Singapore legislation
Clause 11
Clause 11
Repeal and re-enactment of section 38 and new section 38A
Section 38 of the principal Act is repealed and the following sections substituted therefor:“Where compliance with professional standards by public accountant is partially satisfactory or not satisfactory38.—
Where the Oversight Committee, after considering the report and recommendations of the Practice Monitoring Sub‑committee under section 37(2), is satisfied that the public accountant’s compliance with any of the professional standards is partially satisfactory under the Oversight Committee’s professional standards assessment framework, the Oversight Committee may make one or more of the following orders:
an order requiring the public accountant to undergo and satisfactorily complete any remedial programme specified or approved by the Oversight Committee in relation to his or her compliance with the professional standards;
an order requiring the public accountant to take any other steps specified by the Oversight Committee to improve the public accountant’s practice in relation to his or her compliance with the professional standards;
an order requiring the public accountant to give any undertaking in relation to his or her compliance with the professional standards that the Oversight Committee thinks fit;
any other order to improve the public accountant’s compliance with the professional standards that the Oversight Committee thinks necessary or expedient.(2) Where the Oversight Committee, after considering the report and recommendations of the Practice Monitoring Sub‑committee under section 37(2), is satisfied that the public accountant’s compliance with any of the professional standards is not satisfactory under the Oversight Committee’s professional standards assessment framework, the Oversight Committee may —
make any of the following orders:
an order cancelling the public accountant’s registration;
an order suspending the public accountant’s registration for a period not exceeding 2 years;
an order refusing to renew the public accountant’s registration;
in lieu of an order in paragraph (a)(i), (ii) or (iii), or in addition to an order in paragraph (a)(ii), make one or more of the following orders:
an order restricting the public accountant’s provision of public accountancy services in the manner that the Oversight Committee thinks fit for a period not exceeding 2 years;
an order requiring the public accountant to undergo and satisfactorily complete any remedial programme specified or approved by the Oversight Committee in relation to his or her compliance with the professional standards;
an order requiring the public accountant to take any other steps specified by the Oversight Committee to improve the public accountant’s practice in relation to his or her compliance with the professional standards;
an order requiring the public accountant to give any undertaking in relation to his or her compliance with the professional standards that the Oversight Committee thinks fit;
an order requiring the public accountant to send a copy of the order made under this subsection and served on him or her under subsection (8) (or any part of the second‑mentioned order determined by the Oversight Committee), to each person to whom the public accountant provided public accountancy services in respect of which the Oversight Committee is satisfied that the public accountant’s compliance with the professional standards is not satisfactory;
any other order to improve the public accountant’s compliance with the professional standards that the Oversight Committee thinks necessary or expedient.(3) Where the Oversight Committee has made an order under subsection (1), the Oversight Committee may, having regard to any change in circumstances or for other good reason —
revoke the order and make any one or more different orders under subsection (1); or
vary the order and make any one or more different orders under subsection (1) in addition to that order.(4) Where the Oversight Committee has made an order under subsection (2)(b), the Oversight Committee may, having regard to any change in circumstances or for other good reason —
revoke the order and make any one or more different orders under subsection (2)(b); or
vary the order and make any one or more different orders under subsection (2)(b) in addition to that order.(5) Where the Oversight Committee is satisfied that a public accountant has breached any order made under subsection (1), the Oversight Committee may make any of the following orders:
an order cancelling the public accountant’s registration;
an order suspending the public accountant’s registration for a period not exceeding 2 years;
an order refusing to renew the public accountant’s registration.(6) Where the Oversight Committee is satisfied that a public accountant has breached any order made under subsection (2)(b), the Oversight Committee may make any of the following orders:
an order cancelling the public accountant’s registration;
an order suspending the public accountant’s registration for a period not exceeding 2 years;
an order refusing to renew the public accountant’s registration.(7) Where the Oversight Committee makes an order to suspend the public accountant’s registration under subsection (5)(b) or (6)(b), the Oversight Committee may —
in the case of an order under subsection (5)(b) — also make one or more orders under subsection (1); or
in the case of an order under subsection (6)(b) — also make one or more orders under subsection (2)(b).(8) The Registrar must serve a copy of every order made under subsection (1), (2), (3), (4), (5), (6) or (7) on the public accountant concerned.(9) The Oversight Committee may cause any order (or the part of that order determined by the Oversight Committee) that is required to be sent by a public accountant to any person under subsection (2)(b)(v) to be sent to that person if the Oversight Committee has reason to believe that the public accountant has failed to do so.(10) The Oversight Committee must not make an order under subsection (2)(a), (5), (6) or (7) unless it has given the public accountant an opportunity to show cause against the proposed order.(11) An order of the Oversight Committee made under subsection (2)(a), (5), (6) or (7) does not take effect until the latest of the following:
one month after the date the order has been served on the public accountant;
the date specified by the Oversight Committee in the order as the date on which the order takes effect;
where an appeal against the order is made to the General Division of the High Court under subsection (12), the date immediately after the date the appeal has been determined or withdrawn.(12) Any public accountant who is aggrieved by an order of the Oversight Committee under subsection (2)(a), (5), (6) or (7) may appeal to the General Division of the High Court within a period of 30 days or within any further period that the General Division of the High Court may allow, after the order of the Oversight Committee has been served on the public accountant.(13) The decision of the General Division of the High Court on an appeal under subsection (12) is final.Refusal to undergo practice monitoring programme38A.—
If a public accountant refuses, without reasonable excuse (the burden of proof of which lies with the public accountant), to undergo a practice monitoring programme as required by the Oversight Committee, the Oversight Committee may by order suspend the public accountant’s registration for a period not exceeding 2 years.(2) An order of the Oversight Committee made under subsection (1) does not take effect until the latest of the following:
one month after the date the order has been served on the public accountant;
the date specified by the Oversight Committee in the order as the date on which the order takes effect;
where an appeal against the order is made to the General Division of the High Court under subsection (3), the date immediately after the date the appeal has been determined or withdrawn.(3) Any public accountant who is aggrieved by an order of the Oversight Committee under subsection (1) may appeal to the General Division of the High Court within a period of 30 days or within any further period that the General Division of the High Court may allow, after the order of the Oversight Committee has been served on the public accountant.(4) The decision of the General Division of the High Court on an appeal under subsection (3) is final.(5) In this section, without limiting the expression, a public accountant refuses to undergo a practice monitoring programme if the public accountant —
expressly informs a practice reviewer, the Oversight Committee or the Authority that he or she refuses to undergo the practice monitoring programme;
refuses to permit a practice reviewer to enter, at any reasonable hours in the day for the purposes of carrying out a practice review, the registered office or business premises of the accounting corporation, accounting firm or accounting LLP in which the public accountant practises as a public accountant;
refuses to comply with a requirement of a practice reviewer made under section 36(2)(a) or (b) within 14 days after the notice of the requirement has been served on him or her; (d)refuses to permit a practice reviewer to inspect, examine or make copies of or take any abstract of or extract from any record or document produced under section 36(2)(a) or (b); or
refuses, where a written notice requiring the public accountant to undergo a practice monitoring programme has been served on him or her under section 33(1), to respond to the notice within 14 days after the date the notice has been served or any longer period that the practice reviewer, the Oversight Committee or the Authority may allow.(6) This section only applies where a public accountant is required by the Oversight Committee on or after the date of commencement of the Accountants (Amendment) Act 2022 to undergo a practice monitoring programme.”.