Clause 1
Short title and commencement
This Act may be cited as the Accountants Act 1987 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.
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Accountants Bill is Singapore Bill, cited as Bill 13 1987, currently marked not in force and first recorded in 1987.
Part I
Short title and commencement
This Act may be cited as the Accountants Act 1987 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.
Interpretation
In this Act, unless the context otherwise requires —“appointed day” means the date of commencement of this Act;“Board” means the Public Accountants Board established under section 3;“certified public accountant” means a person who is for the time being a member of the Institute;“Chairman” means the Chairman of the Board;“Council” means the Council of the Institute established under section 29;“Disciplinary Committee” means the Disciplinary Committee appointed under the repealed Accountants Act (Cap. 2);“Inquiry Committee” means an Inquiry Committee appointed by the Board under section 19(1);“Institute” means the Institute of Certified Public Accountants of Singapore;“Investigation Committee” means the Investigation Committee appointed under the repealed Accountants Act;“lay person”, in relation to an Inquiry Committee, means an architect, banker, advocate and solicitor, company director, insurer, professional engineer, medical practitioner or a person who possesses such other qualifications as may be approved by the Board;“public accountant” means a person who is registered or deemed to be registered in accordance with this Act as a public accountant;“Registrar” means the Registrar of the Board appointed under section 11(1);“repealed Accountants Act” means the Accountants Act in force immediately before the appointed day;“Society” means the Singapore Society of Accountants established under the repealed Accountants Act.
“certified public accountant” means a person who is for the time being a member of the Institute;
“Disciplinary Committee” means the Disciplinary Committee appointed under the repealed Accountants Act (Cap. 2);
“Inquiry Committee” means an Inquiry Committee appointed by the Board under section 19(1);
“Institute” means the Institute of Certified Public Accountants of Singapore;
“Investigation Committee” means the Investigation Committee appointed under the repealed Accountants Act;
“lay person”, in relation to an Inquiry Committee, means an architect, banker, advocate and solicitor, company director, insurer, professional engineer, medical practitioner or a person who possesses such other qualifications as may be approved by the Board;
“public accountant” means a person who is registered or deemed to be registered in accordance with this Act as a public accountant;
“repealed Accountants Act” means the Accountants Act in force immediately before the appointed day;
“Society” means the Singapore Society of Accountants established under the repealed Accountants Act.
Part V
Society to continue to exist
The Singapore Society of Accountants shall continue to exist as a body corporate having perpetual succession and a common seal and shall be capable of —
suing and being sued;
acquiring, owning, holding and developing or disposing of property, both movable and immovable;
doing and suffering such other acts or things as bodies corporate may lawfully do and suffer; and
exercising such other powers as are conferred under or by virtue of this Part.
As from the appointed day, the Society shall be known as the Institute of Certified Public Accountants of Singapore.
Members of the Institute
Any person who desires to be a member of the Institute shall make an application to the Institute in such form or manner as the Institute may require.
Every person who immediately before the appointed day was registered with the Society as a public accountant, registered accountant, licensed accountant or provisional member shall be deemed to be a member of the Institute under the corresponding provisions of this Act.
Any person aggrieved by the refusal of the Institute to register him as a member may, within 30 days of the receipt of the notice in writing of such refusal, appeal to the Minister whose decision shall be final.
The members of the Institute shall be classified as —
practising members;
non-practising members;
honorary members; and
provisional members.
Practising members of the Institute shall consist of —
members who are public accountants; and
members who, in any place outside Singapore, are accountants in public practice.
Establishment of Public Accountants Board
There is hereby established a body to be known as the Public Accountants Board which shall be a body corporate with perpetual succession and a common seal and shall by that name be capable of —
suing and being sued;
acquiring, owning, holding and developing or disposing of property, both movable and immovable; and
doing and suffering such other acts or things as bodies corporate may lawfully do and suffer.
Constitution of the Board
The Board shall consist of the following members:
the Accountant-General;
the Auditor-General;
a member from the Nanyang Technological Institute or from the National University of Singapore to be appointed by the Minister; and
seven other members to be appointed by the Minister, of whom 3 shall be appointed by the Minister on the nomination of the Council.
