§ 3 — Meaning of “accounting service”, etc.

3.—(1) In this Act —“accounting service” means any of the following services:(a)

financial accounting service;

(b)

internal audit service;

(c)

management accounting service;

(d)

taxation service;

“financial accounting service” means any of the following services:(a)

preparing and maintaining accounting and other records of an entity which will sufficiently explain the transactions and financial position of the entity and enable true and fair profit and loss accounts and balance sheets (and any documents attached to the profit and loss accounts and balance sheets) to be prepared from time to time;

(b)

preparing the general purpose financial statements, special purpose financial statements or summary financial statements of an entity or any part of those statements;

“internal audit service” means any of the following services:(a)

evaluating the effectiveness of an entity’s processes relating to its governance, risk management or internal control;

(b)

improving an entity’s processes relating to its governance, risk management or internal control;

“management accounting service” means any of the following services:(a)

measuring, evaluating or reporting on any information relating to the economic performance of an entity;

(b)

drawing and expressing a conclusion relating to the measurement or evaluation of, or reporting on, any information relating to the economic performance of an entity;

“taxation service” means any of the following services:(a)

ensuring compliance by an entity with any written law relating to taxation in the course of preparing any tax return for the entity;

(b)

making tax calculations for the purpose of preparing accounting entries in an entity’s financial statements;

(c)

providing advice relating to taxation and tax planning;

(d)

providing assistance in resolving any dispute relating to taxation.

(2) In subsection (1), a service is not a financial accounting service, an internal audit service, a management accounting service or a taxation service unless its performance requires the application of an accounting or related skill.

(3) In subsection (1) —“entity” means —(a)

a company or association or body of persons, corporate or unincorporate;

(b)

a variable capital company, or an umbrella VCC in respect of a sub‑fund;

(c)

a sole proprietor;

(d)

a trust or its trustee (when acting in that capacity), as the case may be; or

(e)

any other business or corporate structure, as may be prescribed;

“general purpose financial statements”, “special purpose financial statements” and “summary financial statement” have the meanings given by the part entitled “Glossary” in the Singapore Standards on Auditing;

“Singapore Standards on Auditing” means the standards by that name issued by the Institute of Singapore Chartered Accountants as published on its website.

—(1) In this Act —“accounting service” means any of the following services:(a)

financial accounting service;

(b)

internal audit service;

(c)

management accounting service;

(d)

taxation service;

“financial accounting service” means any of the following services:(a)

preparing and maintaining accounting and other records of an entity which will sufficiently explain the transactions and financial position of the entity and enable true and fair profit and loss accounts and balance sheets (and any documents attached to the profit and loss accounts and balance sheets) to be prepared from time to time;

(b)

preparing the general purpose financial statements, special purpose financial statements or summary financial statements of an entity or any part of those statements;

“internal audit service” means any of the following services:(a)

evaluating the effectiveness of an entity’s processes relating to its governance, risk management or internal control;

(b)

improving an entity’s processes relating to its governance, risk management or internal control;

“management accounting service” means any of the following services:(a)

measuring, evaluating or reporting on any information relating to the economic performance of an entity;

(b)

drawing and expressing a conclusion relating to the measurement or evaluation of, or reporting on, any information relating to the economic performance of an entity;

“taxation service” means any of the following services:(a)

ensuring compliance by an entity with any written law relating to taxation in the course of preparing any tax return for the entity;

(b)

making tax calculations for the purpose of preparing accounting entries in an entity’s financial statements;

(c)

providing advice relating to taxation and tax planning;

(d)

providing assistance in resolving any dispute relating to taxation.

(2) In subsection (1), a service is not a financial accounting service, an internal audit service, a management accounting service or a taxation service unless its performance requires the application of an accounting or related skill.

(3) In subsection (1) —“entity” means —(a)

a company or association or body of persons, corporate or unincorporate;

(b)

a variable capital company, or an umbrella VCC in respect of a sub‑fund;

(c)

a sole proprietor;

(d)

a trust or its trustee (when acting in that capacity), as the case may be; or

(e)

any other business or corporate structure, as may be prescribed;

“general purpose financial statements”, “special purpose financial statements” and “summary financial statement” have the meanings given by the part entitled “Glossary” in the Singapore Standards on Auditing;

“Singapore Standards on Auditing” means the standards by that name issued by the Institute of Singapore Chartered Accountants as published on its website.