Registration of Public Accountants

1. Registration of Public Accountants Presentation by Miss Shirlynn Loo Head, Public Accountants Registration Division

2. Public Accountants Oversight Committee (PAOC) • Established under the Accountants Act • Authority to approve: - Public Accountants; - Public Accounting Firms; - Public Accounting Corporations; and - Accounting LLPs.

3. Composition of PAOC Chairman PAOC: Mr Thean Lip Ping (Consultant, KhattarWong) Members: -Ms Chua Geok Wah (Accountant-General) -Dr Ernest Kan (Vice President ICPAS, Partner, Deloitte & Touche) -Prof. Gillian Yeo (Exec. Vice Dean, Nanyang Business School, Dean (Degree of Programs), NTU) -Mr Quek See Tiat (Partner, PricewaterhouseCoopers)

4. Criteria for Registration as a Public Accountant - Has attained the age of 21 years; and • Satisfies the prescribed requirements relating to — (i) qualifications; (ii) practical experience; and (iii) membership in ICPAS. - Acquired 40 hours of pre-application Continuing Professional Education.

5. Professional Examination - Local (i) the Singapore Polytechnic - professional dip., Deg (Acc) for the years 1961 to 1969 (ii) the University of Singapore – Deg (Acc) (iii) the Nanyang University of Singapore - Degree of Bachelor of Commerce (Accountancy) or Deg (Acc) (iv) the National University of Singapore – Deg (Acc) (v) the Nanyang Technological Institute – Deg (Acc) (vi) the ICPAS—ACCA UK Joint Scheme (vii) the Nanyang Technological University – Deg (Acc) or MBA (Acc) (viii) ICPAS Professional Examination (ix) Singapore Management University – Deg (Acc)

6. Professional Examination- Foreign (i) Institute of Chartered Accountants of Scotland (ICAS)(ii) Institute of Chartered Accountants in England and Wales (ICAEW)(iii) Institute of Chartered Accountants in Ireland (ICAI); (iv) Association of Chartered Certified Accountants (ACCA)(v) Institute of Chartered Accountants in Australia (ICAA);(vi) CPA Australia (vii) Institute of Chartered Accountants of New Zealand (ICANZ) (viii) the Canadian Institute of Chartered Accountants (CICA)(ix) the American Institute of Certified Public Accountants (AICPA) (x) the Chartered Institute of Management Accountants of the United Kingdom (CIMA)

7. Practical Experience Applicants who passed final exams on/after 1 Apr 04 (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;(ii) at least one year of structured practical experience acquired after passing the final examination; and(iii) at least one additional year of practical experience (whether structured or unstructured) acquired after passing the final examination; or (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; and (ii) at least one additional year of practical experience (whether structured or unstructured) acquired after passing the final examination.

8. Renewal of Public Accountant’s Registration A public accountant shall not be entitled to have his certificate of registration renewed if he has failed — (a) to pass any practice review conducted under the Accountants Act or comply with any order or requirement under section 38 (1) (a);(b) to meet the required standard of professional conduct or practice as determined by ACRA; or(c) to comply with the prescribed requirements relating to continuing professional education (CPE).

9. Continuing Professional Requirement (CPE) In 2004, PAOC approved the syllabus for the CPE requirements under the Second and Third Schedule to the Accountants (Public Accountants) Rules 2004, for the following: (a) Renewal of the certificate of registration; and (b) Application for registration as a public accountant.

10. CPE Requirements Public Accountant Competency Map A. Core Expertise A1 Financial and Statutory Reporting Standards, Accounting & Auditing Standards & Pronouncements A2 Assurance A3 Corporate Governance A4 Statutes & Regulations A5 Ethics & Professionalism

11. CPE Requirements Public Accountant Competency Map B. Related Expertise B1 Finance B2 Information and IT B3 Organisational Effectiveness, Control & Risk Management B4 Performance Management B5 Performance Improvement B6 Corporate Finance B7 Due Diligence B8 Insolvency & Restructuring B9 Investigation & Forensic Accounting B10 Taxation B11 Other Relevant areas in this category

12. CPE Requirements Public Accountant Competency Map C. Other Expertise C1 Leadership Competencies C2 Cross-cultural Knowledge C3 Innovative/Creative Thinking C4 Project Management Skills C5 Public Speaking & Communication C6 Other relevant areas in this category

13. CPE Requirements

14. PA Online E-filing of … Renewal application: Phase 1 (23 Nov 05) Registration, Change in Particulars, Cancellation, Reinstatement of Public Accountants: Phase 2A (16 Mar 06) Registration, Change in Particulars, Termination of PACs/PAFs: Mid-2006

15. More Details on Registration PA Online (Phase 2A) – User Guides http://appiqs.acra.gov.sg/ops/reg/reg01a.asp?id=286 ACRA’s Practice Direction No. 1 of 2005 http://www.acra.gov.sg/legislation/practice1803.html Guidelines on Applications http://www.acra.gov.sg/accounting/applications1.html#1

16. More Details on Renewal Practice Direction No. 4 of 2004 http://www.acra.gov.sg/legislation/practice0511.html

17. More Details on PAOCCPE Syllabus Practice Direction No. 2 of 2004 http://www.acra.gov.sg/legislation/practice1608.html CPE Syllabus http://www.acra.gov.sg/legislation/Annex_A.pdf

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