Schedule 2

have, before 1 January 2019, passed the final examination in accountancy of one of the following:

the Singapore Polytechnic for the professional diploma and for the degree course in accountancy for the years 1961 to 1969;

the University of Singapore for the degree of Bachelor of Accountancy;

the Nanyang University of Singapore for the degree of Bachelor of Commerce (Accountancy) or Bachelor of Accountancy;

the National University of Singapore for the degree of Bachelor of Accountancy or Bachelor of Business Administration (Accountancy);

the Nanyang Technological Institute for the degree of Bachelor of Accountancy;

the Institute of Singapore Chartered Accountants (formerly known as the Institute of Certified Public Accountants of Singapore) — Association of Chartered Certified Accountants of the United Kingdom Joint Scheme including passing one of the following examination modules:

Paper 10: Accounting and Audit Practice;[S 251/2009 wef 01/06/2009](B)Paper 3.1: Audit and Assurance Service; or[S 251/2009 wef 01/06/2009](C)P7 Advanced Audit and Assurance;[S 251/2009 wef 01/06/2009][S 395/2013 wef 02/07/2013](vii)the Nanyang Technological University for the degree of Bachelor of Accountancy or Master of Business Administration (Accountancy);

the Institute of Singapore Chartered Accountants Professional Examination;[S 395/2013 wef 02/07/2013](ix)the Singapore Management University for the degree of Bachelor of Accountancy or Master of Professional Accounting; [S 211/2012 wef 22/05/2012](x)the Singapore University of Social Sciences (formerly known as the SIM University) for the degree of Bachelor of Accountancy;[S 211/2012 wef 22/05/2012][S 51/2015 wef 01/02/2015][S 901/2018 wef 01/01/2019](xi)the Singapore Chartered Accountant Qualification (formerly known as the Singapore Qualification Programme); or[S 51/2015 wef 01/02/2015][S 901/2018 wef 01/01/2019][S 146/2023 wef 01/04/2023](b)have, before 1 January 2019, passed the final examination in accountancy of one of the following or its recognised equivalent:

the Institute of Chartered Accountants of Scotland (ICAS);

the Institute of Chartered Accountants in England and Wales (ICAEW);

Chartered Accountants Ireland (CAI) (formerly known as the Institute of Chartered Accountants in Ireland (ICAI));[S 332/2017 wef 29/06/2017](iv)the Association of Chartered Certified Accountants (ACCA) (formerly known as the Chartered Association of Certified Accountants) including passing one of the following examination modules:

Paper 10: Accounting and Audit Practice;[S 251/2009 wef 01/06/2009](B)Paper 3.1: Audit and Assurance Service; or[S 251/2009 wef 01/06/2009](C)P7 Advanced Audit and Assurance;[S 251/2009 wef 01/06/2009](v)the Institute of Chartered Accountants in Australia (ICAA);

CPA Australia (formerly known as the Australian Society of Certified Practising Accountants);

New Zealand Institute of Chartered Accountants (NZICA) (formerly known as the Institute of Chartered Accountants of New Zealand);[S 615/2007 wef 15/11/2007](viia)Chartered Accountants Australia and New Zealand (CAANZ);[S 332/2017 wef 31/12/2014](viii)the Canadian Institute of Chartered Accountants (CICA);

2 elective modules on Assurance and Tax; and

The Common Final Examination;[S 332/2017 wef 01/01/2013](ix)the American Institute of Certified Public Accountants (AICPA); or

the Chartered Institute of Management Accountants of the United Kingdom (CIMA), except that CIMA members shall have passed the following subjects:

Financial Reporting Environment;

Accounting and Audit Practice;

Advanced Taxation; and

Company Law and Corporate Governance,[S 901/2018 wef 01/01/2019]and shall have also passed such other examination and have fulfilled such other requirements as may be determined by the Oversight Committee.[S 901/2018 wef 01/01/2019][S 200/2026 wef 06/05/2026]Professional examination on or after 1 January 20192A.—

Where an applicant has not passed any examination or fulfilled any requirement under paragraph 2, the applicant must, at the time of application for registration, have passed the final examination in accountancy of one of the following:

the Singapore Chartered Accountant Qualification;

the Association of Chartered Accountants Qualification of the Institute of Chartered Accountants in England and Wales;

the Chartered Accountant Qualification of the Institute of Chartered Accountants of Scotland;

the Chartered Accountancy Programme of the Chartered Accountants of Ireland;

the Chartered Accountants Program of the Chartered Accountants Australia and New Zealand;

the Certified Practising Accountant Program of CPA Australia (formerly known as the Australian Society of Certified Practising Accountants);[S 675/2025 wef 16/10/2025](g)the Association of Chartered Certified Accountants (ACCA) Qualification of the Association of Chartered Certified Accountants.[S 675/2025 wef 16/10/2025][S 675/2025 wef 16/10/2025](2) In relation to the final examination in accountancy of the Association of Chartered Certified Accountants (ACCA) Qualification of the Association of Chartered Certified Accountants, the applicant must be registered as a student of the Association of Chartered Certified Accountants (ACCA) Qualification before 26 March 2028.[S 675/2025 wef 16/10/2025]Requisite qualifying audit experience3.—

