Singapore legislation
Section 73
Section 73
Accountant’s report
(1)
Subject to subsection (1A), every solicitor must with every application made by him or her for a practising certificate, unless he or she satisfies the Council that owing to the circumstances of his or her case it is unnecessary to do so, deliver to the Registrar a report signed by an accountant (called in this section an accountant’s report) and must deliver a copy of the accountant’s report to the Society.
(1A)
A solicitor is not required to deliver an accountant’s report under subsection (1) in respect of any practice of Singapore law by him or her in a Joint Law Venture or its constituent foreign law practice, a Qualifying Foreign Law Practice or a licensed foreign law practice.
(2)
If a solicitor practised in a Singapore law practice during such accounting period as may be specified in the accountant’s report to be delivered by him or her, the report must —
state that in compliance with this section and rules made thereunder the accountant has examined the books, accounts and documents of the Singapore law practice for that accounting period;
state whether or not the accountant is satisfied, from his or her examination of the books, accounts and documents produced to him or her and from the information and explanations given to him or her, that during the said accounting period the Singapore law practice has complied with any rules made under section 72(1)(a) and (b);
state, if the accountant is not satisfied as aforesaid, the matters in respect of which the accountant is not so satisfied;
contain such information as may be prescribed by rules made by the Council under this section; and
be delivered to the Society not more than 6 months (or such other period as may be prescribed by any rules made under this section) after the end of the said accounting period.
(3)
Subject to any rules made under this section, the accounting period for the purposes of an accountant’s report —
begins at the expiry of the last preceding accounting period for which an accountant’s report has been delivered;
covers not less than 12 months;
terminates not more than 12 months, or such shorter period as the said rules may prescribe, before the date of the delivery of the report to the Society; and
where possible, consistently with paragraphs (a), (b) and (c), corresponds to a period or consecutive periods for which the accounts of the Singapore law practice in which the solicitor practised are ordinarily made up.
(4)
The Council shall make rules to give effect to this section, and the rules shall prescribe —
what qualification must be held by an accountant by whom an accountant’s report may be given; and
the nature and extent of the examination to be made by an accountant, with a view to the signing of an accountant’s report to be delivered by a solicitor, of —
the books and accounts of the Singapore law practice in which the solicitor practised; and
any other relevant documents.
(5)
Such rules may include provision for —
permitting in such special circumstances as may be defined in the rules a different accounting period from that specified in subsection (3); and
regulating any matters of procedure or matters incidental, ancillary or supplemental to this section.
(6)
Rules made under this section come into operation only after they have been approved by the Chief Justice who must consult the Attorney‑General and may, if he or she thinks fit, consult any of the other Judges before giving his or her approval.
(7)
Disciplinary proceedings may be taken against any solicitor who fails to comply with this section or any rules made thereunder.
(8)
This section does not apply to a solicitor who applies for a practising certificate to practise as a locum solicitor.