Interpretation of this Part
38B. In this Part —[Deleted by Act 24 of 2025 wef 06/05/2026]
[Deleted by Act 24 of 2025 wef 06/05/2026]
[Deleted by Act 24 of 2025 wef 06/05/2026]
“AML/CFT/CPF requirements” or “Anti‑Money Laundering and Countering the Financing of Terrorism and Proliferation Financing requirements” means the prescribed requirements relating to the detection and prevention of money laundering, the financing of terrorism or proliferation financing by public accountants and accounting entities;[Act 24 of 2025 wef 06/05/2026]
“AML/CFT/CPF requirements review” means a review to determine the compliance with any AML/CFT/CPF requirement by an accounting entity and any of its individual practitioners;[Act 24 of 2025 wef 06/05/2026]
“entity reviewer” means any individual who is appointed by the Oversight Committee under section 38E to carry out a quality control standards review or an AML/CFT/CPF requirements review;[Act 24 of 2025 wef 06/05/2026]
[Deleted by Act 24 of 2025 wef 06/05/2026]
“Oversight Committee’s quality control standards assessment framework” means the assessment framework of the Oversight Committee to determine the extent of an accounting entity’s compliance with the quality control standards;
“quality control standards” means the standards, methods or procedures on quality control that are prescribed by the Authority or the Oversight Committee to be applied by an accounting entity when providing public accountancy services;
“quality control standards review” means a review to determine the compliance with any quality control standards by an accounting entity.[Act 32 of 2022 wef 01/07/2023]
Composition of Oversight Committee for this Part
38C.—(1) For the purposes of this Part, unless the context otherwise requires, a reference to the Oversight Committee means the Oversight Committee without any of its members who are public accountants.
(2) A member of the Oversight Committee who is a public accountant must not, directly or indirectly, by himself or herself or by any other person in any manner whatsoever influence or attempt to influence —(a)
the performance of any of the functions of the Oversight Committee under this Part; or
(b)
any deliberation or decision of, or order made or to be made by, the Oversight Committee under this Part.
(3) Despite anything in the First Schedule, the Authority may, where the Authority considers it necessary that the Chairperson not act as the Chairperson for the purposes of this Part or for any other reason, appoint another member of the Oversight Committee who is not a public accountant to take the place of the Chairperson for the purposes of this Part and in such a case that other member —(a)
must act as and discharge the duties of the Chairperson for the purposes of this Part; and
(b)
has the powers of the Chairperson —(i)
specified in paragraph 7 of the First Schedule in relation to any meeting of the Oversight Committee for the purposes of this Part; and
(ii)
to authenticate the common seal specified in paragraph 8 of the First Schedule where necessary for the purposes of this Part.[Act 32 of 2022 wef 01/07/2023]
Requirement to undergo quality control standards review or AML/CFT/CPF requirements review
38D.—(1) The Oversight Committee may require, as a condition for an accounting entity to remain approved as such, that the accounting entity undergoes a quality control standards review during the periods determined by the Oversight Committee.
