Public Accountants and Accounting Entities

Audit Regulation

An independent auditor's report enhances the credibility and reliability of an entity's financial statements. The report states whether the financial statements comply with financial reporting standards, and are true and fair, based on the auditor's evaluation of the evidence obtained during the audit process.

In Singapore, only public accountants practising in accounting entities approved by ACRA may provide an audit opinion on financial statements.

Through its independent oversight of public accountants and accounting entities, ACRA enables a high degree of confidence in Singapore's audited financial information.

• Audit Regulation in Singapore
• International Audit Regulators 

Practice Monitoring Programme (PMP) and Quality Control (QC) Reviews

Under the PMP, ACRA inspects audits performed by public accountants to assess if they have complied with the professional standards (i.e. Singapore Standards on Auditing (SSAs) and/or other requirements) when rendering public accountancy services.

• PMP Process
• PMP Orders

Under the QC reviews, ACRA assesses the quality controls of accounting entities against the Singapore Standards on Quality Management (SSQM 1 and SSQM 2).

• Quality Control Review Process
• Quality Control Review Orders

Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) Requirements Reviews

Under the AML/CFT requirements reviews, ACRA assesses the compliance with the AML/CFT requirements by accounting entities and public accountants.  The AML/CFT requirements refer to the prescribed requirements relating to the detection and prevention of money laundering or the financing terrorism by public accountants and accounting entities.

• AML/CFT Requirements Review Process
• Legislation
• Related Resources

Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities

All registered public accountants must adhere to the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) prescribed by the Public Accountants Oversight Committee.  A breach of the ACRA Code constitutes grounds for disciplinary proceedings under the Accountants Act.

• ACRA Code

Regulatory Notices

Orders Issued on Public Accountants

• Arising from Practice Reviews
• Arising from Non-compliance with an order issued by the Public Accountants Oversight Committee 
• Arising from Disciplinary Proceedings - Gazette

Orders Issued on Accounting Entities

• Arising from Quality Control Reviews
• Arising from Non-Compliance with an order issued by the Public Accountants Oversight Committee (Firm Level)
• Arising from Disciplinary Proceedings - Gazette

Guides for Public Accountants

• List of Guides for Public Accountants
• Professional Requirements for registration as Public Accountants
• How to Register as a Public Accountant

Guides for Public Accounting Entities

• Setting Up a Public Accounting Corporation (PAC)
• Setting Up a Public Accounting Firm (PAF)
• Setting Up an Accounting Limited Liability Partnership (ALLP)

Publications and Other Resources

• PMP Public Reports
• Audit Practice Bulletins
• Revisions to ACRA’s AQI Disclosure Framework
• Information on Audit Quality
• Practice Directions
• CDAS Final Report
• Public Accountants registered for the purpose of becoming Judicial Managers pursuant to section 227B(3)(a) of the Companies Act and/or Trustees in Bankruptcy pursuant to section 34(a)(i) of the Bankruptcy Act

Professional Accountancy Bodies in Singapore

Guidance and reports relevant to auditing and financial reporting are also available from professional accountancy bodies in Singapore:

• Institute of Singapore Chartered Accountants (ISCA)
• ACCA (Association of Chartered Certified Accountants)
• CPA Australia
• Institute of Chartered Accountants in England and Wales (ICAEW)

International Audit Quality Resources

• Center for Audit Quality (CAQ)
• International Forum of Independent Audit Regulators (IFIAR)
• International Federation of Accountants (IFAC)