Accountants Act 2004 · 2020 Revised Edition · Part 5A · Review of Compliance with Quality Control Standards and Requirements to Detect and Prevent Money Laundering, Terrorism Financing and Proliferation Financing
38D. Requirement to undergo quality control standards review or AML/CFT/CPF requirements review
Feedback & supportLast amended by an amending law of 2025. 2 amendments in all.
The Oversight Committee may require, as a condition for an accounting entity to remain approved as such, that the accounting entity undergoes a quality control standards review during the periods determined by the Oversight Committee.
Oversight Committee
“Oversight Committee” means the Public Accountants Oversight Committee appointed by the Authority under section 4;
The Oversight Committee may require, as a condition for an accounting entity to remain approved as such, that —
accounting entity
“accounting entity” means an accounting corporation, accounting firm or accounting LLP;
the accounting entity undergoes an AML/CFT/CPF requirements review during the periods determined by the Oversight Committee; and
one or more individual practitioners of the accounting entity undergo an AML/CFT/CPF requirements review during the periods determined by the Oversight Committee.
Where an accounting entity is required by the Oversight Committee to undergo a quality control standards review under subsection (1) or an AML/CFT/CPF requirements review under subsection (2)(a), or both, the accounting entity must —
quality control standards review
“quality control standards review” means a review to determine the compliance with any quality control standards by an accounting entity.
undergo the quality control standards review or the AML/CFT/CPF requirements review, or both, as required by the Oversight Committee by written notice served on the accounting entity; and
pay any fee prescribed in connection with the administration of the quality control standards review or the AML/CFT/CPF requirements review, or both, as the case may be.
Where an individual practitioner is required by the Oversight Committee to undergo an AML/CFT/CPF requirements review under subsection (2)(b) —
individual practitioner
“individual practitioner”, in relation to an accounting entity, means —(a)in the case of an accounting corporation or accounting LLP — a corporate practitioner; or(b)in the case of an accounting firm — a public accountant who is —(i)a partner or an employee of the accounting firm; and(ii)practising as a public accountant in the accounting firm;
the individual practitioner must undergo the AML/CFT/CPF requirements review, as required by the Oversight Committee by written notice served on the individual practitioner; and
the accounting entity, in respect of which the individual practitioner undergoes the AML/CFT/CPF requirements review, must pay any fee prescribed in connection with the administration of the AML/CFT/CPF requirements review.