The Schedule shall have effect with respect to the Board, its members and proceedings.
Functions of the Board
The functions of the Board are —
to register public accountants;
to maintain a register of public accountants;
to determine the qualifications of persons for registration as public accountants under this Act;
to control and regulate the practice of the profession of accountancy by public accountants;
to determine and regulate the professional conduct and ethics of public accountants;
to discourage dishonourable conduct and practices by public accountants and for this purpose hold inquiries into the conduct of public accountants;
to hold or arrange for the holding of such examinations as the Board considers necessary for the purpose of enabling persons to qualify for registration as public accountants under this Act; and
to generally do all such acts, matters and things as are necessary to be carried out under the provisions of Parts II, III, IV and VI.
Powers of the Board
The Board shall have the powers to do anything for the purpose of discharging its functions under this Act, or which is incidental or conducive to the discharge of those functions and, in particular, may —
utilise all the property of the Board, movable and immovable, in such manner as the Board may think expedient, including the raising of loans by mortgaging such property;
borrow or raise or secure the repayment of money in such manner as the Board may think fit; and
charge for the use of any facility or service provided by the Board.
Expenses
All expenses incurred by the Board in carrying out the purposes of this Act shall be met from the funds of the Board.
Bank accounts and application of revenue
The Board shall open and maintain an account or accounts with such bank or banks as the Board thinks fit; and every such account shall be operated as far as practicable upon by cheque signed by such person or persons as may from time to time be authorised in that behalf by the Board.
The moneys of the Board shall be applied only in payment or discharge of the expenses, obligations and liabilities of the Board and in making any payments that the Board is authorised or required to make.
The Board shall keep full and proper accounts of all moneys received and expended by it and the accounts shall be audited by an auditor or auditors approved by the Minister.
Investment
Moneys belonging to the Board may, subject to the approval of the Minister, be invested from time to time in securities in which trust funds may, by any written law for the time being in force relating to trustees, be invested.
Register of Public Accountants
The Board shall keep and maintain, in such form as the Board may determine, a register to be called the Register of Public Accountants.
Appointment and duties of Registrar
The Registrar shall be under the general direction of the Board and shall sign all certificates of registration and record all entries of registration, cancellations and reinstatements in the Register of Public Accountants.
The Registrar shall attend all meetings of the Board and record the proceedings thereof, and shall conduct the correspondence and deal with such matters as may be assigned to him by the Chairman or by the Board.
The Registrar shall —
prepare and publish in the Gazette a list containing the names, qualifications and addresses of all public accountants as soon as may be convenient after the appointed day and thereafter shall publish a revised list at least once in 3 years; and
from time to time publish in the Gazette the names, qualifications and addresses of public accountants added to or removed from the Register of Public Accountants.
In any proceedings, a list published under subsection (4) shall be prima facie evidence that the persons whose names appear therein are public accountants.
The Minister may appoint a person to act as Registrar during the absence from Singapore or incapacity from illness or otherwise of the Registrar.
Qualifications for registration
No person shall be registered as a public accountant by the Board if he is under the age of 21 years or if in the opinion of the Board he is not of good character or reputation or is engaged in any business or occupation inconsistent with the integrity of a public accountant.
Subject to subsections (1) and (2), every person shall be entitled, on payment of such registration fee as may be prescribed by the Board, to be registered as a public accountant under this Part if he has passed such examinations in accountancy and other matters (if any) as may be prescribed by the Board and has complied with all the requirements relating to practical experience as may be prescribed by the Board.
The Minister may after consultation with the Board exempt, subject to such conditions as he thinks fit, any person from such requirements as may be prescribed by the Board pursuant to this section.
Application for registration
Any person who desires to be registered as a public accountant shall make an application to the Board in such form or manner as the Board may require.
An application under subsection (1) shall be accompanied by such fee as the Board may prescribe.
Appeal against refusal to register
Any person aggrieved by the refusal of the Board to register him as a public accountant may, within 30 days of the receipt of the notice in writing of such refusal, appeal to the High Court whose decision shall be final.