The Oversight Committee must not register any person as a public accountant unless the Oversight Committee is satisfied that the person (referred to in this paragraph and paragraphs 3A and 3B as the applicant) has, at the time of the applicant’s application —

acquired the requisite qualifying audit experience referred to in sub-paragraph (2); (b)submitted the declarations referred to in paragraph 3B; and

satisfied such conditions as the Oversight Committee thinks fit.[S 51/2015 wef 01/02/2015](2) Subject to sub-paragraphs (3) to (8), the requisite qualifying audit experience comprises 2,500 hours of qualifying audit experience which satisfies all of the following conditions:

all of the qualifying audit experience is acquired in the period of 5 years immediately before the date of the application;

all of the qualifying audit experience (other than foreign qualifying audit experience) —

in a case where the applicant is a member of the Institute of Singapore Chartered Accountants (ISCA) before the applicant starts to acquire the qualifying audit experience —

is acquired while the applicant is a full member of the ISCA; or

is acquired only after the applicant has satisfied the requirements as to practical experience that are set out in ISCA’s membership rules for qualifying as a Chartered Accountant of Singapore; or

in a case where the applicant is not a member of the ISCA before the applicant starts to acquire the qualifying audit experience, is acquired only after the applicant has acquired the practical experience which the Oversight Committee has determined to be equivalent to the requirements as to practical experience that are as set out in ISCA’s membership rules for qualifying as a Chartered Accountant of Singapore;

all of the qualifying audit experience acquired in performing any key audit function (other than foreign qualifying audit experience) is acquired by the applicant in relation to one or more audit engagements each under the direct supervision of an audit principal, who is also the engagement partner of the audit engagement; (d)at least 1,250 hours of the qualifying audit experience —

comprise experience in performing any key audit function; and

is acquired —

under the direct supervision of the same audit principal; or

under the direct supervision of one or more audit principals in the same accounting entity;

not more than 1,250 hours of the qualifying audit experience is foreign qualifying audit experience; (f)where any qualifying audit experience (other than foreign qualifying audit experience) is acquired under the direct supervision of an audit principal in an accounting entity, other than a specified accounting entity, the audit principal does not, at any time during the period when the qualifying audit experience is acquired, directly supervise more than 4 pupils, unless otherwise allowed by the Oversight Committee in any particular case; (g)all the qualifying audit experience (other than foreign qualifying audit experience) is acquired by the applicant under the direct supervision or overall oversight of one or more audit principals, as the case may be, under such conditions as may be specified by the Oversight Committee;

in acquiring all of the qualifying audit experience (other than foreign qualifying audit experience), the applicant has independently and competently, to the satisfaction of the applicant’s audit principal or audit principals, as the case may be —

performed all the key audit functions; and

if applicable, carried out the audit quality review role or audit technical role, or both, as the case may be.[S 51/2015 wef 01/02/2015](3) Where an audit principal with whom an applicant is a pupil subsequently ceases to be an audit principal under rule 6A(3), any qualifying audit experience acquired by the applicant when the applicant is a pupil of the audit principal before such cessation may be taken into account for the purpose of determining whether the applicant has satisfied sub-paragraph (1)(a).[S 51/2015 wef 01/02/2015][S 200/2026 wef 06/05/2026](4) Where —

any qualifying audit experience in performing any key audit function is acquired by an applicant in a specified accounting entity; and

an audit principal in that accounting entity has overall oversight of the applicant’s acquisition of the qualifying audit experience,then —

any such qualifying audit experience is to be treated as satisfying sub-paragraph (2)(c) if the experience is acquired by the applicant in relation to one or more audit engagements each under the direct supervision of a public accountant, who is also the engagement partner of the audit engagement; and

any period of at least 1,250 hours of such qualifying audit experience is to be treated as satisfying sub-paragraph (2)(d)(ii) if the experience is acquired —

under the direct supervision of the same public accountant, whether or not the public accountant is an audit principal; or

