Accountancy Development Division
The Accountancy Development Division (ADD) facilitates the development of the accountancy sector through the work of the Pro-Tem Singapore Accountancy Council (Pro-Tem SAC) and its four sub-committees; namely:
- the Singapore Accountancy Qualification Programme (QP) sub-committee;
- the Accountacy Services Research Centre (ASRC) and Accountanct Sector Development Fund (ASDF) sub-committee;
- the Chief Financial Officers (CFO) sub-committee; and
- the Centres of Excellence (CoEx) sub-committee.
Audit Division
The Audit Division (AD) reports to the Audit Committee (AC) and assists the ACRA Board by performing independent and objective financial reviews of ACRA. Its critical role includes determining recommendations to improve internal quality control mechanisms, so as to aid ACRA in realising its full competencies.
Business Registry and Facilitation Division
The Business Registry and Facilitation Division (BRFD) oversees the registration of business entities, i.e. sole proprietorships/partnerships, local companies, foreign branches, limited partnerships and limited liability partnerships in Singapore. The BRFD also manages the registration of documents, notices, and returns filed by business entities through its electronic filing system, BizFile. The division also participates regularly in outreach events organised by ACRA and other agencies. These events serve as a platform for public education for the business community and aspiring entrepreneurs.
Business Information and Technology Department
The Business Information and Technology Department (BITD) sets strategic directions for the 4 divisions under its purview namely the Information Resource Division, Information Technology Strategy Division, Financial Information Division and the Project Office. It aligns the divisions’ initiatives and facilitates synergy across other divisions within ACRA on matters related to IT systems and quality of information to meet the strategic outcome set by the organisation.
Client Engagement and Communications Department
The Client Engagement and Communications Department (CECD) comprises of the Client Engagement Division, Research and Statistics Unit, and Corporate Communications Division.
The Client Engagement Division delivers value to the business community by providing customers with a one-stop and effective interface for queries and dealings with ACRA. It continuously seeks to enhance customer experience through the understanding of customers’ changing needs and expectations.
The Research and Statistics Unit conducts research and statistical analysis on key business issues and trends in Singapore, empowering businesses to gain a better understanding of the business environment. The mining and analysis of transactional data and customers’ feedback also enables ACRA to continuously review and improve its service delivery processes, and fine-tune its policies and framework to provide a business-friendly environment.
Besides focusing on effective corporate communication strategies to advance the image of ACRA, the Corporate Communications Division acts as a bridge between the organisation and its stakeholders through various engagement initiatives. The division organises several key events throughout the year to promote greater awareness about the roles of ACRA, thereby enhancing the Authority’s visibility as a proactive partner of the business community.
Enforcement Division
The Enforcement Division (ED) oversees the general compliance in the disclosure of corporate and financial information of businesses, raising of stakeholders’ competence with targeted training and creating awareness of relevant rules through public education. ED's aim is to achieve voluntary compliance through its initiatives and programmes. However, ED will not hesitate to take swift and just enforcement action against recalcitrants, where necessary. The division comprises three units to carry out its various functions – the Summons & Warrants Processing Unit, the Strategic Enforcement Unit and the Enforcement Policies and Strategy Unit.
The Summons & Warrants Processing Unit manages cases identified for prosecution, including warrant cases, and administers these cases for mention in Courts or for execution by the Warrant Enforcement Unit of the Police Force. The Strategic Enforcement Unit (SEU) undertakes focused and targeted enforcement based on the strategic plans and directions endorsed by ACRA, such as the active enforcement of non-filing of annual returns / declarations by businesses. In addition, SEU officers consider applications and legal representations made by the various businesses and individuals that ACRA regulates. The Enforcement Policies and Strategy Unit undertakes strategic studies and reviews on enforcement and develops appropriate policies and initiatives for implementation.
Finance Division
The Finance Division (FD) takes charge of all aspects of ACRA’s budgetary decisions and accounting processes. Exercising financial prudence, the FD ensures optimal allocation of monetary resources to meet ACRA’s operational needs and organisational objectives.
Financial Information Division
The Financial Information Division (FID) handles XBRL Financial Reporting and Standard Business Information Reporting (SBIR). It is responsbile for the taxonomy vis-a-vis the accounting standards as well as the filing process and mechanism of financial reports. The SBIR is a multi-agency project with the objective of enabling a pro-enterprise financial reporting environment for businesses in Singapore.