Certificates of registration
Any person registered as a public accountant under this Part shall, on payment of the prescribed fee, be entitled to receive a certificate of registration, including a renewal of certificate of registration, under the hand of the Registrar.
Subject to the provisions of this Act, every such certificate of registration, including a renewal of certificate of registration, shall be in force from the date of issue to 31st December of the third year following that in which it is issued.
Any certificate of registration issued to a public accountant or licensed accountant under the repealed Accountants Act (Cap. 2) which is valid on the appointed day shall be deemed to be a certificate of registration issued under this section and shall expire on 31st December of the year in which it is issued.
The Board may revoke the certificate of registration of any person who has ceased to be registered in the Register of Public Accountants.
Notification of changes on the particulars in the Register of Public Accountants
Every public accountant shall notify the Registrar in writing within one month of any of the following changes bearing on the particulars entered in the Register of Public Accountants:
change of name; and
change of business address.
Persons deemed to be registered under this Act
Every person who immediately before the appointed day was registered as a public accountant or licensed accountant with the Society shall be deemed to be registered as a public accountant under the corresponding provisions of this Act.
Public accountants to be members of the Institute
Any person registered as a public accountant shall, unless he is a member of the Institute by virtue of section 26(2), apply to the Institute within 21 days from the date of issue of the certificate of registration to be a member of the Institute.
Appointment of Inquiry Committee
The Board may from time to time appoint one or more committees comprising —
four certified public accountants; and
a lay person,to be known for the purposes of this Act as Inquiry Committees to hear and determine any complaint of professional misconduct made against any public accountant.
An Inquiry Committee shall be appointed in connection with one or more matters or for a fixed period of time as the Board may think fit.
The Board may at any time revoke the appointment of any Inquiry Committee or may remove any member of an Inquiry Committee or fill any vacancy in an Inquiry Committee.
Three members of an Inquiry Committee of whom one shall be a lay person shall constitute a quorum.
An Inquiry Committee may act notwithstanding any vacancy in its membership provided that there is a quorum; and no act done by or under the authority of the Inquiry Committee shall be invalid in consequence of any defect that is subsequently discovered in the appointment or qualification of the members or any of them.
The Inquiry Committee shall meet from time to time for the despatch of business and, subject to the provisions of this Act, may regulate its own procedure and the mode of deciding questions before the Committee.
Applications and complaints
Any application by any person that a public accountant be dealt with under this Part and any complaint of the conduct of a public accountant in his professional capacity shall be made to the Board.
Every application or complaint shall be in writing and shall be supported by such statutory declarations as the Board may require.
Where the Board has received any application or complaint under this section or where facts are brought to the knowledge of the Board which satisfy the Board that there may be grounds for such application or complaint, it shall be the duty of the Board to lay the application, complaint or facts, as the case may be, before an Inquiry Committee which shall inquire into the matter and report its findings to the Board.
For the purposes of any inquiry, an Inquiry Committee may —
call upon or employ any person to make or assist in the making of whatever preliminary inquiries it thinks necessary;
require the production for inspection by the Inquiry Committee or any person so employed of any books, documents, papers or other records which may relate to or be connected with the subject matter of the inquiry; and
require the public accountant concerned to give all information in relation to any such books, documents, papers or other records which may be reasonably required by an Inquiry Committee or by the person so employed.
Any public accountant and any other person who without lawful excuse refuses or fails to produce to an Inquiry Committee, or to any person whom the Committee may employ for the purpose of inquiry, any books, documents, papers or other records referred to in subsection (4), or fails to give any such information relating thereto, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.
Before an Inquiry Committee commences its hearing in respect of any matter, the Inquiry Committee shall send by registered post or deliver to the public accountant concerned —
copies of the application or complaint and any statutory declaration that have been made in support of the application or complaint; and
a notice inviting the public accountant concerned, within such period (not being less than 14 days) as may be specified in the notice, to give to the Inquiry Committee any written explanation he may wish to offer and to advise the Inquiry Committee if he wishes to be heard by the Inquiry Committee.
