.

[S 165/2004 wef 01/04/2004]

Form and application for approval

2. An application —

(a)	under section 17(1)(a) of the Act for the approval of a company or proposed company as an accounting corporation;
(b)	under section 17(1)(b) of the Act for the approval of the name or proposed name of an accounting corporation;
(c)	under section 18(1)(a) of the Act for the approval of a firm or proposed firm as an accounting firm; and
(d)	under section 18(1)(b) of the Act for the approval of the name or proposed name of an accounting firm,

shall be made in such form or manner as may be determined by the Oversight Committee.

[S 165/2004 wef 01/04/2004]

Fee and documents accompanying application

3.—(1) Every application under rule 2 shall be accompanied by the appropriate fee specified in the First Schedule which shall be paid to the Authority in such manner as the Oversight Committee may determine.

[S 165/2004 wef 01/04/2004]

(2) The fee referred to in paragraph (1) shall not be refundable.

(3) An application for the approval of a company or proposed company as an accounting corporation shall be accompanied by the following documents:

(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 Oversight Committee may require; and
(c)	such other evidence (including any statutory declaration) or particulars as the Oversight Committee considers necessary to determine whether to approve the application. [S 165/2004 wef 01/04/2004]

(4) An application for the approval of a firm or proposed firm as an accounting firm shall state the following information:

(a)	the proposed name of the accounting firm;
(b)	the name, identification number and residential address of each of the proposed partners of the accounting firm;
(c)	the principal place of business and registered business address of the accounting firm;
(d)	the telephone and fax numbers and the electronic mail address of the accounting firm;
(e)	the name of the managing partner of the accounting firm;
(f)	the date of commencement of business of the accounting firm;
(g)	a description of the non-accountancy services (if any) that will be provided by the accounting firm; and
(h)	such other particulars as the Oversight Committee considers necessary to determine whether to approve the application. [S 165/2004 wef 01/04/2004]

Appeals against refusal to approve

4. An appeal under section 21 of the Act against any decision of the Oversight Committee 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 Oversight Committee 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 Oversight Committee 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 Second 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 Third 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.

8. [Deleted by S 165/2004 wef 01/04/2004]

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