(2) The Oversight Committee may require, as a condition for an accounting entity to remain approved as such, that —(a)
the accounting entity undergoes an AML/CFT/CPF requirements review during the periods determined by the Oversight Committee; and[Act 24 of 2025 wef 06/05/2026]
(b)
one or more individual practitioners of the accounting entity undergo an AML/CFT/CPF requirements review during the periods determined by the Oversight Committee.[Act 24 of 2025 wef 06/05/2026]
(3) Where an accounting entity is required by the Oversight Committee to undergo a quality control standards review under subsection (1) or an AML/CFT/CPF requirements review under subsection (2)(a), or both, the accounting entity must —(a)
undergo the quality control standards review or the AML/CFT/CPF requirements review, or both, as required by the Oversight Committee by written notice served on the accounting entity; and[Act 24 of 2025 wef 06/05/2026]
(b)
pay any fee prescribed in connection with the administration of the quality control standards review or the AML/CFT/CPF requirements review, or both, as the case may be.[Act 24 of 2025 wef 06/05/2026]
(4) Where an individual practitioner is required by the Oversight Committee to undergo an AML/CFT/CPF requirements review under subsection (2)(b) —(a)
the individual practitioner must undergo the AML/CFT/CPF requirements review, as required by the Oversight Committee by written notice served on the individual practitioner; and[Act 24 of 2025 wef 06/05/2026]
(b)
the accounting entity, in respect of which the individual practitioner undergoes the AML/CFT/CPF requirements review, must pay any fee prescribed in connection with the administration of the AML/CFT/CPF requirements review.[Act 32 of 2022 wef 01/07/2023]
[Act 24 of 2025 wef 06/05/2026]
Appointment of entity reviewers
38E.—(1) The Oversight Committee may appoint any employee of the Authority, or any other individual who is suitably qualified, as an entity reviewer to carry out a quality control standards review or an AML/CFT/CPF requirements review, or both.[Act 24 of 2025 wef 06/05/2026]
(2) An entity reviewer must carry out a quality control standards review or an AML/CFT/CPF requirements review, or both, in accordance with —(a)
the practice and procedures of conducting a quality control standards review or an AML/CFT/CPF requirements review determined by the Oversight Committee; and[Act 24 of 2025 wef 06/05/2026]
(b)
any instructions issued by the Authority or the Oversight Committee.[Act 32 of 2022 wef 01/07/2023]
[Act 24 of 2025 wef 06/05/2026]
Duties and powers of entity reviewers
38F.—(1) The following provisions apply where an accounting entity is undergoing a quality control standards review or an AML/CFT/CPF requirements review:(a)
the accounting entity must, if required by the entity reviewer —(i)
produce to the entity reviewer or give the entity reviewer access to, within the time and at the place reasonably required by the entity reviewer, any record or document, or class or description of records or documents, which is in the possession or under the control of the accounting entity and which the entity reviewer reasonably believes is or may be relevant to the review;
(ii)
give to the entity reviewer any explanation or further particulars in respect of any record or document produced under sub‑paragraph (i) if required by the entity reviewer; and
(iii)
give to the entity reviewer all assistance in connection with the quality control standards review or the AML/CFT/CPF requirements review which the accounting entity is reasonably able to give;[Act 24 of 2025 wef 06/05/2026]
(b)
where any information or matter relevant to the quality control standards review or the AML/CFT/CPF requirements review is recorded otherwise than in a legible form, the power of an entity reviewer to require the production of any record or 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 24 of 2025 wef 06/05/2026]
(c)
an entity 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);
(d)
an entity reviewer exercising a power under this section must, if so requested by the accounting entity, produce for inspection by the accounting entity, evidence of the entity reviewer’s appointment by the Oversight Committee as an entity reviewer.[Act 24 of 2025 wef 06/05/2026]
(2) Where an individual practitioner of an accounting entity is undergoing an AML/CFT/CPF requirements review, subsection (1) applies to the individual practitioner as if a reference to an accounting entity in that subsection were a reference to the individual practitioner.[Act 24 of 2025 wef 06/05/2026]
(3) Nothing in this section compels the production by an accounting entity or its individual practitioner of a record or document containing a privileged communication by or to a legal practitioner in that capacity.[Act 32 of 2022 wef 01/07/2023]
Submission of report to Registrar, etc.
