Singapore legislation
Regulation 3
of Accountants (Prescribed Standards and Code of Professional Conduct and Ethics) Order 2023
Regulation 3
Prescribed professional standards
Subregulation 1
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.
Subregulation 2
In this paragraph —
Definition
“corporation” has the meaning given by section 4(1) of the Companies Act 1967;
Definition
“entity” means any sole proprietorship, corporation, partnership or other body of persons (whether corporate or incorporate) and includes a trust;
Definition
“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.