3. Prescribed professional standards

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.