38G.—(1) An entity reviewer who carries out a quality control standards review or an AML/CFT/CPF requirements review must submit —(a)
a report to the Registrar at the conclusion of the quality control standards review or the AML/CFT/CPF requirements review; and[Act 24 of 2025 wef 06/05/2026]
(b)
any interim report that the Registrar may require.[Act 24 of 2025 wef 06/05/2026]
(2) The Registrar must submit a report to the Oversight Committee if —(a)
following a quality control standards review and after considering the entity reviewer’s report submitted under subsection (1), the Registrar is of the opinion that —(i)
the accounting entity’s compliance with any of the quality control standards is partially satisfactory under the Oversight Committee’s quality control standards assessment framework; or
(ii)
the accounting entity’s compliance with any of the quality control standards is not satisfactory under the Oversight Committee’s quality control standards assessment framework; or
(b)
following an AML/CFT/CPF requirements review and after considering the entity reviewer’s report submitted under subsection (1), the Registrar is of the opinion that the accounting entity or any of its individual practitioners has breached any of the AML/CFT/CPF requirements.[Act 32 of 2022 wef 01/07/2023]
[Act 24 of 2025 wef 06/05/2026]
Where compliance by accounting entity with quality control standards is partially satisfactory or not satisfactory
38H.—(1) Where the Oversight Committee, after considering the Registrar’s report submitted under section 38G(2)(a), is satisfied that the accounting entity’s compliance with any of the quality control standards is partially satisfactory under the Oversight Committee’s quality control standards assessment framework, the Oversight Committee may make one or more of the following orders:(a)
an order requiring the accounting entity to undergo and satisfactorily complete any remedial programme specified or approved by the Oversight Committee in relation to the accounting entity’s compliance with the quality control standards;
(b)
an order requiring the accounting entity to take any other steps specified by the Oversight Committee to improve the accounting entity’s compliance with the quality control standards;
(c)
an order requiring the accounting entity to give any undertaking in relation to its compliance with the quality control standards that the Oversight Committee thinks fit;
(d)
any other order to improve the accounting entity’s compliance with the quality control standards that the Oversight Committee thinks necessary or expedient.
(2) Where the Oversight Committee, after considering the Registrar’s report submitted under section 38G(2)(a), is satisfied that the accounting entity’s compliance with any of the quality control standards is not satisfactory under the Oversight Committee’s quality control standards assessment framework, the Oversight Committee may —(a)
make any of the following orders:(i)
an order revoking the approval granted to the accounting entity as an accounting entity under Part 4;
(ii)
an order suspending the accounting entity from providing public accountancy services for a period not exceeding 2 years;
(b)
in lieu of an order in paragraph (a)(i) or (ii), or in addition to an order in paragraph (a)(ii), make one or more of the following orders:(i)
an order restricting the provision of public accountancy services by the accounting entity in the manner that the Oversight Committee thinks fit for a period not exceeding 2 years;
(ii)
an order imposing on the accounting entity a penalty not exceeding the lower of the following:(A)
$250,000;
(B)
5% of the accounting entity’s audit turnover during the period of 12 months ending on the last day of its financial year immediately before the start of the quality control standards review;
(iii)
an order requiring the accounting entity to undergo and satisfactorily complete any remedial programme specified or approved by the Oversight Committee in relation to the accounting entity’s compliance with the quality control standards;
(iv)
an order requiring the accounting entity to take any other steps specified by the Oversight Committee to improve the accounting entity’s compliance with the quality control standards;
(v)
an order requiring the accounting entity to give any undertaking in relation to its compliance with the quality control standards that the Oversight Committee thinks fit;
(vi)
any other order to improve the accounting entity’s compliance with the quality control 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 an accounting entity has breached any order made under subsection (1), the Oversight Committee may make any of the following orders:(a)
an order revoking the approval granted to the accounting entity as an accounting entity under Part 4;
(b)
an order suspending the accounting entity from providing public accountancy services for a period not exceeding 2 years;
(c)
an order imposing on the accounting entity a penalty not exceeding the lower of the following:(i)
$250,000;
(ii)
5% of the accounting entity’s audit turnover during the period of 12 months ending on the last day of its financial year immediately before the start of the quality control standards review.
