In forceAmended2020 Revised Edition

Contents

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

38G. Submission of report to Registrar, etc.

Feedback & support

Amended

Last amended by an amending law of 2025. 2 amendments in all.

(1)

An entity reviewer who carries out a quality control standards review or an AML/CFT/CPF requirements review must submit —

(a)

a report to the Registrar at the conclusion of the quality control standards review or the AML/CFT/CPF requirements review; and

(b)

any interim report that the Registrar may require.

(2)

The Registrar must submit a report to the Oversight Committee if —

(a)

following a quality control standards review and after considering the entity reviewer’s report submitted under subsection (1), the Registrar is of the opinion that —

(i)

the accounting entity’s compliance with any of the quality control standards is partially satisfactory under the Oversight Committee’s quality control standards assessment framework; or

(ii)

the accounting entity’s compliance with any of the quality control standards is not satisfactory under the Oversight Committee’s quality control standards assessment framework; or

(b)

following an AML/CFT/CPF requirements review and after considering the entity reviewer’s report submitted under subsection (1), the Registrar is of the opinion that the accounting entity or any of its individual practitioners has breached any of the AML/CFT/CPF requirements.

Terms defined in this Act

accounting entity
Defined · s 2
“accounting entity” means an accounting corporation, accounting firm or accounting LLP;
Open s 2
AML/CFT/CPF requirements
Defined · s 38B
“AML/CFT/CPF requirements” or “Anti‑Money Laundering and Countering the Financing of Terrorism and Proliferation Financing requirements” means the prescribed requirements relating to the detection and prevention of money laundering, the financing of terrorism or proliferation financing by public accountants and accounting entities;
Open s 38B
AML/CFT/CPF requirements review
Defined · s 38B
“AML/CFT/CPF requirements review” means a review to determine the compliance with any AML/CFT/CPF requirement by an accounting entity and any of its individual practitioners;
Open s 38B
entity reviewer
Defined · s 38B
“entity reviewer” means any individual who is appointed by the Oversight Committee under section 38E to carry out a quality control standards review or an AML/CFT/CPF requirements review;
Open s 38B
Oversight Committee
Defined · s 2
“Oversight Committee” means the Public Accountants Oversight Committee appointed by the Authority under section 4;
Open s 2
quality control standards
Defined · s 38B
“quality control standards” means the standards, methods or procedures on quality control that are prescribed by the Authority or the Oversight Committee to be applied by an accounting entity when providing public accountancy services;
Open s 38B
quality control standards review
Defined · s 38B
“quality control standards review” means a review to determine the compliance with any quality control standards by an accounting entity.
Open s 38B
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);
Open s 2

Report

Read on from s 38H

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

Read on from Schedules