Interpretation of this Part
Open ↗32. In this Part —[Deleted by Act 32 of 2022 wef 01/07/2023]
“Oversight Committee’s professional standards assessment framework” means the assessment framework of the Oversight Committee to determine the extent of a public accountant’s compliance with the professional standards;[Act 32 of 2022 wef 01/07/2023]
“practice monitoring programme” means a programme to determine whether a public accountant has complied with the professional standards when providing public accountancy services;[Act 32 of 2022 wef 01/07/2023]
“Practice Monitoring Sub-committee” means the Practice Monitoring Sub‑committee appointed under section 34;
“practice review” means a study, an appraisal, or a review carried out under a practice monitoring programme in respect of one or more aspects of the public accountancy services that are provided by a public accountant;[Act 32 of 2022 wef 01/07/2023]
[Deleted by Act 32 of 2022 wef 01/07/2023]
“practice reviewer” means any individual who is appointed by the Oversight Committee under section 35 to carry out a practice review;[Act 32 of 2022 wef 01/07/2023]
“professional standards”, in relation to the provision of public accountancy services, means the standards, methods, procedures and other requirements that are prescribed by the Authority or Oversight Committee to be applied by a public accountant, an accounting corporation, an accounting firm and an accounting LLP when providing public accountancy services.[Act 32 of 2022 wef 01/07/2023]
Practice monitoring programme for public accountants
Open ↗33.—(1) The Oversight Committee may require, as a condition for a public accountant to be allowed to remain in practice, that the public accountant should undergo, at such periods as the Oversight Committee may determine, a practice monitoring programme under this Part.[Act 32 of 2022 wef 01/07/2023]
(2) A public accountant undergoing a practice monitoring programme must pay any fee prescribed in connection with the administration of the practice monitoring programme.[Act 32 of 2022 wef 01/07/2023]
Appointment of Practice Monitoring Sub-committee
Open ↗34.—(1) The Oversight Committee may, with the approval of the Authority, appoint a Practice Monitoring Sub‑committee to assist the Oversight Committee in designing and implementing the practice monitoring programmes for the purposes of this Part.
(2) The Oversight Committee must designate one of the members of the Practice Monitoring Sub‑committee to be its chairperson.
(3) The term of office of a member of the Practice Monitoring Sub‑committee is to be determined by the Oversight Committee.
(4) Subject to this Part and to any general or special direction of the Authority or the Oversight Committee, the Practice Monitoring Sub‑committee may regulate its own procedure and business.
Appointment of practice reviewers
Open ↗35. The Oversight Committee may appoint any employee of the Authority or any other suitably qualified individual as a practice reviewer to carry out any practice review under this Part.[Act 32 of 2022 wef 01/07/2023]
Practice reviews
Open ↗36.—(1) A practice reviewer must carry out a practice review in accordance with —(a)
the relevant provisions of this Part;
(b)
the practice and procedure as may be determined by the Oversight Committee; and
(c)
such instructions as may be issued by the Authority or the Oversight Committee.[Act 32 of 2022 wef 01/07/2023]
(2) The following provisions apply in respect of any practice review under this Part:(a)
any public accountant under review must, if required by the practice reviewer —(i)
produce to the practice reviewer or afford the practice reviewer access to, any record or document specified by the practice reviewer or any record or other document which is of a class or description so specified and which is in the public accountant’s possession or under the public accountant’s control being in either case a record or other document which the practice reviewer reasonably believes is or may be relevant to the practice review, within such time and at such place as the practice reviewer may reasonably require;[Act 32 of 2022 wef 01/07/2023]
(ii)
give to the practice reviewer such explanation or further particulars in respect of anything produced in compliance with a requirement under sub-paragraph (i) as the practice reviewer shall specify; and[Act 32 of 2022 wef 01/07/2023]
(iii)
give to the practice reviewer all assistance in connection with the practice review which the public accountant is reasonably able to give;[Act 32 of 2022 wef 01/07/2023]
(b)
where any information or matter relevant to a practice review is recorded otherwise than in a legible form, the power of a practice reviewer to require the production of any record or other document conferred under paragraph (a) includes the power to require the production of a reproduction of any such information or matter or of the relevant part of it in a legible form;[Act 32 of 2022 wef 01/07/2023]
(c)
a practice reviewer may inspect, examine or make copies of or take any abstract of or extract from any record or document produced under paragraph (a) or (b);[Act 32 of 2022 wef 01/07/2023]
(d)
a practice reviewer exercising a power under this section must, if so requested by a person affected by such exercise, produce for inspection by such person such evidence of the practice reviewer’s authority as may be provided to the practice reviewer by the Oversight Committee upon the practice reviewer’s appointment as a practice reviewer.[Act 32 of 2022 wef 01/07/2023]
(3) Nothing in this section compels the production by a public accountant of a record or document containing a privileged communication by or to a legal practitioner in that capacity.