(6) Where the Oversight Committee is satisfied that an accounting entity has breached any order made under subsection (2)(b)(i), (iii), (iv), (v) or (vi) (where the order was not made together with an order under subsection (2)(b)(ii)), the Oversight Committee may make any of the following orders:(a)
an order revoking the approval granted to the accounting entity as an accounting entity under Part 4;
(b)
an order suspending the accounting entity from providing public accountancy services for a period not exceeding 2 years;
(c)
an order imposing on the accounting entity a penalty not exceeding the lower of the following:(i)
$250,000;
(ii)
5% of the accounting entity’s audit turnover during the period of 12 months ending on the last day of its financial year immediately before the start of the quality control standards review.
(7) Where the Oversight Committee is satisfied that an accounting entity has breached any order made under subsection (2)(b)(i), (iii), (iv), (v) or (vi) (where the order was made together with an order under subsection (2)(b)(ii)), the Oversight Committee may make any of the following orders:(a)
an order revoking the approval granted to the accounting entity as an accounting entity under Part 4;
(b)
an order suspending the accounting entity from providing public accountancy services for a period not exceeding 2 years.
(8) Where the Oversight Committee makes an order to suspend the accounting entity from providing public accountancy services under subsection (5)(b), (6)(b) or (7)(b), the Oversight Committee may —(a)
in the case of an order under subsection (5)(b) — also make one or more of the following orders:(i)
an order imposing on the accounting entity a penalty not exceeding the lower of the following:(A)
$250,000;
(B)
5% of the accounting entity’s audit turnover during the period of 12 months ending on the last day of its financial year immediately before the start of the quality control standards review;
(ii)
one or more orders under subsection (1);
(b)
in the case of an order under subsection (6)(b) — also make one or more orders under subsection (2)(b); or
(c)
in the case of an order under subsection (7)(b) — also make one or more orders under subsection (2)(b)(i), (iii), (iv), (v) or (vi).
(9) Any penalty imposed by an order made under this section is recoverable as a debt due to the Authority from the accounting entity.
(10) Without affecting subsection (9), where an accounting entity is ordered to pay a penalty under this section but fails to pay the penalty by the date the order takes effect under subsection (13), the Oversight Committee may, if it thinks fit, make an order to —(a)
revoke the approval granted to the accounting entity as an accounting entity under Part 4; or
(b)
suspend the accounting entity from providing public accountancy services for a period not exceeding 12 months.
(11) The Registrar must serve a copy of every order made under subsection (1), (2), (3), (4), (5), (6), (7), (8) or (10) on the accounting entity concerned.
(12) The Oversight Committee must not make an order under this section to —(a)
revoke the approval granted to an accounting entity as an accounting entity under Part 4;
(b)
suspend an accounting entity from providing public accountancy services (including any order under subsection (8)(a), (b) or (c)); or
(c)
impose on an accounting entity a penalty,
unless the Oversight Committee has given the accounting entity an opportunity to show cause against the proposed order.
(13) An order made by the Oversight Committee under this section to —(a)
revoke the approval granted to an accounting entity as an accounting entity under Part 4;
(b)
suspend an accounting entity from providing public accountancy services (including any order under subsection (8)(a), (b) or (c)); or
(c)
impose on an accounting entity a penalty,
does not take effect until the latest of the following:
(d)
one month after the date the order has been served on the accounting entity;
(e)
the date specified by the Oversight Committee in the order as the date on which the order takes effect;
(f)
where an appeal against the order is made to the General Division of the High Court under subsection (14), the date immediately after the date the appeal has been determined or withdrawn.
(14) Any accounting entity that is aggrieved by an order of the Oversight Committee under this section to —(a)
revoke the approval granted to the accounting entity as an accounting entity under Part 4;
(b)
suspend the accounting entity from providing public accountancy services (including any order under subsection (8)(a), (b) or (c)); or
(c)
impose on the accounting entity a penalty,
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 accounting entity.
(15) The decision of the General Division of the High Court on an appeal under subsection (14) is final.