The Inquiry Committee shall allow the time specified in the notice to elapse and shall give the public accountant concerned reasonable opportunity to be heard if he so desires and shall give due consideration to any explanation he may make.
Suspension or cancellation of registration
Upon consideration of the report of an Inquiry Committee, the Board may —
by order suspend the public accountant from practice for a period not exceeding two years or by order cancel the registration of any public accountant if —
the public accountant is convicted of an offence involving dishonesty;
the public accountant is judged by the Board to have been guilty of professional misconduct;
the registration of the public accountant under Part III has been obtained by fraud or misrepresentation;
it appears to the Board that the public accountant is no longer in a position to carry out the duties of a public accountant effectively; or
the public accountant has been adjudicated bankrupt or has made any arrangement with his creditors;
in any case in which it considers that no cause of sufficient gravity for suspension or cancellation of registration exists —
by order impose on the public accountant a penalty not exceeding $5,000; or
by writing under the hand of the Chairman censure the public accountant; or
dismiss the application or complaint.
The Chairman may by writing under his hand order the public accountant to pay to the Board such sums as he thinks fit in respect of costs and expenses of and incidental to any hearing held by the Inquiry Committee.
Any penalty imposed or costs and expenses incurred by the Board under this section shall be recoverable as a debt due to the Board.
While any public accountant remains suspended, he shall be deemed not to be registered as a public accountant under this Act but immediately upon the expiry of his period of suspension, his rights and privileges as a public accountant shall forthwith be revived.
The Board may appoint a legal assessor who may be present at any hearing into any matter to advise the Board on all matters of law.
The Board may, where it thinks fit, require an Inquiry Committee to consider further evidence and meet for that purpose except that the public accountant concerned shall be given not less than 14 days’ notice of such further meeting of the Inquiry Committee.
Appeal against suspension or cancellation of registration
Any person who is aggrieved by any order of suspension or cancellation or any imposition of penalty made by the Board under section 21 may, within a period of 30 days or within such further period as may be allowed by the Board on the application of the person in any particular case, after the service on him of the notice of the order, appeal to the High Court whose decision shall be final.
A decision of the Board shall take effect while the person to whom the order relates remains entitled to appeal against the order in accordance with subsection (1) or while any such appeal by him awaits determination by the High Court, unless the Minister orders otherwise.
Removal from Register of Public Accountants
There shall be removed from the Register of Public Accountants the name and other particulars of any registered public accountant —
who has died;
who has failed to renew his certificate of registration as a public accountant within one month of the date of the expiry thereof;
whose registration has been cancelled under section 21;
who has failed to comply with section 18;
whose application pursuant to section 18 has been refused by the Institute; or
who has ceased to be registered as a member of the Institute.
Notwithstanding subsection (1)(d), the Board may, in its discretion, allow any person who has failed to comply with section 18 to remain registered in the Register of Public Accountants or, where the name of such person has been removed from the Register pursuant to that subsection, to be reinstated if it is shown to the satisfaction of the Board that the person was prevented from lodging the application in due time owing to absence from Singapore, sickness or other reasonable cause and that there has been no unreasonable delay on the part of that person.
Reinstatement
Any person whose name has been removed from the Register under section 23(1)(b) shall be reinstated as soon as may be after he has notified the Registrar of his desire to be reinstated and upon payment of the prescribed fee.
Any person whose name has been removed from the Register under section 23(1)(c) shall, if his appeal to the High Court is allowed, be forthwith reinstated without payment of any fee.
The Board may in its discretion, after expiration of not less than two years from the cancellation of registration of any person, consider any application for registration by such person in accordance with Part III.
Holding out as public accountant
A person who is not registered as a public accountant under this Act shall not —
practise as a public accountant or tax consultant;
hold himself out to be a public accountant or tax consultant;
adopt, use or exhibit the term “public accountant” or “tax consultant”; or
adopt, use or exhibit the term “accountant” or “auditor” or any other similar term or name in such circumstances as to indicate or to be capable of being understood as indicating or to be likely to lead persons to infer that he is a public accountant or that he is qualified by any written law to practise or is in practice as a public accountant.
