Singapore legislation
Clause 37
Clause 37
Saving and transitional provisions for amendments to Accountants Act
(1)
Despite section 10, sections 10 and 11 of the Accountants Act as in force immediately before the date of commencement of section 10 continue to apply in respect of any application for registration as a public accountant that —
was made before that date under section 11 of that Act as in force immediately before that date; and
was pending before the Oversight Committee immediately before that date.
(2)
Despite sections 10 and 12, an individual —
who was registered or deemed to be registered as a public accountant under the Accountants Act as in force immediately before the date of commencement of sections 10 and 12; and
whose registration was still in force and (if suspended) did not remain suspended immediately before that date,is deemed to be registered as a public accountant under that Act (as amended by sections 10 and 12) until the expiry of the original period of registration or the original period that the registration was renewed for (as the case may be), unless his or her registration is earlier cancelled or suspended under that Act.
(3)
Despite sections 10 and 12, where —
an individual was registered or deemed to be registered as a public accountant under the Accountants Act immediately before the date of commencement of sections 10 and 12;
that registration was suspended before that date and remained suspended immediately before that date; and
the period of suspension expires before the original period of registration,the individual is, on the expiry of the period of suspension, deemed to be registered as a public accountant under that Act (as amended by sections 10 and 12) until the expiry of the original period of registration or the original period that the registration was renewed for (as the case may be), unless his or her registration is earlier suspended again or cancelled under that Act.
(4)
Despite section 11, a certificate of registration issued before the date of commencement of section 11 under section 12(2) of the Accountants Act as in force immediately before that date, that was in the form and manner determined by the Oversight Committee, is treated as one that is issued in accordance with section 12(2) of that Act as amended by section 11.
(5)
Despite section 13, section 14(1) of the Accountants Act as in force immediately before the date of commencement of section 13 (called the old section 14(1)) continues to apply in respect of any change in a public accountant’s name, residential address, contact address or any other of his or her relevant particulars as recorded in the Register of Public Accountants if —
the change occurred before the date of commencement of section 13; and
the period mentioned in the old section 14(1) had not expired.
(6)
Despite sections 14 and 15, section 15 of the Accountants Act as in force immediately before the date of commencement of sections 14 and 15 continues to apply in respect of the following applications:
any application by an individual to the Oversight Committee for his or her registration as a public accountant to be cancelled that —
was made before that date under section 15(1)(f) of that Act as in force immediately before that date; and
was pending before the Oversight Committee immediately before that date;
any application by an individual to the Registrar of Public Accountants (called the Registrar) for his or her name to be reinstated in the Register of Public Accountants that —
was made before that date under section 15(2) of that Act as in force immediately before that date; and
was pending before the Registrar immediately before that date.
(7)
Despite sections 4(e) and 15, section 2(3) of the Accountants Act as in force immediately before the date of commencement of section 4(e), and section 15(6) of that Act as in force immediately before the date of commencement of section 15 (called the old section 15(6)), continue to apply in respect of an order that was made before the date of commencement of section 15 under section 15(4) of that Act as in force immediately before that date, if the period mentioned in the old section 15(6) had not expired.
(8)
Despite section 17, section 18(3) of the Accountants Act as in force immediately before the date of commencement of section 17 continues to apply in respect of any application that —
was made before that date under section 18(1) of that Act as in force immediately before that date; and
was pending before the Oversight Committee immediately before that date.
(9)
Despite section 19, section 22(2) of the Accountants Act as in force immediately before the date of commencement of section 19 (called the old section 22(2)) continues to apply in respect of any change in the name or relevant particulars, as recorded in the Register of Public Accounting Corporations, the Register of Public Accounting Firms or the Register of Public Accounting Limited Liability Partnerships (as the case may be) of an accounting corporation, accounting firm or accounting LLP if —
the change occurred before the date of commencement of section 19; and
the period mentioned in the old section 22(2) had not expired.
(10)
Despite section 20, section 26(2) of the Accountants Act as in force immediately before the date of commencement of section 20 (called the old section 26(2)) continues to apply in respect of —
any amendment to the memorandum or articles of association of an accounting corporation;
any change in the composition of the board of directors of an accounting corporation, who are public accountants;
any change in the proportion of the voting shares in an accounting corporation owned by corporate practitioners; or
any change in the number of corporate practitioners of an accounting corporation,that occurred before the date of commencement of section 20, if the period mentioned in the old section 26(2) had not expired.
(11)
Section 28 of the Accountants Act as amended by section 21 only applies to an accounting firm with effect from the first day of its first financial year after the expiry of 6 months after the date of commencement of section 21.
(12)
Despite sections 23 and 36, sections 38B, 38D to 38G and 38I to 38K of the Accountants Act as in force immediately before the date of commencement of sections 23 and 36 continue to apply in relation to an AML/CFT requirements review that —
had commenced before that date; and
had not concluded before that date.
(13)
In subsection (12), “AML/CFT requirements review” has the meaning given by section 38B of the Accountants Act as in force immediately before the date of commencement of section 23.
(14)
Section 41 of the Accountants Act as amended by section 24 applies in respect of any complaint that the Oversight Committee —
had received before the date of commencement of section 24 under section 40 of that Act as in force immediately before that date; and
had not referred to the Registrar of Public Accountants for review under section 41(1) of that Act as in force immediately before that date.
(15)
Section 41 of the Accountants Act as in force immediately before the date of commencement of section 24 applies in respect of any complaint received by the Oversight Committee before that date under section 40 of that Act as in force immediately before that date, and which had been referred to the Registrar before that date for review under section 41(1) of that Act as in force immediately before that date.
(16)
Despite anything in this Act, section 51 of the Accountants Act as in force immediately before the date of commencement of section 26 applies to any formal inquiry that —
had commenced before that date; and
had not concluded immediately before that date.
(17)
Despite section 27, sections 51A and 51B of the Accountants Act as inserted by section 27 do not apply in respect of any formal inquiry that —
had commenced before the date of commencement of section 27; and
had not concluded immediately before that date.
(18)
Despite section 28, section 52 of the Accountants Act as in force immediately before the date of commencement of section 28 continues to apply in respect of a formal inquiry relating to a public accountant that —
had commenced before that date; and
had not concluded immediately before that date.
(19)
Despite section 32 —
section 59A(1), (3) and (4) of the Accountants Act as in force on the date of commencement of section 32 only applies in respect of any auditor’s report that is issued by a public accountant on or after the date of commencement of section 32; and
section 59A(2), (3) and (4) of the Accountants Act as in force on the date of commencement of section 32 only applies in respect of any auditor’s report that is issued by an accounting entity on or after the date of commencement of section 32.