On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 22/05/2012.
SECOND SCHEDULE
Requirements for Registration As Public Accountant
1. All applicants for registration must satisfy the requirements set out in this Schedule.
2. An applicant must at the time of his application for registration —
(a)
have passed the final examination in accountancy of one of the following:
(i)
the Singapore Polytechnic for the professional diploma and for the degree course in accountancy for the years 1961 to 1969;
(ii)
the University of Singapore for the degree of Bachelor of Accountancy;
(iii)
the Nanyang University of Singapore for the degree of Bachelor of Commerce (Accountancy) or Bachelor of Accountancy;
(iv)
the National University of Singapore for the degree of Bachelor of Accountancy or Bachelor of Business Administration (Accountancy);
(v)
the Nanyang Technological Institute for the degree of Bachelor of Accountancy;
(vi)
the Institute of Certified Public Accountants of Singapore (formerly known as the Singapore Society of Accountants) — Association of Chartered Certified Accountants of the United Kingdom Joint Scheme including passing one of the following examination modules:
(A)
Paper 10: Accounting and Audit Practice;
(B)
Paper 3.1: Audit and Assurance Service; or
(C)
P7 Advanced Audit and Assurance;
(vii)
the Nanyang Technological University for the degree of Bachelor of Accountancy or Master of Business Administration (Accountancy);
(viii)
the Institute of Certified Public Accountants of Singapore Professional Examination;
(ix)
the Singapore Management University for the degree of Bachelor of Accountancy or Master of Professional Accounting;
(x)
the SIM University for the degree of Bachelor of Accountancy; or
(b)
have passed the final examination in accountancy of one of the following or its recognised equivalent:
(i)
the Institute of Chartered Accountants of Scotland (ICAS);
(ii)
the Institute of Chartered Accountants in England and Wales (ICAEW);
(iii)
the Institute of Chartered Accountants in Ireland (ICAI);
(iv)
the Association of Chartered Certified Accountants (ACCA) (formerly known as the Chartered Association of Certified Accountants) including passing one of the following examination modules:
(A)
Paper 10: Accounting and Audit Practice;
(B)
Paper 3.1: Audit and Assurance Service; or
(C)
P7 Advanced Audit and Assurance;
(v)
the Institute of Chartered Accountants in Australia (ICAA);
(vi)
CPA Australia (formerly known as the Australian Society of Certified Practising Accountants);
(vii)
New Zealand Institute of Chartered Accountants (NZICA) (formerly known as the Institute of Chartered Accountants of New Zealand);
(viii)
the Canadian Institute of Chartered Accountants (CICA);
(ix)
the American Institute of Certified Public Accountants (AICPA); or
(x)
the Chartered Institute of Management Accountants of the United Kingdom (CIMA), except that CIMA members shall have passed the following subjects:
(A)
Financial Reporting Environment;
(B)
Accounting and Audit Practice;
(C)
Advanced Taxation; and
(D)
Company Law and Corporate Governance,
and shall have also passed such other examination and have fulfilled such other requirements as may be determined by the Oversight Committee.
3.—(1) Subject to sub-paragraph (2), the Oversight Committee shall not register any person as a public accountant unless it is satisfied that the person has, at the time of his application, acquired —
(a)
at least 3 years of practical experience consisting of —
(i)
at least one year of structured practical experience acquired before passing the final examination referred to in paragraph 2;
(ii)
at least one year of structured practical experience acquired after passing the final examination referred to in paragraph 2; and
(iii)
at least one additional year of practical experience (whether structured or unstructured) acquired after passing the final examination referred to in paragraph 2;
(b)
at least 3 years of practical experience consisting of —
(i)
at least 2 years of structured practical experience acquired after passing the final examination referred to in paragraph 2; and
(ii)
at least one additional year of practical experience (whether structured or unstructured) acquired after passing the final examination referred to in paragraph 2;
(c)
at least 3 years of practical experience consisting of —
(i)
at least one year of practical experience (whether structured or unstructured) acquired in a public accountant’s office in Singapore, whether acquired before or after passing the final examination referred to in paragraph 2, except that the period of unstructured practical experience shall not exceed 12 months; and
(ii)
qualifying foreign experience as determined by the Oversight Committee under sub-paragraph (1A); or
(d)
at least 6 years (in aggregate) of practical experience (whether structured or unstructured) acquired in a public accountant’s office in Singapore, whether acquired before or after passing the final examination referred to in paragraph 2, if the Oversight Committee is satisfied that the practical experience obtained —
(i)
is of sufficient depth and breadth; and
(ii)
includes practical experience that is sufficiently recent.
(1A) Subject to sub-paragraph (1B), the Oversight Committee may determine that any period of practical experience acquired in the auditing of financial statements in a country outside Singapore is to be treated as qualifying foreign experience if —
(a)
the country adheres to standards of auditing that the Oversight Committee considers to be equivalent to the standards applicable in Singapore; and
(b)
the Oversight Committee considers the practical experience to be of good quality having regard to any or all of the following factors:
(i)
whether the auditing firm in which the practical experience was acquired had implemented, or had taken steps to implement, quality controls that adhere to standards that the Oversight Committee considers to be equivalent to the standards applicable in Singapore (including the Singapore Standard on Quality Control I);
(ii)
whether the auditing firm in which the practical experience was acquired was subject to, and had satisfactorily passed, audit inspections carried out by or on behalf of the regulator of the audit profession in the country in which the auditing firm is registered or licensed;
(iii)
whether the auditing firm in which the practical experience was acquired is of good standing in the country in which the auditing firm is registered or licensed;
(iv)
whether the practical experience was acquired as part of a structured programme administered by the regulator of the audit profession in the country in which the auditing firm is registered or licensed (for example, for the purpose of registration as an auditor by the regulator);
(v)
whether the practical experience includes experience that the Oversight Committee considers to be sufficiently recent.