Nothing in this section shall operate to prevent —
an advocate and solicitor of the Supreme Court from carrying on the work of a tax consultant; and
any person who is a member of the Institute from the use of the term “certified public accountant” or the initials “CPA”.
The Minister may exempt any person from any or all of the provisions of subsection (1).
No remuneration recoverable in respect of appointment as public accountant except by public accountants
No person shall be entitled to recover any expenses or remuneration for or in respect of any appointment as a public accountant unless he has been registered as a public accountant under this Act.
Saving
Section 49 shall not apply to the Auditor-General or to any public officer authorised by him or to any public officer or any officer of any statutory authority authorised by the Minister in the exercise of their powers or in the performance of their official duties.
Penalty for certain offences
Any person who contravenes section 48 or 49 shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding one year and on a second or subsequent conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
Acts by body corporate or firm implying public accountancy qualification
Any act done by a body corporate or by any director, officer or servant thereof of such a nature or in such a manner as to be calculated to imply that the body corporate is a public accountant shall be an offence under this Act and the body corporate shall be liable on conviction to a fine not exceeding $5,000 and where the act is done by a director, officer or servant of the body corporate that director, officer or servant shall also be liable on conviction to a fine not exceeding $5,000.
Where any firm does any act which in the case of a person would be an offence under any provision of this Act, every member of the firm shall be deemed to have committed the offence unless he proves that he was unaware of the commission of the act.
Fraudulent practices in relation to registration
Any person who —
procures or attempts to procure registration or a certificate of registration as a public accountant under this Act or registration as a member of the Institute by knowingly making or producing or causing to be made any false or fraudulent declaration, certificate, application or representation, whether in writing or otherwise;
wilfully makes or causes to be made any falsification in the Register of Public Accountants or any register of membership maintained by the Institute;
forges, alters or counterfeits any certificate of registration as a public accountant issued under this Act;
uses any forged, altered or counterfeited certificate of registration as a public accountant under this Act knowing the same to have been forged, altered or counterfeited; or
personates a public accountant or buys, sells or fraudulently obtains a certificate of registration as a public accountant issued under this Act,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 6 months or to both.
Holding out as certified public accountant
Any person who, not being a member of the Institute, describes himself as a certified public accountant, or uses in connection with his name, or with the name under which he carries on business, the initials “CPA”, or an abbreviation of the words “certified public accountant”, or any combination of such initials or abbreviations, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding one year and on a second or subsequent conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
Restrictions on employing disqualified persons
No public accountant shall in connection with his practice as such, without the consent of the Board, employ or remunerate any person who to his knowledge —
is an undischarged bankrupt;
has had his name removed from the Register of Public Accountants pursuant to section 23(1)(c);
has been suspended from practising as a public accountant under section 21(1)(a);
has had his name removed from the register maintained by the Institute otherwise than at his own request or pursuant to section 40(3); or
has been convicted of an offence by a court of law and sentenced to imprisonment for a term of not less than one year or to a fine of not less than $2,000.
On application made by any person, the Board may make an order directing that, as from the date to be specified in the order, no public accountant shall in connection with his practice as such employ or remunerate any person, the subject of the application, who —
has been a party to any act or default of a public accountant in respect of which a complaint has been or might properly have been made against that public accountant under the provisions of this Act; or
has so conducted himself while employed by a public accountant that, had he himself been a public accountant, his conduct might have formed the subject of a complaint under the provisions of this Act against him.
Every application under subsection (2) shall be served upon the person in respect of whom it is made and upon his employer or previous employer if his employer or previous employer is a public accountant, not less than 10 days before the application is to be heard.
Every order made under subsection (2) shall be filed in a file kept for this purpose by the Registrar and such file may be inspected by any public accountant without fee.
Disciplinary proceedings may be taken against any public accountant who contravenes subsection (1) or fails to comply with an order made under subsection (2).
Recovery of money by the Board
In addition to any other method of recovery and to any other right, remedy or power vested in the Board, any sum of money whatsoever payable to the Board under this Act or any rules made thereunder may be recoverable by the Board as a debt in any court of competent jurisdiction.
