Singapore Eases Requirements To Register As A Public Accountant
From 1 October 2010, the Accounting and Corporate Regulatory Authority (ACRA) will recognize international experience in auditing for the purpose of satisfying the practical experience required for registration as a public accountant.
This will facilitate the registration of experienced internationally trained auditors in Singapore.
While a number of reputed foreign qualifications are recognised for the purpose of registration as a public accountant, ACRA has up till now recognised only practical experience gained in a Singapore public accountant’s office.
Under the revised requirements prescribed under the Accountants (Public Accountants) Rules, the Public Accountants Oversight Committee (PAOC) of ACRA may recognise up to two of the required three years of international practical experience in auditing of financial statements if the experience meets the evaluation criteria.
The criteria are designed to ensure that the international experience is sufficiently relevant and robust.
For example, the experience should be gained in an audit firm with a robust audit environment and which applies auditing and quality control standards equivalent to Singapore’s.
Applicants with international experience will still need to obtain at least one year of Singapore experience.
This is in addition to the existing requirements for registration as a public accountant, including the qualification, continuing education, and professional body membership requirements.
The recognition of international experience follows a recommendation by the Committee to Develop the Accountancy Sector (CDAS), after it sought feedback on a proposal to accord such recognition in its December 2009 Consultation Paper.
Respondents to CDAS’s consultation exercise supported moves to facilitate the recognition of international talent.
Chief Executive of ACRA, Ms Juthika Ramanathan said: ―Auditing is increasingly global in its standards, operations, and in the competition for talent.
As Singapore develops into a global accountancy hub, it is crucial for Singapore to attract and facilitate the registration of auditors with high quality international experience so that they can bring their expertise to the fore and contribute to high quality auditing in Singapore.
About ACRA
The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities and public accountants in Singapore.
ACRA also plays the role of a facilitator for the development of business entities and the public accountancy profession.
The mission of ACRA is to provide a responsive and trusted regulatory environment for businesses and public accountants.
As at 31 August 2010, over 373,000 business entities and 928 public accountants practising in public accounting firms, accounting limited liability partnerships and accounting corporations are registered with ACRA.
For more information, please visit www.acra.gov.sg.
To register as a public accountant in accordance with the Accountants Act, applicants must have at least three years of practical experience and this experience must meet criteria relating to relevance and quality.
Under the new requirements, up to two years of the practical experience may be gained overseas.
This will be different from the current requirement that all three years must be gained in a Singapore public accountant’s office.
The Public Accountants Oversight Committee (PAOC) 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 PAOC considers to be equivalent to the standards applicable in Singapore; and
(b) the PAOC 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.
Additionally, the PAOC 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.
To view the full requirements for registration as a public accountant, please refer to ACRA’s website at www.acra.gov.sg.
Please note that applications to register as a public accountant that rely on international experience may be filed from 1 October 2010.
Applicants should be careful to ensure that they meet all requirements before filing their application.
Topics: 2010, accountancy, accounting, Accounting and Corporate Regulatory Authority Singapore, ACRA, Asia, audits, Australia, banks, business, corporate governance, economic development, economic growth, Economy, Governance, government, hub, innovation, International Accounting Standards Committee Foundation, investment, Japan, jobs, Ministry of Finance, monitor, news, PAC, Pacific, PMP, Practice Monitoring Programme, public accountancy, Public Accountants Conference, Singapore
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