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MOF and SAC Invite Public Feedback On The Proposed Regulations Under The SAC Act

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Accountancy

30 May 2016

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  1. The Ministry of Finance (MOF) and the Singapore Accountancy Commission (SAC) jointly invite the public to provide feedback on the proposed regulations under the SAC Act. The public consultation exercise will run from 30 May to 26 June 2016.

Background

  1. Under the SAC Act (at Annex 1 pages 71-76), an accounting entity may describe itself as a Chartered Accountant of Singapore and use the initials “CA (Singapore)” after its name. Under section 25A of the Act, a non-accounting entity may apply to SAC to use the professional designation and initials. SAC may approve a non-accounting entity’s application if the following conditions are satisfied:

Proposed Regulations

  1. The proposed regulations (at Annex 2) set out the list of prescribed accounting services (in paragraph 2(a) above):

  2. The proposed regulations also set out the condition (in paragraph 2(c) above) that “an entity must provide at least two of the prescribed accounting services”.

Public Consultation Details

  1. The public can access the consultation documents on MOF’s website (www.mof.gov.sg), SAC’s website (www.sac.gov.sg) and the REACH consultation portal (www.reach.gov.sg). Written comments can be sent to:

    Singapore Accountancy Commission
    10 Anson Road
    #05-18 International Plaza

    SAC Email: enquiries@sac.gov.sg (preferred mode)
    SAC Fax: 6226 3386

  2. We will publish a summary of the comments received together with our responses by August 2016. The summary will not disclose the identity of respondents, and will not individually address or acknowledge every comment received.

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Documents for Download

Annex 1: Amendments to the SAC Act (pages 71-76)

Annex 2: Proposed regulation under the SAC Act

[1] Under the new Section 25A, an accounting entity is defined as a "public accountant, an accounting corporation, an accounting firm or an accounting limited liability partnership".

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