under the direct supervision of one or more public accountants in the same accounting entity, whether or not the public accountants are audit principals.[S 51/2015 wef 01/02/2015](5) [Deleted by S 329/2023 wef 01/07/2023](6) [Deleted by S 329/2023 wef 01/07/2023](7) The Oversight Committee may, in any particular case allow any qualifying audit experience acquired by an applicant before 1 February 2015, which does not comply with sub-paragraph (2), to be reckoned as any part of the requisite qualifying audit experience of the applicant.[S 51/2015 wef 01/02/2015](8) Despite sub-paragraph (2)(e), the Oversight Committee may disallow reckoning any foreign qualifying audit experience acquired by the applicant as part of the applicant’s requisite qualifying audit experience if —

any complaint relating to any professional or occupational misconduct has been made against the applicant with any professional body in any country or territory;

disciplinary proceedings relating to any profession or occupation have been commenced against the applicant in any country or territory; or

the applicant has been the subject of disciplinary action relating to any profession or occupation in any country or territory.[S 51/2015 wef 01/02/2015][S 200/2026 wef 06/05/2026](9) The Oversight Committee may, for the purposes of considering an applicant’s application, require the applicant to provide such particulars and records of his acquisition of his qualifying audit experience, in such form and manner as the Oversight Committee may determine.[S 51/2015 wef 01/02/2015]Foreign qualifying audit experience3A.—

For the purposes of paragraph 3, foreign qualifying audit experience is qualifying audit experience acquired by the applicant which satisfies all of the following conditions:

the qualifying audit experience is acquired by the applicant in the course of auditing any financial statements in a foreign audit entity;

the country or territory in which the foreign audit entity is registered or licensed adheres to auditing standards which the Oversight Committee considers to be equivalent to the standards applicable in Singapore; (c)the Oversight Committee is satisfied with the quality of the qualifying audit experience having regard to one or more of the following factors:

whether the foreign audit entity has implemented, or has taken steps to implement, quality controls in accordance with standards which the Oversight Committee considers to be equivalent to the prescribed quality control standards applicable in Singapore;[S 329/2023 wef 01/07/2023](ii)whether the foreign audit entity has been subject to any audit inspection carried out by or on behalf of the regulator of the audit profession in the country or territory of its registration or licensing, and whether the regulator is satisfied with the findings of such audit inspection;

whether the Oversight Committee is of the opinion that the foreign audit entity is of good standing in the country or territory of its registration or licensing;

whether the qualifying audit experience would meet the criterion of the practical experience required for qualifying the applicant as an auditor in the country or territory in which the applicant has acquired the qualifying audit experience.[S 51/2015 wef 01/02/2015](2) [Deleted by S 696/2020 wef 21/08/2020]Declarations3B.—

An applicant must provide all of the following declarations to the Oversight Committee:

a declaration by the applicant that —

the applicant has acquired the requisite qualifying audit experience; and

specifically, in acquiring such qualifying audit experience, the applicant has independently and competently —

performed all the key audit functions; and

if applicable, carried out the audit quality review role or audit technical role, or both, as the case may be;

a declaration by the audit principal or, in a case where the applicant was directly supervised by more than one audit principal, each of those audit principals, stating —

the number of hours of qualifying audit experience acquired by the applicant under the direct supervision of the audit principal; and

specifically, whether in acquiring such qualifying audit experience, the applicant has independently and competently —

performed the relevant key audit functions; and

if applicable, carried out the audit quality review role or audit technical role, or both, as the case may be,to the satisfaction of the audit principal.[S 51/2015 wef 01/02/2015](2) Where the whole or any part of the qualifying audit experience of an applicant consists of qualifying audit experience referred to in paragraph 3(4), the applicant must obtain a declaration by the audit principal referred to in paragraph 3(4)(b) stating —

the number of hours of qualifying audit experience acquired by the applicant under the direct supervision of the public accountant or public accountants, as the case may be; and

specifically, whether in acquiring the qualifying audit experience, the applicant has independently and competently —

performed the relevant key audit functions; and

if applicable, carried out the audit quality review role or audit technical role, or both, as the case may be,to the satisfaction of the audit principal.[S 51/2015 wef 01/02/2015]Continuing professional education4.—

A person who submits the person’s application for registration as a public accountant on or after 1st April 2005 must have acquired at least 40 hours of continuing professional education during the period of 12 months immediately preceding the date of the person’s application.[S 200/2026 wef 06/05/2026](2) For the purposes of sub-paragraph (1), the continuing professional education to be acquired by an applicant for registration shall be undertaken in accordance with the continuing professional education syllabus approved by the Oversight Committee and shall consist of at least 30 hours of learning which is specified as structured learning in that syllabus.[S 383/2010 wef 01/10/2010](3) The Oversight Committee may, if it thinks fit, exempt an applicant for registration as a public accountant from any of the requirements of this paragraph.Course on ethics and professional practice subjects

