Overview of managing as a public accountant or accounting entity

Comply with legal obligations, duties, and orders

You must comply with:

• Legal obligations under the Accountants Act

• Code of Professional Conduct and Ethics for PA and AEs

• Any orders issued by the PAOC

• AML/CFT requirements if you provide certain CSP services on behalf of an AE

Renew your registration every year

You need to:

• Meet the requirements to renew a PA's registration every year

• Use Bizfile to renew your registration between 1 and 31 December

Note: It is illegal to practise as a PA without a valid certificate of registration.

Notify ACRA of changes in your particulars

You must update ACRA within 30 days of any change.

Note: Late notifications may result in penalties.

Comply with legal obligations, duties, and orders

You must comply with:

• Legal obligations under the Accountants Act

• Code of Professional Conduct and Ethics for PA and AEs

• Any orders issued by the PAOC

• AML/CFT requirements if you provide certain CSP services

• ALLPs: Key compliance requirements for LLPs

• PACs: Key compliance requirements for companies

• CSP registration for public accounting entities (PAEs)

Notify ACRA of changes in AE information

Check what changes to report and the deadlines:

• Updating changes in particulars: Public accounting firm (PAF)

• Updating changes in particulars: Accounting limited liability partnership (ALLP)

• Updating changes in particulars: Public accounting corporation (PAC)

Note: Late notifications may result in penalties.

Updating your AE's information

• Changing the name of a PAE

• Updating changes in particulars: Public accounting firm (PAF)

Converting AE types

• Converting existing entities to an ALLP

• Converting an existing accounting firm to a PAC

Bizfile fees for:

• ALLPs

• PACs

• Service and transaction fees: LLPs

• Service and transaction fees: Companies

Productivity solutions grant for the accountancy sector

Tap on grants to adopt digital solutions and improve operational efficiency.

Accountancy Industry Digital Plan

Provides a clear roadmap for small and medium-sized practices (SMPs) to enhance productivity and stay competitive.

Public accounting entity (PAE) status

You can cancel your PAE status to:

• Stop providing public accountancy services

• Continue operating as another type of business entity

Deemed corporate service provider (CSP) registration

You can request to cancel your deemed registration through the General lodgement eService:

• Select Public accountant and accounting entity; and

• Other public accountant and accounting entity related lodgement.

Legislation

• Accountants Act

• Limited Liability Partnerships Act

• Companies Act

• Practice Directions, Registrar’s Interpretations & guidance

• Audit bulletins & guidance

Accounting standards & governance

• Guide to accounting standards

• Financial Reporting Surveillance Programme (FRSP)

• Public consultations for accounting standards

• Comment letters on accounting standards

Audit quality and regulatory notices

• Practice Monitoring Programme (PMP) for PAs

• Quality control (QC) reviews for AEs

• Regulatory notices for public accountants & accounting entities

CSP compliance requirements for:

• Anti-money laundering (AML)

• Countering proliferation financing (CPF)

• Countering the financing of terrorism (CFT)

• Guidelines for registered CSPs

• Enforcement action on CSPs and RQIs

• Suspended & cancelled registrations: CSPs & RQIs

Audit quality

• Audit quality indicators (AQI) and industry average

• Accountancy and audit resources from local & international bodies

• Event highlights for accountancy and audit

Accountancy and audit resources, including research reports

• Reports & publications for accountants and accounting entities

• Accountancy and audit resources from local & international bodies

PA or PAE verifications

• Using Bizfile’s search functions

• PAs registered as judicial managers or trustees in bankruptcy