Singapore legislation
Clause 3
Clause 3
Amendment of section 239
Section 239(1) of the principal Act is amended by inserting, immediately before the definition of “borrowing corporation”, the following definition:“ “auditor” —
means a public accountant who is registered or deemed to be registered under the Accountants Act 2004 (Act 4 of 2004); and
in relation to a corporation or other entity, not being a company, includes —
a person who is duly registered, licensed, approved or otherwise authorised to practise as an auditor (including the issuance of an opinion, a report or other document on the audit of any financial statements) under the laws of the place of his practice, provided that any one of the following conditions is satisfied: (A)the place of his practice is also the place where that corporation is incorporated or where that entity is formed or constituted, as the case may be;
the auditing standards that are or will be applied in respect of the financial statements of that corporation or entity are either auditing standards that are commonly applied in the place of his practice, or international auditing standards (by whatever name called); or
such other person as may be approved by the Authority in any particular case to be an auditor for such corporation or entity for the purposes of this Division;”.