Accountants (Prescribed Standards and Code of Professional Conduct and Ethics) Order 2023

This Order is the Accountants (Prescribed Standards and Code of Professional Conduct and Ethics) Order 2023 and comes into operation on 1 July 2023.

In this Order —“accounting entity” has the meaning given by section 2(1) of the Act;“professional standards” has the meaning given by section 32 of the Act;“quality control standards” has the meaning given by section 38B of the Act.

“accounting entity” has the meaning given by section 2(1) of the Act;

“professional standards” has the meaning given by section 32 of the Act;

“quality control standards” has the meaning given by section 38B of the Act.

For the purposes of the definition of “professional standards” in section 32 of the Act, the prescribed standards are —

where public accountancy services are provided to a permitted entity —

the Singapore Standards on Auditing issued by the Institute of Singapore Chartered Accountants specified in the First Schedule; or

the International Standards on Auditing issued by the International Federation of Accountants specified in the Second Schedule; or

where public accountancy services are provided to any other entity — the Singapore Standards on Auditing issued by the Institute of Singapore Chartered Accountants specified in the First Schedule.

In this paragraph —

“corporation” has the meaning given by section 4(1) of the Companies Act 1967;

“entity” means any sole proprietorship, corporation, partnership or other body of persons (whether corporate or incorporate) and includes a trust;

“permitted entity” means any entity that is —

incorporated, formed, registered or established in Singapore and listed on a stock exchange outside Singapore; or

incorporated, formed, registered or established outside Singapore and whose shares or stock are quoted or listed on a stock exchange operated by Singapore Exchange Limited.

For the purposes of the definition of “quality control standards” in section 38B of the Act, the prescribed standards are the following standards issued by the Institute of Singapore Chartered Accountants specified in the Third Schedule:

Singapore Standards on Quality Control specified in Part 1 of that Schedule;

Singapore Standards on Quality Management specified in Part 2 of that Schedule.

The code of professional conduct and ethics prescribed for the purpose of section 64AA(1)(a) of the Act is the Code of Professional Conduct and Ethics applicable to public accountants and accounting entities set out in the Fourth Schedule.