(16) In this section, “audit turnover” means the gross revenue derived by an accounting entity from the audit and reporting on financial statements.[Act 32 of 2022 wef 01/07/2023]
Non-compliance by accounting entity with AML/CFT/CPF requirements
38I.—(1) Where the Oversight Committee, after considering the Registrar’s report submitted under section 38G(2)(b), is satisfied that the accounting entity has not complied with any of the AML/CFT/CPF requirements, the Oversight Committee may —(a)
make any of the following orders:(i)
an order revoking the approval granted to the accounting entity as an accounting entity under Part 4;
(ii)
an order suspending the accounting entity from providing public accountancy services for a period not exceeding 12 months;
(b)
in lieu of an order in paragraph (a)(i) or (ii), or in addition to an order in paragraph (a)(ii), make one or more of the following orders:(i)
an order restricting the provision of public accountancy services by the accounting entity in the manner that the Oversight Committee thinks fit for a period not exceeding 12 months;
(ii)
an order imposing on the accounting entity a penalty not exceeding $25,000 for each breach of the AML/CFT/CPF requirements;[Act 24 of 2025 wef 06/05/2026]
(iii)
an order censuring the accounting entity.[Act 24 of 2025 wef 06/05/2026]
(2) Where the Oversight Committee has made an order under subsection (1)(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 (1)(b); or
(b)
vary the order and make any one or more different orders under subsection (1)(b) in addition to that order.
(3) Where the Oversight Committee is satisfied that an accounting entity has breached an order made under subsection (1)(b)(i), the Oversight Committee may make any of the following orders:(a)
an order revoking the approval granted to the accounting entity as an accounting entity under Part 4;
(b)
an order suspending the accounting entity from providing public accountancy services for a period not exceeding 12 months.
(4) Where the Oversight Committee makes an order to suspend the accounting entity from providing public accountancy services under subsection (3)(b), the Oversight Committee may also make one or more orders under subsection (1)(b)(i) or (iii).
(5) Any penalty imposed by an order made under this section is recoverable as a debt due to the Authority from the accounting entity.
(6) Without affecting subsection (5), where an accounting entity is ordered to pay a penalty under this section but fails to pay the penalty by the date the order takes effect under subsection (9), the Oversight Committee may, if it thinks fit, make an order to —(a)
revoke the approval granted to the accounting entity as an accounting entity under Part 4; or
(b)
suspend the accounting entity from providing public accountancy services for a period not exceeding 12 months.
(7) The Registrar must serve a copy of every order made under subsection (1), (2), (3), (4) or (6) on the accounting entity concerned.
(8) The Oversight Committee must not make an order under this section to —(a)
revoke the approval granted to an accounting entity as an accounting entity under Part 4;
(b)
suspend an accounting entity from providing public accountancy services (including any order under subsection (4)); or
(c)
impose on an accounting entity a penalty,
unless the Oversight Committee has given the accounting entity an opportunity to show cause against the proposed order.
(9) An order made by the Oversight Committee under this section to —(a)
revoke the approval granted to an accounting entity as an accounting entity under Part 4;
(b)
suspend an accounting entity from providing public accountancy services (including any order under subsection (4)); or
(c)
impose on an accounting entity a penalty,
does not take effect until the latest of the following:
(d)
one month after the date the order has been served on the accounting entity;
(e)
the date specified by the Oversight Committee in the order as the date on which the order takes effect;
(f)
where an appeal against the order is made to the General Division of the High Court under subsection (10), the date immediately after the date the appeal has been determined or withdrawn.
(10) Any accounting entity that is aggrieved by an order of the Oversight Committee under this section to —(a)
revoke the approval granted to the accounting entity as an accounting entity under Part 4;
(b)
suspend the accounting entity from providing public accountancy services (including any order under subsection (4)); or
(c)
impose on the accounting entity a penalty,
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 accounting entity.
