Accountants (Accounting Corporations, Accounting Firms and Accounting LLPs) Rules

Accountants Act

(CHAPTER 2, Section 64)

Accountants (Accounting Corporations, Accounting Firms and Accounting Llps) Rules

R 5

G.N. No. S 576/2006

REVISED EDITION 2006

(30th November 2006)

[6th October 2006]

Citation

1. These Rules may be cited as the Accountants (Accounting Corporations, Accounting Firms and Accounting LLPs) Rules.

Form and application for approval

2.—(1) The following applications shall be made to the Oversight Committee in such form or manner as may be determined by the Registrar:

(a)	any application for approval as an accounting corporation, an accounting firm or an accounting LLP under section 17(1)(a), 18(1)(a) or 18A(1)(a) of the Act, respectively; [S 681/2017 wef 01/12/2017]
(b)	any application for approval of the name or proposed name of an accounting corporation, an accounting firm or an accounting LLP under section 17(1)(b), 18(1)(b) or 18A(1)(b) of the Act, respectively; [S 681/2017 wef 01/12/2017]
(c)	any application for approval of a change in the name of an accounting corporation, an accounting firm or an accounting LLP under section 19(4) of the Act. [S 681/2017 wef 01/12/2017]

(2) The Oversight Committee may, for the purposes of determining whether to approve any application referred to in paragraph (1)(a), require the applicant to submit such particulars or documents as the Oversight Committee deems necessary.

Fees

3.—(1) The fees specified in the First Schedule shall be payable in such manner as the Registrar may determine for the purposes specified therein.

[S 954/2022 wef 15/12/2022]

(2) The Registrar may for any reason waive, refund or remit, whether wholly or in part, any fee specified in the First Schedule.

[S 954/2022 wef 15/12/2022]

(3) Despite paragraph (2), no fee paid is refundable in respect of the withdrawal of any application.

[S 954/2022 wef 15/12/2022]

Prescribed documents under section 12B(1) of Act

3A. Any document filed with the Registrar relating to the following matters is prescribed as a document a copy of or an extract from which may be given or certified by the Registrar under section 12B(1) of the Act (upon payment of the prescribed fee):

(a)	change in particulars of an accounting corporation;
(b)	change in particulars of an accounting firm;
(c)	change in particulars of an accounting LLP;
(d)	approval of an accounting corporation;
(e)	approval of an accounting firm;
(f)	approval of an accounting LLP;
(g)	revocation of the approval of an accounting corporation;
(h)	revocation of the approval of an accounting firm;
(i)	revocation of the approval of an accounting LLP.

[S 839/2015 wef 03/01/2016]

Appeals against refusal to approve

4. An appeal under section 20 of the Act against a decision of the Oversight Committee shall —

(a)

be addressed to the Permanent Secretary to the Ministry of Finance;

(b)

set out the grounds of appeal; and

(c)

be accompanied by a copy of the following documents:

(i)	the decision of the Oversight Committee and the reasons therefor;
(ii)	the relevant application referred to in rule 2 and all documents accompanying that application; and
(iii)	any other correspondence between the Oversight Committee and the appellant in relation to the decision of the Oversight Committee.

Annual report

5. The annual report referred to in section 26(3) of the Act shall contain the particulars set out in the Second Schedule.

Constitution

6. The constitution of an accounting corporation must provide for the matters specified in the Third Schedule.

[S 839/2015 wef 03/01/2016]

Notification of transfer of business of accounting firm to accounting corporation

7.—(1) Every accounting firm which intends to transfer its business to an accounting corporation shall, no later than 7 days before the transfer, give notice in writing to every client of the accounting firm of the intention to transfer its business.

(2) The notice given under paragraph (1) has effect as if it were a notice of resignation within the meaning of section 205AA(1) or 205AB(1) of the Companies Act (Cap. 50), as the case may be.

[S 839/2015 wef 03/01/2016]

Notification of transfer of business of accounting firm or accounting corporation to accounting LLP

8.—(1) Where the business of an accounting firm or accounting corporation is to be transferred to an accounting LLP, notice in writing shall be given to every client of the accounting firm or accounting corporation of the transfer and of the date of the
transfer —

(a)	by the accounting firm or accounting corporation intending to transfer the business to the accounting LLP at any time before the date of the transfer; or
(b)	by the accounting LLP to which the business of the accounting firm or accounting corporation is transferred no later than 7 days after the transfer.

(2) The notice given under paragraph (1) shall state that, with effect from the date of the transfer —

(a)	the accounting LLP replaces the accounting firm or accounting corporation, as the case may be, in the provision of public accountancy services to the client;
(b)	any document held by the accounting firm or accounting corporation, as the case may be, for or on behalf of the client is transferred to the accounting LLP to be held for or on behalf of the client; and
(c)	any money or funds held by the accounting firm or accounting corporation, as the case may be, for or on account of the client is transferred to the accounting LLP to be held for or on account of the client.

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