In forceAmended2020 Revised Edition

Contents

Accountants Act 2004 · 2020 Revised Edition · Part 4 · Accounting Corporations, Accounting Firms and Accounting Llps

31. Removal from Register of Public Accounting Corporations, Register of Public Accounting Firms or Register of Public Accounting Limited Liability Partnerships

Amended

Last amended by an amending law of 2022. 2 amendments in all.

(1)

The Registrar must remove from the Register of Public Accounting Corporations the name and relevant particulars of any accounting corporation if —

(a)

the accounting corporation has been wound up;

(b)

the approval of the accounting corporation under this Part has been revoked under Part 5A or 6; or

(c)

the accounting corporation has applied for its approval under this Part to be revoked.

(2)

The Registrar must remove from the Register of Public Accounting Firms the name and relevant particulars of any accounting firm if —

(a)

the accounting firm has been dissolved;

(b)

the approval of the accounting firm under this Part has been revoked under Part 5A or 6; or

(c)

the accounting firm has applied for its approval under this Part to be revoked.

(3)

The Registrar must remove from the Register of Public Accounting Limited Liability Partnerships the name and relevant particulars of any accounting LLP if —

(a)

the accounting LLP has been dissolved;

(b)

the approval of the accounting LLP under this Part has been revoked under Part 5A or 6; or

(c)

the accounting LLP has applied for its approval under this Part to be revoked.

(4)

The Oversight Committee must not grant an application by an accounting corporation, an accounting firm or an accounting LLP for the revocation of its approval under subsection (1)(c), (2)(c) or (3)(c) (as the case may be) if —

(a)

it has received any complaint or information under Part 6 against the accounting corporation, accounting firm or accounting LLP or any public accountant practising therein;

(b)

disciplinary proceedings under Part 6 are pending against the accounting corporation, accounting firm or accounting LLP or any public accountant practising therein; or

(c)

the conduct of business of the accounting corporation, accounting firm or accounting LLP is the subject of an inquiry or investigation by a Complaints Committee or a Disciplinary Committee under Part 6.

(5)

The Oversight Committee may also revoke its approval of an accounting corporation or an accounting firm and order the removal of its name and relevant particulars from the appropriate Register if it is satisfied that —

(a)

the approval of the accounting corporation, accounting firm or accounting LLP under this Part has been obtained by fraud or misrepresentation;

(b)

the accounting corporation, the sole proprietor or any partner of the accounting firm, or any partner of the accounting LLP (as the case may be) has made an arrangement with its or his or her creditors;

(c)

the accounting corporation, accounting firm or accounting LLP has ceased to provide public accountancy services in Singapore; or

(d)

the accounting corporation, accounting firm or accounting LLP is no longer in a position to provide public accountancy services effectively.

(6)

The Oversight Committee must, before exercising its powers under subsection (5), notify the accounting corporation, accounting firm or accounting LLP concerned of its intention to take such action and must give the accounting corporation, accounting firm or accounting LLP an opportunity to submit reasons, within such period as the Oversight Committee may determine, as to why its approval under this Part should not be revoked.

(7)

Any person who is aggrieved by an order under subsection (5) may, within 30 days of being notified of the order, appeal to the Minister whose decision is final.

Terms defined in s 2

accounting corporation
Defined · s 2
“accounting corporation” means a company approved as an accounting corporation under section 17;
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accounting firm
Defined · s 2
“accounting firm” means a firm approved as an accounting firm under section 18;
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accounting LLP
Defined · s 2
“accounting limited liability partnership” or “accounting LLP” means a limited liability partnership approved as an accounting limited liability partnership under section 18A;
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Complaints Committee
Defined · s 2
“Complaints Committee” means a Complaints Committee constituted under Part 6;
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Disciplinary Committee
Defined · s 2
“Disciplinary Committee” means a Disciplinary Committee constituted under Part 6;
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name
Defined · s 2
“full name” or “name” means —(a)in the case of an individual registered under the National Registration Act 1965 — the name as it appears in the latest identity card issued to that individual under section 9 of that Act; or(b)in the case of an individual not registered under the National Registration Act 1965 — the name as it appears in the latest passport issued to that individual or such other similar evidence of identification as is available;
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Oversight Committee
Defined · s 2
“Oversight Committee” means the Public Accountants Oversight Committee appointed by the Authority under section 4;
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public accountancy services
Defined · s 2
“public accountancy services” means the audit and reporting on financial statements and the doing of any other acts that are required by any written law to be done by a public accountant;
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public accountant
Defined · s 2
“public accountant” means an individual who is registered or deemed to be registered in accordance with this Act as a public accountant;
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Register of Public Accounting Corporations
Defined · s 2
“Register of Public Accounting Corporations” means the register kept and maintained under section 5(1)(a)(ii);
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Register of Public Accounting Firms
Defined · s 2
“Register of Public Accounting Firms” means the register kept and maintained under section 5(1)(a)(iii);
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Register of Public Accounting Limited Liability Partnerships
Defined · s 2
“Register of Public Accounting Limited Liability Partnerships” means the register kept and maintained under section 5(1)(a)(iv);
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Registrar
Defined · s 2
“Registrar” means the Registrar of Public Accountants appointed by the Authority under section 7(1)(a) and includes a Deputy Registrar and an Assistant Registrar appointed under section 7(1)(b);
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relevant particulars
Defined · s 2
“relevant particulars”, in relation to a public accountant, an accounting corporation, an accounting firm or an accounting LLP, means such particulars of the public accountant, accounting corporation, accounting firm or accounting LLP as the Oversight Committee may determine to be relevant for inclusion in the Register of Public Accountants, the Register of Public Accounting Corporations, the Register of Public Accounting Firms or the Register of Public Accounting Limited Liability Partnerships, as the case may be;
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Report

Part 5

Practice Monitoring Programme

Read on from Part 5

Part 5A

Review of Compliance with Quality Control Standards and Requirements to Detect and Prevent Money Laundering, Terrorism Financing and Proliferation Financing

Read on from Part 5A

Part 6

Disciplinary Proceedings

Read on from Part 6

Part 7

Miscellaneous

Read on from Part 7

Part 8

Saving and Transitional Provisions

Read on from Part 8

Schedules

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