(1B) The Oversight Committee may disregard the qualifying foreign experience, or any part of the qualifying foreign experience, if the Oversight Committee is satisfied that —
(a)
disciplinary proceedings relating to any profession or occupation are pending against the applicant in any country; or
(b)
the applicant has been the subject of disciplinary action relating to any profession or occupation in any country.
(2) The following requirements shall apply in relation to the structured and unstructured practical experience required under sub-paragraph (1)(a) or (b):
(a)
structured practical experience must be of sufficient depth and breadth and the level of responsibility assigned to the pupil must commensurate with the pupil’s abilities and must conform to such requirements as the Oversight Committee may specify from time to time;
(b)
where an applicant is relying on any unstructured practical experience in his application —
(i)
he must acquire not less than 12 continuous months of such unstructured practical experience in the same public accountant’s office; and
(ii)
he must furnish a supporting letter from his employer stating the period of his employment, the scope of work undertaken by him and the level of responsibility assigned to him;
(c)
subject to sub-paragraph (d), the structured or unstructured practical experience referred to in sub-paragraph (1)(a)(ii) or (iii) or (1) (b) (i) or (ii) (hereafter referred to as post-qualifying structured or unstructured practical experience) must be acquired within the period of 7 years immediately preceding the date of the application for registration, with at least one year of such post-qualifying practical experience (whether structured or unstructured) being acquired within the period of 3 years immediately preceding the date of the application; and
(d)
the total amount of time taken to acquire any post-qualifying structured practical experience must not exceed a period of 3 years in the aggregate, and not less than 12 continuous months of such post qualifying structured practical experience must be acquired under the supervision of the same approved principal.
(3) The Oversight Committee shall determine —
(a)
the nature and range of work under the supervision of an approved principal which shall constitute structured practical experience; and
(b)
the terms and conditions upon which a person may become and be an approved principal and upon which such approval may be withdrawn.
(4) The Oversight Committee may impose such other requirements as it thinks fit to be complied by an approved principal or a pupil.
(5) A public accountant shall not act as an approved principal unless he has a sufficient spread of work to provide relevant structured practical experience for his pupils.
(6) (6) A pupil must not be a spouse, child, adopted child, step-child, brother, sister or parent of his approved principal.
(7) Subject to sub-paragraph (8), an approved principal may not have more than a total of 4 pupils attached to him at any one time.
(8) The Oversight Committee may, in its discretion, vary the number of pupils which an approved principal may have under sub-paragraph (7).
(9) The experience gained by a pupil must be verified by an approved principal and details of such experience or work carried out shall be recorded in a log book which shall be in such form as the Oversight Committee may require.
(10) Subject to sub-paragraph (11), nothing in this paragraph shall affect any applicant for registration as a public accountant if such applicant —
(a)
has, before 1st April 2004, passed any of the final examinations referred to in paragraph 2; and
(b)
makes an application for registration as a public accountant before 15th November 2010,
and the provisions relating to practical experience as set out in the Second Schedule to the Public Accountants Board Rules (Cap. 2, R 1) in force immediately before 1st April 2004 shall apply in respect of such applicant as if these Rules had not been enacted.
(11) (11) Where any applicant referred to in sub-paragraph (10) fails to meet the requisite length of practical experience set out in paragraph 2 of the Second Schedule to the Public Accountants Board Rules in force immediately before 1st April 2004, the Oversight Committee may nevertheless register the applicant as a public accountant if the Oversight Committee is satisfied that the applicant meets the practical experience requirements set out in —
(a)
sub-paragraph (1)(c), read with sub-paragraphs (1A) and (1B); or
(b)
sub-paragraph (1)(d).
[S 383/2010 wef 01/10/2010]
4.—(1) A person who submits his application for registration as a public accountant on or after 1st April 2005 must have acquired at least 40 hours of continuing professional education during the period of 12 months immediately preceding the date of his application.
(2) For the purposes of sub-paragraph (1), the continuing professional education to be acquired by an applicant for registration shall be undertaken in accordance with the continuing professional education syllabus approved by the Oversight Committee and shall consist of at least 30 hours of learning which is specified as structured learning in that syllabus.
(3) The Oversight Committee may, if it thinks fit, exempt an applicant for registration as a public accountant from any of the requirements of this paragraph.
5. Every applicant for registration as a public accountant must complete such course of instruction on ethics and professional practice subjects as may be determined by the Oversight Committee from time to time.
6.—(1) Subject to sub-paragraph (2), an applicant for registration as a public accountant who has not passed any of the final examinations in accountancy referred to in paragraph 2(a) must satisfy the Oversight Committee of his proficiency in local laws by passing an examination in the following subjects:
(a)
Singapore Company Law; and
(b)
Singapore Taxation and Tax Management.
(2) Sub-paragraph (1) shall not apply to an applicant who has at least 2 years of relevant local experience.
7.—(1) The Oversight Committee shall not register any person as a public accountant unless such person is a member of the Institute of Certified Public Accountants of Singapore (ICPAS).
(2) For the purposes of sub-paragraph (1), a member of the Institute of Certified Public Accountants of Singapore (ICPAS) shall not include a provisional member, an honorary member or a member-in-retirement.