Accountants (Accounting Corporations) (Amendment) Rules 2004

No. S 165

Accountants Act 2004

(Act 4 of 2004)

Accountants (Accounting Corporations) (Amendment) Rules 2004

In exercise of the powers conferred by section 64 of the Accountants Act 2004, the Accounting and Corporate Regulatory Authority, with the approval of the Minister for Finance, hereby makes the following Rules:

Citation and commencement

1. These Rules may be cited as the Accountants (Accounting Corporations) (Amendment) Rules 2004 and shall come into operation on 1st April 2004.

Amendment of title

2. The Accountants (Accounting Corporations) Rules (Cap. 2, R 5) (referred to in these Rules as the principal Rules) are amended by deleting the words “(ACCOUNTING CORPORATIONS)” in the title and substituting the words “(ACCOUNTING CORPORATIONS AND ACCOUNTING FIRMS)”.

Amendment of rule 1

3. Rule 1 of the principal Rules is amended by deleting the words “(Accounting Corporations)” and substituting the words “(Accounting Corporations and Accounting Firms)”.

Deletion and substitution of rule 2

4. Rule 2 of the principal Rules is deleted and the following rule substituted therefor:

“Form and application for approval

2. An application —

(a)	under section 17(1)(a) of the Act for the approval of a company or proposed company as an accounting corporation;
(b)	under section 17(1)(b) of the Act for the approval of the name or proposed name of an accounting corporation;
(c)	under section 18(1)(a) of the Act for the approval of a firm or proposed firm as an accounting firm; and
(d)	under section 18(1)(b) of the Act for the approval of the name or proposed name of an accounting firm,

shall be made in such form or manner as may be determined by the Oversight Committee.”.

Amendment of rule 3

5. Rule 3 of the principal Rules is amended —

(a)

by deleting paragraph (1) and substituting the following paragraph:

“(1) Every application under rule 2 shall be accompanied by the appropriate fee specified in the First Schedule which shall be paid to the Authority in such manner as the Oversight Committee may determine.”; and

(b)

by deleting paragraph (3) and substituting the following paragraphs:

“(3) An application for the approval of a company or proposed company as an accounting corporation shall be accompanied by the following documents:

(a)	a certified true copy each of the memorandum and articles of association of the company or proposed company;
(b)	a list of the members and directors of the company or proposed company containing particulars as to whether they are public accountants or otherwise, and such other particulars as the Oversight Committee may require; and
(c)	such other evidence (including any statutory declaration) or particulars as the Oversight Committee considers necessary to determine whether to approve the application.

(4) An application for the approval of a firm or proposed firm as an accounting firm shall state the following information:

(a)	the proposed name of the accounting firm;
(b)	the name, identification number and residential address of each of the proposed partners of the accounting firm;
(c)	the principal place of business and registered business address of the accounting firm;
(d)	the telephone and fax numbers and the electronic mail address of the accounting firm;
(e)	the name of the managing partner of the accounting firm;
(f)	the date of commencement of business of the accounting firm;
(g)	a description of the non-accountancy services (if any) that will be provided by the accounting firm; and
(h)	such other particulars as the Oversight Committee considers necessary to determine whether to approve the application.”.

Amendment of rule 4

6. Rule 4 of the principal Rules is amended by deleting the word “Board” wherever it appears and substituting in each case the words “Oversight Committee”.

Amendment of rule 5

7. Rule 5 of the principal Rules is amended by deleting the words “First Schedule” and substituting the words “Second Schedule”.

Amendment of rule 6

8. Rule 6 of the principal Rules is amended by deleting the words “Second Schedule” and substituting the words “Third Schedule”.

Deletion of rule 8

9. Rule 8 of the principal Rules is deleted.

Deletion of First Schedule and new First and Second Schedules

10. The First Schedule to the principal Rules is deleted and the following Schedules substituted therefor:

“FIRST SCHEDULE

Rule 3(1)

Fees

First column

Second column

1. For approval of an accounting corporation

$300.

2. For approval of an accounting firm

$50.

3. For approval of each practice name of an accounting firm

$15.

4. For a change in the name or any of the particulars recorded in the Register of Public Accounting Corporations or the Register of Public Accounting Firms

$10.

5. For inspecting the Register of Public Accounting Corporations or the Register of Public Accounting Firms or for obtaining any information from such Register

$10.

THE SCHEDULE

Rule 5

Accountants Act 2004
(ACT 4 of 2004)

Accountants (Accounting Corporations and Accounting Firms) Rules

Accounting Corporation Annual Report

Name of Accounting Corporation:_____________________________________

Year reported on: _____________________ to _________________________

(Please attach an extract of the business profile of the Accounting Corporation under the Companies Act (Cap.50) dated not earlier than 14 days of the date of this return. Please also attach details of changes, if any.)

1. The accounting corporation has been providing public accountancy services as one of its primary objects during the abovementioned year.

2. We also confirm that, since the end of the abovementioned year (or date of incorporation if less than 12 months has lapsed since that date) —

(a)	the paid-up capital of the accounting corporation is $_____________;
(b)	not less than two-thirds of the directors of the accounting corporation (including the chairman) are public accountants;
(c)	not less than two-thirds of the voting shares of the accounting corporation are held by corporate practitioners;
(d)	all the shareholders of the accounting corporation are natural persons;
(e)	the business of the accounting corporation is under the control and management of the directors who are public accountants.

3. The following are details of the current directors in the accounting corporation:

Name of director

Registration number (if any)

Share capital held in accounting corporation

Designation (e.g. chairman)

(1) ____________

___________

(2) ____________

___________

(3) ____________

___________

(4) ____________

___________

(5) ____________

___________

(6) ____________

___________

(7) ____________

___________

(8) ____________

___________

(Please provide information on a separate sheet if space is insufficient).

4. The accounting corporation was covered by professional indemnity insurance as prescribed by section 28 of the Accountants Act 2004 during the abovementioned year.

(Please attach certification of insurance by insurance broker).

5. The accounting corporation’s Memorandum and Articles of Association * have not/have been amended during the previous year. Please provide details of the amendment(s) on a separate sheet, if any.

_____________________________ Signature/Date

_____________________________ Name of Chairman**

* Delete where inapplicable.

[** To be signed by 2 directors, one of whom must be a public accountant, if the Chairman is for any reason not available.”.]

Renaming of existing Second Schedule

11. The principal Rules are amended by renaming the existing Second Schedule as the Third Schedule.

Made this 1st day of April 2004.

LIM SIONG GUAN

Chairman,
Accounting and Corporate
Regulatory Authority,
Singapore.

[RCB0560B/TWS/F20030184F; AG/LEG/SL/2/2002/1 Vol. 1]

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