Subject to sub-paragraph (2), an applicant for registration as a public accountant who —

before 1 January 2019, has not passed any of the final examinations in accountancy mentioned in paragraph 2(a); or (b)on or after 1 January 2019, has passed the final examination in accountancy mentioned in paragraph 2A(1)(b), (c), (d), (e), (f) or (g) but has not passed the final examination in accountancy from any institution mentioned in sub‑paragraph (1A),[S 675/2025 wef 16/10/2025]must pass an examination in all the subjects mentioned in sub‑paragraph (1B).[S 901/2018 wef 01/01/2019][S 399/2021 wef 29/06/2021][S 190/2024 wef 08/03/2024](1A) The institutions in sub-paragraph (1) are —

the National University of Singapore;

the Nanyang Technological University;

the Singapore Management University; (d)the Singapore University of Social Sciences; and

the Singapore Institute of Technology.[S 901/2018 wef 01/01/2019](1B) The subjects in sub-paragraph (1) are —

Singapore Company Law; and

Singapore Taxation and Tax Management.[S 901/2018 wef 01/01/2019](2) Sub-paragraph (1) shall not apply to an applicant who has at least 2 years of relevant local experience.Proficiency in audit and assurance matters6A.—

This paragraph applies to an applicant who —

has, on or after 1 January 2019 —

passed the final examination in accountancy mentioned in paragraph 2A(1)(b), (c), (d), (e) or (f); or

passed the final examination in accountancy mentioned in paragraph 2A(1)(g) and fulfilled the requirement specified in paragraph 2A(2); but(b)has not passed the advanced audit and assurance module in that final examination.[S 675/2025 wef 16/10/2025](2) Subject to sub-paragraph (3), the applicant mentioned in sub-paragraph (1) must pass the examination in one of the following advanced audit and assurance modules:

the Professional Programme (Assurance) module of the Singapore Chartered Accountant Qualification;[S 675/2025 wef 16/10/2025](b)where —

the applicant has passed the final examination in accountancy mentioned in paragraph 2A(1)(b) — the Advanced Level (Corporate Reporting) module of the Association of Chartered Accountants Qualification of the Institute of Chartered Accountants in England and Wales;[S 675/2025 wef 16/10/2025](ii)the applicant has passed the final examination in accountancy mentioned in paragraph 2A(1)(c) — the Advanced Assurance module of the Chartered Accountant Qualification of the Institute of Chartered Accountants of Scotland; [S 675/2025 wef 16/10/2025](iii)the applicant has passed the final examination in accountancy mentioned in paragraph 2A(1)(d) — the Final Admitting Examination Elective (Advanced Auditing and Assurance) module of the Chartered Accountancy Programme of the Chartered Accountants of Ireland;[S 675/2025 wef 16/10/2025](iv)the applicant has passed the final examination in accountancy mentioned in paragraph (2A)(1)(e) — the Audit and Risk module of the Chartered Accountants Program of the Chartered Accountants Australia and New Zealand;[S 675/2025 wef 16/10/2025](v)the applicant has passed the final examination in accountancy mentioned in paragraph 2A(1)(f) — the Advanced Audit and Assurance module of the Certified Practising Accountant Program of CPA Australia;[S 675/2025 wef 16/10/2025](vi)the applicant has passed the final examination in accountancy mentioned in paragraph 2A(1)(g) — the Advanced Audit and Assurance module of the Association of Chartered Certified Accountants (ACCA) Qualification.[S 675/2025 wef 16/10/2025](3) Where a module mentioned in sub-paragraph (2)(b)(i), (ii), (iii), (iv), (v) or (vi) is replaced or renamed by the professional accountancy body or organisation specified in that sub-paragraph, a reference to the module in that sub-paragraph includes a reference to that module —

as replaced or renamed by the professional accountancy body or organisation specified in that sub-paragraph; and

which the Oversight Committee considers to be equivalent to the Professional Programme (Assurance) module mentioned in sub-paragraph (2)(a).[S 675/2025 wef 16/10/2025]Membership in Institute of Singapore Chartered Accountants, etc.7.—

The Oversight Committee must not register any applicant as a public accountant unless the applicant —

is a member of the Institute of Singapore Chartered Accountants (formerly known as the Institute of Certified Public Accountants of Singapore); and

is registered as a chartered accountant under section 35D of the Accounting and Corporate Regulatory Authority Act 2004.[S 251/2009 wef 01/06/2009][S 395/2013 wef 02/07/2013][S 901/2018 wef 01/01/2019][S 146/2023 wef 31/12/2021][S 146/2023 wef 01/04/2023](2) For the purposes of sub-paragraph (1), a member of the Institute of Singapore Chartered Accountants (formerly known as the Institute of Certified Public Accountants of Singapore) shall not include an honorary member or a member-in-retirement.[S 251/2009 wef 01/06/2009][S 395/2013 wef 02/07/2013][S 901/2018 wef 01/01/2019]