Practice reviewer to submit report
Open ↗37.—(1) A practice reviewer who carries out a practice review under this Part must submit a report to the Practice Monitoring Sub‑committee at the conclusion of the practice review and at any other stage of the practice review as may be required by the Practice Monitoring Sub‑committee.[Act 32 of 2022 wef 01/07/2023]
(2) If, after considering the practice reviewer’s report under subsection (1), the Practice Monitoring Sub-committee is of the opinion that —(a)
the public accountant’s compliance with any of the professional standards is partially satisfactory under the Oversight Committee’s professional standards assessment framework; or
(b)
the public accountant’s compliance with any of the professional standards is not satisfactory under the Oversight Committee’s professional standards assessment framework,
the Practice Monitoring Sub-committee must submit a report of its opinion and recommendations to the Oversight Committee.
[Act 32 of 2022 wef 01/07/2023]
Where compliance with professional standards by public accountant is partially satisfactory or not satisfactory
Open ↗38.—(1) Where the Oversight Committee, after considering the report and recommendations of the Practice Monitoring Sub‑committee under section 37(2), is satisfied that the public accountant’s compliance with any of the professional standards is partially satisfactory under the Oversight Committee’s professional standards assessment framework, the Oversight Committee may make one or more of the following orders:(a)
an order requiring the public accountant to undergo and satisfactorily complete any remedial programme specified or approved by the Oversight Committee in relation to his or her compliance with the professional standards;
(b)
an order requiring the public accountant to take any other steps specified by the Oversight Committee to improve the public accountant’s practice in relation to his or her compliance with the professional standards;
(c)
an order requiring the public accountant to give any undertaking in relation to his or her compliance with the professional standards that the Oversight Committee thinks fit;
(d)
any other order to improve the public accountant’s compliance with the professional standards that the Oversight Committee thinks necessary or expedient.
(2) Where the Oversight Committee, after considering the report and recommendations of the Practice Monitoring Sub‑committee under section 37(2), is satisfied that the public accountant’s compliance with any of the professional standards is not satisfactory under the Oversight Committee’s professional standards assessment framework, the Oversight Committee may —(a)
make any of the following orders:(i)
an order cancelling the public accountant’s registration;
(ii)
an order suspending the public accountant’s registration for a period not exceeding 2 years;
(iii)
an order refusing to renew the public accountant’s registration;
(b)
in lieu of an order in paragraph (a)(i), (ii) or (iii), or in addition to an order in paragraph (a)(ii), make one or more of the following orders:(i)
an order restricting the public accountant’s provision of public accountancy services in the manner that the Oversight Committee thinks fit for a period not exceeding 2 years;
(ii)
an order requiring the public accountant to undergo and satisfactorily complete any remedial programme specified or approved by the Oversight Committee in relation to his or her compliance with the professional standards;
(iii)
an order requiring the public accountant to take any other steps specified by the Oversight Committee to improve the public accountant’s practice in relation to his or her compliance with the professional standards;
(iv)
an order requiring the public accountant to give any undertaking in relation to his or her compliance with the professional standards that the Oversight Committee thinks fit;
(v)
an order requiring the public accountant to send a copy of the order made under this subsection and served on him or her under subsection (8) (or any part of the second‑mentioned order determined by the Oversight Committee), to each person to whom the public accountant provided public accountancy services in respect of which the Oversight Committee is satisfied that the public accountant’s compliance with the professional standards is not satisfactory;
(vi)
any other order to improve the public accountant’s compliance with the professional standards that the Oversight Committee thinks necessary or expedient.
(3) Where the Oversight Committee has made an order under subsection (1), the Oversight Committee may, having regard to any change in circumstances or for other good reason —(a)
revoke the order and make any one or more different orders under subsection (1); or
(b)
vary the order and make any one or more different orders under subsection (1) in addition to that order.
(4) Where the Oversight Committee has made an order under subsection (2)(b), the Oversight Committee may, having regard to any change in circumstances or for other good reason —(a)
revoke the order and make any one or more different orders under subsection (2)(b); or
(b)
vary the order and make any one or more different orders under subsection (2)(b) in addition to that order.
