On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 01/04/2013.
PART VIII
SAVINGS AND TRANSITIONAL PROVISIONS
65.
—(1) All acts done before 1st April 2004 by the Public Accountants Board established under Part II of the repealed Accountants Act (Cap. 2, 2001 Ed.)** shall continue to remain valid and applicable as though done by the Authority or the Oversight Committee, until such time as invalidated, revoked, cancelled or otherwise determined by the Authority or the Oversight Committee.
* The Accountants Act (Cap. 2, 2001 Ed.) was repealed by the Accountants Act 2004 (Act 4 of 2004) with effect from 1st April 2004.
(2) Where anything has been commenced by or on behalf of the Public Accountants Board before 1st April 2004, such thing may be carried on and completed by or under the authority of the Authority or the Oversight Committee.
(3) Any subsidiary legislation made under the repealed Accountants Act and in force immediately before 1st April 2004 shall, so far as it is not inconsistent with the provisions of this Act, continue in force as if made under this Act until it is revoked or repealed by subsidiary legislation made under this Act.
(4) Any notice, order or direction issued or made before 1st April 2004 under the repealed Accountants Act shall be deemed to be a notice, an order or a direction issued or made under this Act.
Savings and transitional provisions for public accountants, accounting corporations and accounting firms
66.
—(1) Every person who, immediately before 1st April 2004, was a registered public accountant under the repealed Accountants Act shall be deemed to be a registered public accountant under this Act.
(2) Every company which, immediately before 1st April 2004, was an approved accounting corporation under the repealed Accountants Act shall be deemed to be an approved accounting corporation under this Act.
(3) Every firm which, immediately before 1st April 2004, was providing public accountancy services under a name approved by the Public Accountants Board under the rules made under the repealed Accountants Act shall be deemed to be an approved accounting firm under this Act.
(4) Any certificate of registration issued under the repealed Accountants Act shall be deemed to be a certificate of registration issued under this Act and shall —
(a)
expire on the date on which it would have expired had this Act not been in force; and
(b)
be renewable in accordance with this Act.
67.
—(1) This Act shall not apply to any inquiry, investigation or other proceedings of a disciplinary nature commenced under the repealed Accountants Act before 1st April 2004, and the provisions of the repealed Accountants Act shall, subject to subsection (2)(b), continue to apply to such inquiry, investigation or proceedings as if this Act had not been enacted.
(2) For the purposes of subsection (1) —
(a)
any Inquiry Committee appointed under the repealed Accountants Act shall continue to exist to complete the inquiry, investigation or proceedings, and may take such action or make such order or decision as it could have taken or made under the relevant provisions of the repealed Accountants Act; and
(b)
any action, order or decision that could have been taken or made by the Public Accountants Board under the relevant provisions of the repealed Accountants Act in connection with such inquiry, investigation or proceedings shall be taken or made in like manner by the Oversight Committee, as if a reference to the Public Accountants Board in those relevant provisions of the repealed Accountants Act were a reference to the Oversight Committee.
(3) Nothing in this section shall be taken as prejudicing section 16 (effect of repeal) of the Interpretation Act (Cap. 1).
68. Where —
(a)
before 1st April 2004, a public accountant or an accounting corporation has committed any professional misconduct; and
(b)
on 1st April 2004, disciplinary proceedings under the repealed Accountants Act have not yet been instituted against the public accountant or accounting corporation for such professional misconduct,
the Oversight Committee may institute disciplinary proceedings under Part VI against the public accountant or accounting corporation for the professional misconduct.
69.
—(1) In so far as it is necessary for preserving the effect of any written law or document —
(a)
any reference in such written law or document to the repealed Accountants Act shall be construed as a reference to this Act; and
(b)
any reference in such written law or document to a registered public accountant or an approved accounting corporation shall be construed as a reference to a public accountant registered under this Act or an accounting corporation approved under this Act.
(2) The Minister may, by order published in the Gazette, repeal or amend any written law which appears to him to be unnecessary having regard to the provisions of this Act or to be inconsistent with any provision of this Act.
70.
—(1) As from 1st April 2004 —
(a)
all movable and immovable property vested in the Institute of Certified Public Accountants of Singapore (hereafter referred to as the Institute) immediately before that date and all assets, interests, rights, privileges, liabilities and obligations of the Institute shall be transferred to and shall vest in its successor company without any further assurance, act or deed;
(b)
all persons employed immediately before that date by the Institute shall be transferred to the service of its successor company on terms no less favourable than those enjoyed by them immediately prior to their transfer;
(c)
all deeds, contracts, schemes, bonds, agreements, instruments and arrangements subsisting immediately before that date to which the Institute is a party shall continue in force and shall be enforceable by or against its successor company as if the successor company had been named therein or had been a party thereto instead of the Institute;
(d)
every person who, immediately before that date, was the President, the Vice-President, the Treasurer or a member of the Council of the Institute shall hold office for a period of not more than 6 months therefrom in such capacity in the interim governing committee (by whatever name called) of the Institute’s successor society, until such time as elections are held in accordance with the rules of the successor society to elect a governing committee for the successor society; and
(e)
all persons who, immediately before that date, were members of the Institute shall become professional members of its successor society, in accordance with such classes of professional membership as may be determined by the successor society.
(2) Where, on 1st April 2004, any disciplinary proceedings were pending against any member of the Institute who had become a member of its successor society by virtue of subsection (1)(e), the proceedings may be carried on and completed by the successor society; but where on that date any matter was in the course of being heard or investigated or had been heard and investigated by a committee acting under due authority but no order or decision had been rendered thereon, the committee shall complete the hearing or investigation and make such order, ruling or direction as it could have made or given under the authority vested in it before that date.
(3) For the purpose of subsection (2), any ruling, order or direction made or given by a committee under that subsection shall be treated as an order, a ruling or a direction of the successor society and have the same force and effect as if it had been made by the successor society.
(4) In this section —
“Institute of Certified Public Accountants of Singapore” means the former Institute of Certified Public Accountants of Singapore established under Part VI of the repealed Accountants Act;
“successor company”, in relation to the Institute of Certified Public Accountants of Singapore, means the company incorporated by the successor society of the Institute under the Companies Act (Cap. 50) and designated by the Minister, by notification in the Gazette, to be the successor company of the Institute for the purposes of subsection (1)(a), (b) and (c);
“successor society”, in relation to the Institute of Certified Public Accountants of Singapore, means the society registered under the Societies Act (Cap. 311) that is designated by the Minister, by notification in the Gazette, to be the society succeeding to the functions of the Institute as a professional accountancy body.