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The Ethics Sub-Committee[1] (EC) of the Public Accountants Oversight Committee (PAOC) is seeking public feedback on proposed amendments to the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (Singapore Code), which sets out the ethical and independence standards for auditors. The public consultation exercise will run from 29 November 2013 to 10 January 2014.
The following documents are available for download:
29 November 2013
Footnotes
[1] The current members of the Ethics Sub-Committee are:
[2] The areas are (a) Conflicts of interest, (b) Breach of a requirement of the Code, (c) Definition of “engagement team” and (d) Definition of “those charged with governance”.
[3] This is in view that should a large proportion of an auditor’s fees comes from one client, it can threaten the auditor’s independence as a result of the financial ramifications should the auditor lose the client’s business.
[4] Acknowledgement Statement For the Handbook of the Code of Ethics for Professional Accountants, 2013 Edition:
This text reproduces, with the permission of the International Federation of Accountants (IFAC), all or part of the Handbook of the Code of Ethics for Professional Accountants, 2013 Edition issued by the International Ethics Standards Board for Accountants (IESBA), and published by IFAC. Copyright © May 2013 by the International Federation of Accountants (IFAC). All rights reserved.
Reproduction of the Handbook of the Code of Ethics for Professional Accountants, 2013 Edition, Copyright © May 2013 by the International Federation of Accountants (IFAC) is limited to the territory of Singapore for this public consultation period only. All rights, including copyright, are reserved and are held by the International Federation of Accountants (IFAC).
For Change to the Definition of “Those Charged with Governance” in, and Related Changes to, the Code of Ethics for Professional Accountants, September 2013:
This text reproduces, with the permission of the International Federation of Accountants (IFAC), all or part of the Change to the Definition of “Those Charged with Governance” in, and Related Changes to, the Code of Ethics for Professional Accountants, issued by the International Ethics Standards Board for Accountants (IESBA), and published by IFAC. Copyright © September 2013 by the International Federation of Accountants (IFAC). All rights reserved.
Reproduction of the Change to the Definition of “Those Charged with Governance” in, and Related Changes to, the Code of Ethics for Professional Accountants, Copyright © September 2013 by the International Federation of Accountants (IFAC) is limited to the territory of Singapore for this public consultation period only. All rights, including copyright, are reserved and are held by the International Federation of Accountants (IFAC).