(5) Where the Oversight Committee is satisfied that a public accountant has breached any order made under subsection (1), the Oversight Committee may make any of the following orders:(a)
an order cancelling the public accountant’s registration;
(b)
an order suspending the public accountant’s registration for a period not exceeding 2 years;
(c)
an order refusing to renew the public accountant’s registration.
(6) Where the Oversight Committee is satisfied that a public accountant has breached any order made under subsection (2)(b), the Oversight Committee may make any of the following orders:(a)
an order cancelling the public accountant’s registration;
(b)
an order suspending the public accountant’s registration for a period not exceeding 2 years;
(c)
an order refusing to renew the public accountant’s registration.
(7) Where the Oversight Committee makes an order to suspend the public accountant’s registration under subsection (5)(b) or (6)(b), the Oversight Committee may —(a)
in the case of an order under subsection (5)(b) — also make one or more orders under subsection (1); or
(b)
in the case of an order under subsection (6)(b) — also make one or more orders under subsection (2)(b).
(8) The Registrar must serve a copy of every order made under subsection (1), (2), (3), (4), (5), (6) or (7) on the public accountant concerned.
(9) The Oversight Committee may cause any order (or the part of that order determined by the Oversight Committee) that is required to be sent by a public accountant to any person under subsection (2)(b)(v) to be sent to that person if the Oversight Committee has reason to believe that the public accountant has failed to do so.
(10) The Oversight Committee must not make an order under subsection (2)(a), (5), (6) or (7) unless it has given the public accountant an opportunity to show cause against the proposed order.
(11) An order of the Oversight Committee made under subsection (2)(a), (5), (6) or (7) does not take effect until the latest of the following:(a)
one month after the date the order has been served on the public accountant;
(b)
the date specified by the Oversight Committee in the order as the date on which the order takes effect;
(c)
where an appeal against the order is made to the General Division of the High Court under subsection (12), the date immediately after the date the appeal has been determined or withdrawn.
(12) Any public accountant who is aggrieved by an order of the Oversight Committee under subsection (2)(a), (5), (6) or (7) may appeal to the General Division of the High Court within a period of 30 days or within any further period that the General Division of the High Court may allow, after the order of the Oversight Committee has been served on the public accountant.
(13) The decision of the General Division of the High Court on an appeal under subsection (12) is final.[Act 32 of 2022 wef 01/07/2023]
Refusal to undergo practice monitoring programme
Open ↗38A.—(1) If a public accountant refuses, without reasonable excuse (the burden of proof of which lies with the public accountant), to undergo a practice monitoring programme as required by the Oversight Committee, the Oversight Committee may by order suspend the public accountant’s registration for a period not exceeding 2 years.
(2) An order of the Oversight Committee made under subsection (1) does not take effect until the latest of the following:(a)
one month after the date the order has been served on the public accountant;
(b)
the date specified by the Oversight Committee in the order as the date on which the order takes effect;
(c)
where an appeal against the order is made to the General Division of the High Court under subsection (3), the date immediately after the date the appeal has been determined or withdrawn.
(3) Any public accountant who is aggrieved by an order of the Oversight Committee under subsection (1) may appeal to the General Division of the High Court within a period of 30 days or within any further period that the General Division of the High Court may allow, after the order of the Oversight Committee has been served on the public accountant.
(4) The decision of the General Division of the High Court on an appeal under subsection (3) is final.
(5) In this section, without limiting the expression, a public accountant refuses to undergo a practice monitoring programme if the public accountant —(a)
expressly informs a practice reviewer, the Oversight Committee or the Authority that he or she refuses to undergo the practice monitoring programme;
(b)
refuses to permit a practice reviewer to enter, at any reasonable hours in the day for the purposes of carrying out a practice review, the registered office or business premises of the accounting corporation, accounting firm or accounting LLP in which the public accountant practises as a public accountant;
(c)
refuses to comply with a requirement of a practice reviewer made under section 36(2)(a) or (b) within 14 days after the notice of the requirement has been served on him or her;
(d)
refuses to permit a practice reviewer to inspect, examine or make copies of or take any abstract of or extract from any record or document produced under section 36(2)(a) or (b); or
(e)
refuses, where a written notice requiring the public accountant to undergo a practice monitoring programme has been served on him or her under section 33(1), to respond to the notice within 14 days after the date the notice has been served or any longer period that the practice reviewer, the Oversight Committee or the Authority may allow.
(6) This section only applies where a public accountant is required by the Oversight Committee on or after the date of commencement of the Accountants (Amendment) Act 2022 to undergo a practice monitoring programme.[Act 32 of 2022 wef 01/07/2023]
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