Rules
The Board may, with the approval of the Minister, make rules to give effect to Parts II, III, IV and VI.
Without prejudice to the generality of subsection (1), the Board may, with the approval of the Minister, make rules —
prescribing the form of application for and the certificates of registration as a public accountant under this Act;
prescribing the fees payable for registration of public accountants under this Act;
prescribing the form of the Register of Public Accountants to be kept and the particulars to be entered therein;
prescribing the qualifications for registration of public accountants under this Act and the manner in which a person shall cease to be registered as a public accountant under this Act;
prescribing the classification from time to time of public accountants;
prescribing the code of professional conduct and ethics of public accountants;
relating to the discipline of public accountants; and
prescribing the procedure of an Inquiry Committee.
Repeal
The Accountants Act (Cap. 2) is repealed.
Continuation and completion of disciplinary proceedings against public accountants
Where on the appointed day —
any disciplinary proceedings were pending against any public accountant, the proceedings shall be carried on and completed by the Board under this Act;
any matter in respect of a public accountant was in the course of being investigated by the Investigation Committee, the Investigation Committee shall continue to exist to complete the hearing and to refer, when it thinks fit, such matter to the Disciplinary Committee; and
any matter in respect of a public accountant was in the course of being referred to the Disciplinary Committee, the Investigation Committee shall continue to exist to refer the matter to the Disciplinary Committee.
The Disciplinary Committee shall continue to exist for the purpose of dealing with any matter referred to it under subsection (1)(b) or (c) and may, notwithstanding the repeal of the Accountants Act, make such order, ruling or direction as it could have made under the power conferred upon it by the repealed Accountants Act.
Any order, ruling or direction made or given by the Disciplinary Committee pursuant to subsection (2) shall be treated as an order, ruling or direction under this Act and shall have the same force or effect as if it had been made or given by the Board pursuant to the authority vested in the Board under this Act.
Misconduct or neglect of duty by public accountants prior to the appointed day
The Board may take disciplinary action against any public accountant who had, whilst he was registered as a public accountant with the Society, been guilty of any misconduct or neglect of duty which would have rendered him liable to any disciplinary action if he had continued to be registered as such with the Society and as if this Act had not been enacted.
Continuation and completion of disciplinary proceedings against registered accountants and provisional members of the Society
Where on the appointed day —
any disciplinary proceedings were pending against any registered accountant or provisional member registered with the Society, the proceedings shall be carried on and completed by the Institute;
any matter in respect of a registered accountant or provisional member registered with the Society was in the course of being investigated by the Investigation Committee, the Investigation Committee shall continue to exist to complete the hearing and to refer, when it thinks fit, such matter to the Disciplinary Committee; and
any matter in respect of a registered accountant or provisional member registered with the Society was in the course of being referred to the Disciplinary Committee, the Investigation Committee shall continue to exist to refer the matter to the Disciplinary Committee.
The Disciplinary Committee shall continue to exist for the purpose of dealing with any matter referred to it under subsection (1)(b) or (c) and may, notwithstanding the repeal of the Accountants Act (Cap. 2), make such order, ruling or direction as it could have been made under the power conferred upon it by the repealed Accountants Act.
Any order, ruling or direction made or given by the Disciplinary Committee pursuant to this subsection shall be treated as an order, ruling or direction under this Act and shall have the same force or effect as if it had been made or given by the Institute pursuant to the authority vested in the Institute under this Act.
Misconduct or neglect of duty by registered accountants or provisional members of the Society prior to the appointed day
The Institute may take disciplinary action against any member of the Institute who had, whilst he was registered as a registered accountant or provisional member with the Society, been guilty of any misconduct or neglect of duty which would have rendered him liable to any disciplinary action if he had continued to be registered as such with the Society and as if this Act had not been enacted.
No action in absence of bad faith
No action or proceeding shall lie against the Board, the Institute, the Council, an Inquiry Committee, the Investigation Committee or the Disciplinary Committee or any member thereof for any act or thing done under this Part or Part IV unless it is proved to the court that the act or thing was done in bad faith or with malice.
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