s 18 Approval of accounting firms
18.—(1) A public accountant who wishes to have a firm or proposed firm approved as an accounting firm may apply to the Oversight Committee for approval of —(a) the firm as an accounting firm; and (b) the name or proposed name of the accounting firm. (2) An application under subsection (1) must be made in accordance with the prescribed requirements and must be accompanied by the prescribed fee. (3) The Oversight Committee may, on receiving an application made under this section, approve the firm or proposed firm concerned as an accounting firm if and only if —(a) one of the primary objects of the firm or proposed firm is to provide public accountancy services; (b) at least two-thirds, or any other proportion that may be prescribed, of the partners are public accountants, or if the partnership has only 2 partners, one of those partners is a public accountant; and (c) the business of the partnership, so far as it relates to the supply of public accountancy services in Singapore, will be under the control and management of one or more partners who are public accountants ordinarily resident in Singapore.[11/2006]