(11) The decision of the General Division of the High Court on an appeal under subsection (10) is final.[Act 32 of 2022 wef 01/07/2023]
[Act 24 of 2025 wef 06/05/2026]
Non-compliance by individual practitioner of accounting entity with AML/CFT/CPF requirements
38J.—(1) Where the Oversight Committee, after considering the Registrar’s report submitted under section 38G(2)(b), is satisfied that any individual practitioner of an accounting entity has not complied with any of the AML/CFT/CPF requirements, the Oversight Committee may —(a)
make any of the following orders:(i)
an order cancelling the individual practitioner’s registration;
(ii)
an order suspending the individual practitioner’s registration for a period not exceeding 12 months;
(b)
in lieu of an order in paragraph (a)(i) or (ii), or in addition to an order in paragraph (a)(ii), make one or more of the following orders:(i)
an order restricting the provision of public accountancy services by the individual practitioner in the manner that the Oversight Committee thinks fit for a period not exceeding 12 months;
(ii)
an order imposing on the individual practitioner a penalty not exceeding $10,000 for each breach of the AML/CFT/CPF requirements;[Act 24 of 2025 wef 06/05/2026]
(iii)
an order censuring the individual practitioner.[Act 24 of 2025 wef 06/05/2026]
(2) Where the Oversight Committee has made an order under subsection (1)(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 (1)(b); or
(b)
vary the order and make any one or more different orders under subsection (1)(b) in addition to that order.
(3) Where the Oversight Committee is satisfied that the individual practitioner has breached an order made under subsection (1)(b)(i), the Oversight Committee may make any of the following orders:(a)
an order cancelling the individual practitioner’s registration;
(b)
an order suspending the individual practitioner’s registration for a period not exceeding 12 months.
(4) Where the Oversight Committee makes an order to suspend the individual practitioner’s registration under subsection (3)(b), the Oversight Committee may also make one or more orders under subsection (1)(b)(i) or (iii).
(5) Any penalty imposed by an order made under this section is recoverable as a debt due to the Authority from the individual practitioner.
(6) Without affecting subsection (5), where an individual practitioner is ordered to pay a penalty under this section but fails to pay the penalty by the date the order takes effect under subsection (9), the Oversight Committee may, if it thinks fit, make an order to —(a)
cancel the individual practitioner’s registration; or
(b)
suspend the individual practitioner’s registration for a period not exceeding 12 months.
(7) The Registrar must serve a copy of every order made under subsection (1), (2), (3), (4) or (6) on the individual practitioner concerned.
(8) The Oversight Committee must not make an order under this section to —(a)
cancel an individual practitioner’s registration;
(b)
suspend an individual practitioner’s registration (including any order under subsection (4)); or
(c)
impose on an individual practitioner a penalty,
unless the Oversight Committee has given the individual practitioner an opportunity to show cause against the proposed order.
(9) An order made by the Oversight Committee under this section to —(a)
cancel an individual practitioner’s registration;
(b)
suspend an individual practitioner’s registration (including any order under subsection (4)); or
(c)
impose on an individual practitioner a penalty,
does not take effect until the latest of the following:
(d)
one month after the date the order has been served on the individual practitioner;
(e)
the date specified by the Oversight Committee in the order as the date on which the order takes effect;
(f)
where an appeal against the order is made to the General Division of the High Court under subsection (10), the date immediately after the date the appeal has been determined or withdrawn.
(10) Any individual practitioner who is aggrieved by an order of the Oversight Committee under this section to —(a)
cancel the individual practitioner’s registration;
(b)
suspend the individual practitioner’s registration (including any order under subsection (4)); or
(c)
impose on the individual practitioner a penalty,
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 individual practitioner.