Financial Reporting Surveillance Division
The Financial Reporting Surveillance Division (FRSD) oversees general compliance in corporate financial reporting, with the goal to achieve high quality corporate financial reporting in Singapore while establishing an effective regulatory environment that enables optimal compliance of the accounting standards. The FRSD seeks to achieve this strategic goal via its administration of the Companies Act’s applications and its regulatory oversight over financial statements filed with ACRA for potential non-compliances with applicable accounting standards. The FRSD also performs regular reviews of policies and exemptions granted to companies with the aim of achieving a good balance between compliance and the need to be pro-business.
Governance Surveillance Division
The Governance Surveillance Division (GSD) oversees compliance and governance matters of registered business entities and investigates into alleged breaches of the various laws under ACRA's purview. The officers handle all forms of complaints including governance related matters and breaches under the legislation administered by ACRA.
Human Resource Division
The Human Resource Division (HRD) works towards building ACRA’s reputation as a choice employer. The HRD designs ACRA’s HR structure to realise the organisation’s full potential. The HRD’s goals are aligned with ACRA’s mission and strategic outcomes, and it focuses on every HR function, from recruiting officers to developing and retaining talent.
Information Resource Division
As custodians and managers of business information, the Information Resource Division (IRD) protects the integrity and preservation of data. The IRD also provides value-added services to meet the changing demands of the business community. Being a trusted depository of records on registered business entities and public accountants in Singapore, the IRD facilitates business development through the provision of timely, accurate and consistent information. The division constantly reviews information needs and provides value-added information to meet the changing demands of the business community. It has established strategic alliances with information service providers to meet the information needs of the fast-growing marketplace.
Information Technology Strategy Division
The Information Technology Strategy Division (ITSD) capitalises on the latest IT solutions and works closely with all divisions to facilitate ACRA’s operations and service deliverables to the business community. The ITSD also advises ACRA regarding new IT initiatives in alignment with ACRA’s strategic directions and Singapore’s e-Government strategies.
Legal Services Department
The Legal Services Department (LSD) advances ACRA’s mission and strategic goals by providing legal services regarding ACRA’s policies and operational matters. The department comprises two divisions – the General Counsel Division (GCD) and the Legal Policy Reform Division (LPRD). The divisions oversee two major areas of work.
The GCD deals with the provision of sound and timely legal advice and services. This includes the interpretation of laws, drafting and vetting legal documents, and liaising with external parties and lawyers regarding legal matters affecting ACRA. The division also provides guidance for enforcement officers in their investigations, as well as ACRA officers in disciplinary matters under the Accountants Act. In addition, the GCD represents ACRA in both criminal and civil proceedings.
The second area of work, which is undertaken by the LPRD, involves reviewing business laws and formulating legal policies to meet evolving business needs, as well as educating the business community about such reforms. The division actively monitors and studies legal developments in Singapore and leading jurisdictions to further enhance Singapore’s corporate regulatory framework, and improve the Republic’s international competitiveness. The LPRD also served as the secretariat for the ACRA Board as well as one Board committee.
Management Services Division
The Management Services Division (MSD) provides support architecture to the organisation, managing ACRA’s records, tangible assets and facilities, thereby creating favourable situations for ACRA to execute its strategic outcomes and activities. It also administers the Electronic Registry System (ERS), an automated workflow and document management system that aims to shorten turnaround time and improve ACRA’s responsiveness to customers’ written communication.
Project Office
The Project Office is a new set-up and its objective is to ensure proper project governance, consistency in end-to-end testing, quality check on system delivered. It also scans new developments in the market that may be useful as a service delivery channel for ACRA. It acts as the bridge between the IT project managers and the business divisions and ensures that new requirements do not conflict or corrupt existing information. It shall work closely with divisions to establish business benefits of change requests and perform post project reviews and follow ups. Over the next 2 years, its focus will be on the new generation BizFile project.
Public Accountancy Sector Department
High quality audit is a vital element of a trusted business environment and pillar of an international financial centre. The Public Accountancy Sector Department (PASD) seeks to achieve this strategic outcome for ACRA and Singapore through an effective regulatory regime of the registration of qualifying public accountants and public accounting entities and the performance of practice reviews of audit work performed by public accountants to promote high quality audit.
The PASD comprises two divisions - the Practice Monitoring Division (PMD) and the Professional Oversight Division (POD). The PMD supports the Public Accountants Oversight Committee (PAOC) in the administration of the Practice Monitoring Programme which comes under Part V of the Accountants Act, Cap. 2. The POD supports the PAOC in the registration and regulation of public accountants and public accounting entities.
Strategy and External Relations Division
The Strategy and External Relations Division (SERD) is responsible for policy, strategy and external engagement matters relating to ACRA’s oversight of the public accountancy profession as well as its broader involvement with the accountancy profession and sector.