CATEGORY: NEWS AND ANNOUNCEMENTS


9 Dec 2022

ACRA has issued changes to the Code of Professional Conduct and Ethics (the ACRA Code) for public accountants and accounting entities to: 

a.      Adopt the following pronouncements issued by the International Ethics Standards Board for Accountants (or IESBA)1 on: Revisions to Non-Assurance Services Provisions of the Code; Revisions to the Fee-related Provisions of the Code; Revisions to the Code Addressing the Objectivity of Engagement Quality Reviewer and Other Appropriate Reviewers; and Quality Management-related Conforming Amendments to the Code; and 

b.      Amend the extant SG410.4A of the ACRA Code (to be replaced with SG410.27A) on the proportion of non-audit fees to audit fees for listed audit clients and communication to those charged with governance. The changes are set out in the Accountants (Public Accountants) (Amendment) Rules 2022(285KB,PDF) and will take effect from 15 December 2022. 

1 The ACRA Code reproduces, with the permission of the International Federation of Accountants (IFAC), all or part of the Final Pronouncements on: Revisions to Non-Assurance Services Provisions of the Code; Revisions to the Fee-related Provisions of the Code; Revisions to the Code Addressing the Objectivity of Engagement Quality Reviewer and Other Appropriate Reviewers; and Quality Management-related Conforming Amendments to the Code issued by the IESBA and published by IFAC in April 2021, April 2021, January 2021 and April 2022 respectively.  Reproduction of such text is allowed within Singapore for non-commercial purposes only.  All other existing rights are reserved.  Further information can be obtained from the IFAC at www.ifac.org or by writing to permissions@ifac.org.



2023/12/11
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