(11) The decision of the General Division of the High Court on an appeal under subsection (10) is final.[Act 32 of 2022 wef 01/07/2023]
[Act 24 of 2025 wef 06/05/2026]
Refusal to undergo quality control standards review or AML/CFT/CPF requirements review
38K.—(1) If an accounting entity refuses, without reasonable excuse (the burden of proof of which lies with the accounting entity), to undergo a quality control standards review or an AML/CFT/CPF requirements review as required by the Oversight Committee, the Oversight Committee may by order suspend the accounting entity from providing public accountancy services for a period not exceeding 2 years.[Act 24 of 2025 wef 06/05/2026]
(2) If —(a)
an individual practitioner of an accounting entity refuses to undergo an AML/CFT/CPF requirements review; and[Act 24 of 2025 wef 06/05/2026]
(b)
it is proved that his or her refusal was with the consent or connivance or was attributable to any neglect on the part of the accounting entity,
the individual practitioner’s refusal is to be treated as a refusal by the accounting entity to undergo an AML/CFT/CPF requirements review under subsection (1).
[Act 24 of 2025 wef 06/05/2026]
(3) An order of the Oversight Committee 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 accounting entity;
(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 (4), the date immediately after the date the appeal has been determined or withdrawn.
(4) Any accounting entity that 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 accounting entity.
(5) The decision of the General Division of the High Court on an appeal under subsection (4) is final.
(6) In this section, without limiting the expression, an accounting entity refuses to undergo a quality control standards review or an AML/CFT/CPF requirements review if the accounting entity —(a)
expressly informs an entity reviewer, the Oversight Committee or the Authority that the accounting entity refuses to undergo the quality control standards review or the AML/CFT/CPF requirements review;[Act 24 of 2025 wef 06/05/2026]
(b)
refuses to permit an entity reviewer to enter, at any reasonable hours in the day for the purposes of carrying out the quality control standards review or the AML/CFT/CPF requirements review, its registered office or business premises;[Act 24 of 2025 wef 06/05/2026]
(c)
refuses to comply with a requirement of an entity reviewer made under section 38F(1)(a) or (b) within 14 days after the notice of the requirement has been served on the accounting entity;
(d)
refuses to permit an entity reviewer to inspect, examine or make copies of or take any abstract of or extract from any record or document produced under section 38F(1)(a) or (b); or
(e)
refuses, where a written notice requiring the accounting entity to undergo the quality control standards review or the AML/CFT/CPF requirements review has been served on the accounting entity under section 38D(3)(a), to respond to the notice within 14 days after the date the notice has been served or any longer period that the entity reviewer, the Oversight Committee or the Authority may allow.[Act 24 of 2025 wef 06/05/2026]
(7) In this section, without limiting the expression, an individual practitioner of an accounting entity refuses to undergo an AML/CFT/CPF requirements review if the individual practitioner —(a)
expressly informs an entity reviewer, the Oversight Committee or the Authority that the individual practitioner refuses to undergo the AML/CFT/CPF requirements review;[Act 24 of 2025 wef 06/05/2026]
(b)
refuses to permit an entity reviewer to enter, at any reasonable hours in the day for the purposes of carrying out the AML/CFT/CPF requirements review on the individual practitioner, the registered office or business premises of the accounting entity in which the individual practitioner practises as a public accountant;[Act 24 of 2025 wef 06/05/2026]
(c)
refuses to comply with a requirement of an entity reviewer made under section 38F(1)(a) or (b) (as applied by section 38F(2)) within 14 days after the notice has been served on the individual practitioner;
(d)
refuses to permit an entity reviewer to inspect, examine or make copies of or take any abstract of or extract from any record or document produced under section 38F(1)(a) or (b) (as applied by section 38F(2)); or
(e)
refuses, where a written notice requiring the individual practitioner to undergo the AML/CFT/CPF requirements review has been served on him or her under section 38D(4)(a), to respond to the notice within 14 days after the date the notice has been served or any longer period that the entity reviewer, the Oversight Committee or the Authority may allow.[Act 32 of 2022 wef 01/07/2023]
[Act 24 of 2025 wef 06/05/2026]
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
