Singapore Government

Announcements

MOF and SAC Invite Public Feedback on the Proposed Regulations under the SAC Act

 

1. The Ministry of Finance (MOF) and the Singapore Accountancy Commission (SAC) jointly invite the public to provide feedback on the proposed regulations under the SAC Act. The public consultation exercise will run from 30 May to 26 June 2016.

Background

2. Under the SAC Act  (at Annex 1 pages 71-76), an accounting entity may describe itself as a Chartered Accountant of Singapore and use the initials “CA (Singapore)” after its name.  Under section 25A of the Act, a non-accounting entity may apply to SAC to use the professional designation and initials. SAC may approve a non-accounting entity’s application if the following conditions are satisfied:

  1. one of the primary objects of the entity is to provide such accounting services as may be prescribed;
  1. not fewer than two-thirds of the partners of a firm/ limited liability partnership (LLP) or directors (including the Chairman) of a company must be chartered accountants, or at least one of the partners or directors must be chartered accountants where the firm/ LLP or company has only two partners or directors; and
  1. the entity meets such conditions as may be prescribed.

Proposed regulations

3. The proposed regulations (at Annex 2) set out the list of prescribed accounting services (in paragraph 2(a) above):

  1. auditing and assurance services;
  2. financial accounting services;
  3. financial management services;
  4. internal audit services;
  5. taxation;
  6. management accounting services; and
  7. taxation services.

4. The proposed regulations also set out the condition (in paragraph 2(c) above) that “an entity must provide at least two of the prescribed accounting services”.

Public consultation details

5. The public can access the consultation documents on MOF’s website (www.mof.gov.sg), SAC’s website (www.sac.gov.sg) and the REACH consultation portal (www.reach.gov.sg). Written comments can be sent to:


Singapore Accountancy Commission
10 Anson Road
#05-18 International Plaza


SAC Email: enquiries@sac.gov.sg  (preferred mode)
SAC Fax: 6226 3386


6. We will publish a summary of the comments received together with our responses by August 2016. The summary will not disclose the identity of respondents, and will not individually address or acknowledge every comment received.

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Documents for download

Annex 1: Amendments to the SAC Act (pages 71-76)
Annex 2: Proposed regulation under the SAC Act

 

Jointly issued by the Ministry of Finance and Singapore Accountancy Commission
Singapore, 27 May 2016

For media enquiries, please contact:

SAC

Ms Lin Shuzhen
Senior Editor
Tel: 6325 0514
Email: lin_shuzhen@sac.gov.sg

MOF

Ms Chandel Lim
Associate (Corporate Communications)
Tel: 6332 7336
Email: chandel_lim@mof.gov.sg

 

About Ministry of Finance

The Ministry of Finance aims to advance the well-being and development of Singapore through Finance. The Ministry strives to achieve a balanced budget through prudent fiscal policy, foster a regulatory environment conducive to business and enterprise, ensure prudent investment of the Government's reserves and other public funds, and sets policies for government procurement, e-government, customs regulation, accounting standards and business regulation.

We achieve this together with our departments (Accountant-General’s Department, Centre for Public Project Management, Singapore Customs and Vital.org – Centre for Shared Services), and statutory boards (Accounting & Corporate Regulatory Authority, Inland Revenue Authority of Singapore and Tote Board).

For more information, please visit www.mof.gov.sg.

We are also on www.facebook.com/MOFsg and Twitter (@MOFsg).


About Singapore Accountancy Commission

Established in April 2013 as a statutory body of the Singapore Government, the Singapore Accountancy Commission (SAC) is the lead agency in spearheading the development of the accountancy sector in Singapore.

The SAC’s Vision is for Singapore to be the Leading Global Accountancy Hub. This will be achieved through developing for Singapore a vibrant accountancy sector that enables the economy to grow, businesses to thrive and talent to flourish. In fulfilling this mission, the SAC seeks to uphold the values of being relevant, insightful, collaborative and advocative.

For more information, please visit www.sac.gov.sg

 

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