Last amended by an amending law of 2025. 4 amendments in all.
The Authority may, with the approval of the Minister, make rules to give effect to this Act.
Without limiting subsection (1), the Authority may, with the approval of the Minister, make rules —
to provide for the manner in which applications for registration or approval may be made under this Act;
to prescribe the fees payable for the purposes of this Act;
to prescribe the penalties payable for the late lodgment of any document;
for or with respect to the waiver, refund or remission, whether wholly or in part, of any fee or penalty payable under this Act;
to prescribe the qualifications and other requirements for the registration of public accountants under this Act;
to provide for the classification of public accountants;
to prescribe the requirements to be applied by public accountants, accounting corporations, accounting firms and accounting LLPs in relation to —
the detection and prevention of money laundering, the financing of terrorism or proliferation financing; and
the recording and reporting of transactions suspected of involving money laundering, the financing of terrorism or proliferation financing,including any requirement necessary or expedient to give effect to any recommendation issued or adopted by the intergovernmental body known as the Financial Action Task Force relating to the prevention of money laundering, the financing of terrorism and proliferation financing;
to prescribe the requirements in respect of professional conduct and ethics applicable to public accountants, accounting corporations, accounting firms and accounting LLPs when providing public accountancy services, other than the matters assigned to the Oversight Committee by the Authority and set out in the code of professional conduct and ethics prescribed by order under section 64AA(1)(a);
to prescribe the standards, methods, procedures and other requirements to be applied by public accountants, accounting corporations, accounting firms and accounting LLPs when providing public accountancy services, other than any standard, method, procedure or requirement which is of a class or description specified in the Second Schedule;
to provide for matters relating to the discipline of public accountants, accounting corporations, accounting firms and accounting LLPs;
to provide for the publication of any decision or order of the Oversight Committee made under section 38, 38H, 38I, 38J, 52 or 53;
to impose restrictions on persons or classes of persons who may become officers of an accounting corporation, accounting firm or accounting LLP;
to provide for the exemption of any persons or classes of persons from any provision of Part 3 or 4; and
to prescribe anything which may be prescribed or is required to be prescribed under this Act.
In making rules for the purposes of subsection (2)(g), (h) and (ha), the Authority may adopt by reference (whether wholly or in part, and with or without modification) the following (called in this section the external material):
in the case of rules made for the purposes of subsection (2)(g) — any requirements issued or applied by any professional accountancy body or organisation, whether in Singapore or elsewhere (as in force at a particular time or from time to time) to give effect to any recommendation issued or adopted by the intergovernmental body known as the Financial Action Task Force relating to the prevention of money laundering, the financing of terrorism and proliferation financing;
in the case of rules made for the purposes of subsection (2)(h) — any requirements in respect of professional conduct and ethics issued or applied by any professional accountancy body or organisation, whether in Singapore or elsewhere (as in force at a particular time or from time to time);
in the case of rules made for the purposes of subsection (2)(ha) — any standard, method, procedure or other requirement issued or applied by any professional accountancy body or organisation, whether in Singapore or elsewhere (as in force at a particular time or from time to time).
Any external material adopted by reference in any rules made for the purposes of subsection (2)(g), (h) or (ha) is to be treated as forming part of the rules.
Unless otherwise provided in the rules, where any external material is adopted by reference as in force from time to time, every amendment to the external material that is made by the professional accountancy body or organisation that issued or applied the material is to be treated as forming part of the rules.
Where any external material is adopted by reference in any rules made for the purposes of subsection (2)(g), (h) or (ha), the Authority must give notice in the Gazette stating —
that the external material is adopted by reference and the date on which the external material is adopted by reference;
[Deleted by Act 24 of 2025 wef 06/05/2026]
the details of where and how the external material can be obtained, free of charge; and
if copies of the external material are available in other ways, the details of where and how the copies can be accessed or obtained.
Where any external material adopted by reference in any rules made for the purposes of subsection (2)(g), (h) or (ha) is amended, the Authority must give notice in the Gazette stating —
that there has been an amendment to the external material and the date of the amendment;
[Deleted by Act 24 of 2025 wef 06/05/2026]
the details of where and how the external material as amended can be obtained, free of charge; and
if copies of the external material as amended are available in other ways, the details of where and how the copies can be accessed or obtained.