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Singapore

Head of State  : President Halimah Yacob

Head of Government    : Prime Minister Lee Hsien Loong

Capital             : Singapore

Language(s)    : English, Malay, Mandarin, Tamil

Currency         : S$ (Singapore Dollar)

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ASEAN CPA
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Profile of the Country

Information of The Country

An island nation located in the heart of Asia, Singapore is a vibrant cosmopolitan city with abundant lush green gardens and tall skyscrapers. Singapore’s multi-ethnic culture is a blend of tradition and customs from the Malays, Indians, Chinese and Eurasians.

With 710 square kilometers of land, Singapore’s strategic location has facilitated our role as a trade and transport hub, connecting the world on both sides – east and west. Singapore has implemented 22 Free Trade Agreements with 32 trading partners. Its robust economy, business-friendly rules and regulatory environment offer companies the ideal landscape for investment.

Law and Regulations on Accountancy Practice
National Accountancy Body
Qualifying as a Public Accountants

Under the Accountants Act, anyone who wishes to practice public accountancy must register as a public accountant (PA) with ACRA, the national regulator of business entities and public accountants in Singapore.

A public accountant can provide public accountancy services such as audit and reporting on financial statements, and such other activities (e.g. judicial management) as required by law. Persons who intend to provide only bookkeeping, accounting, taxation or consultancy services i.e. non-audit services do not need to be registered as public accountants.

For more information on the prescribed professional requirements for registration as a Public Accountant, please refer to the Singapore’s Accounting and Corporate Regulatory Authority (ACRA) website.

Setting up an Accountancy Practice
Monitoring Committee

Regulated Accounting Services

Audit
NAB Membership and/or PRA Registration

NAB & PRA requirement

Approved external auditor must be a member of ISCA (CA Singapore) and approved by the Accounting and Corporate Regulatory Authority (ACRA).



NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)

NAB requirement:

For registration as a CA (Singapore), there are three entry routes:
  1. Complete the CA (Singapore) Qualification; or
  2. Satisfy the conditions of the Transitional Arrangements within the specified timelines; or
  3. A full member of another professional accountancy body through the Reciprocal Membership Agreement (RMA) route

 

Transitional Arrangements:

Associates of ISCA who are graduates of the Bachelor of Accountancy degree programmes offered by NTU and SMU and the Bachelor of Business Administration (Accountancy) degree programme offered by NUS, and who graduated in 2012 or earlier, but have yet to fulfil certain criteria such as relevant work experience and successful completion of the ISCA Pre-Admission Course (ISCA PAC), will have until 31st March 2014 to complete the ISCA PAC and until 31st December 2016 to satisfy the relevant work experience in order to qualify for the “Chartered Accountant of Singapore” professional designation.

Associates of ISCA who are graduates of the MBA (Accountancy) degree programme offered by NTU and the Master of Professional Accounting degree programme offered by SMU, and who graduated in 2012 or earlier, but have yet to fulfil certain criteria such as relevant work experience and successful completion of the ISCA PAC, will have until 31st March 2014 to complete the ISCA PAC and until 31st December 2016 to satisfy the relevant work experience in order to qualify for the “Chartered Accountant of Singapore” professional designation.

Holders of recognised professional qualifications (including ACCA and CPA Australia), but who have yet to fulfil certain criteria such as relevant work experience, proficiency in local law and tax and successful completion of the ISCA PAC, will have until 31st December 2016 to complete the ISCA PAC, satisfy the proficiency in local law and tax and relevant work experience in order to qualify for the “Chartered Accountant of Singapore” professional designation.

Associates of ISCA who are graduates of the Institute of Singapore Chartered Accountants Professional Examination (ISCA PE), but have yet to fulfil certain criteria such as relevant work experience and successful completion of the ISCA PAC will have until 31st March 2014 to complete the ISCA PAC and until 31st December 2016 to satisfy the relevant work experience in order to qualify for the “Chartered Accountant of Singapore” professional designation.

The ISCA PE will cease receiving new candidate applications with effect from 1st April 2014, and all ISCA PE candidates will have until 31st December 2018 to complete their ISCA PE and the ISCA PAC, as well as to satisfy the relevant work experience in order to qualify for the “Chartered Accountant of Singapore” professional designation.

Students (except for National Service men in  paragraph 23.8) of the Bachelor of Accountancy degree programmes offered by NTU, SMU and UniSIM and the Bachelor of Business Administration (Accountancy) degree programme offered by NUS, who matriculated in 2012 or earlier and graduating between 2013 and 2016, will have until 31st December 2016 to complete their degrees and the ISCA PAC and until 31st December 2020 to satisfy the relevant work experience in order to qualify for the “Chartered Accountant of Singapore” professional designation.

Students of the MBA (Accountancy) degree programme offered by NTU and the Master of Professional Accounting degree programme offered by SMU, who matriculated in 2012 or earlier and graduating in 2013, will have until 31st December 2016 to complete their degrees and the ISCA PAC and until 31st December 2020 to satisfy the relevant work experience in order to qualify for the “Chartered Accountant of Singapore” professional designation.

National Service men who have enrolled and been accepted into the Bachelor of Accountancy degree programmes offered by NTU, SMU and UniSIM and the Bachelor of Business Administration (Accountancy) degree programme offered by NUS in 2011 and 2012, and matriculating in 2013 and 2014, will have until 31st December 2018 to complete their degrees and the ISCA PAC and until 31st December 2022 to satisfy the relevant work experience in order to qualify for the “Chartered Accountant of Singapore” professional designation.

Existing students of ACCA and existing students and associates of CPA Australia will have until 31st December 2018 to complete the ISCA PAC and satisfy the relevant work experience in order to qualify for the “Chartered Accountant of Singapore” professional designation.

Individuals will have until 31st July 2013 to register as new students of ACCA and as new students and associates of CPA Australia, for a course that will commence no later than in 2013, and until 31st December 2018 to complete the ISCA PAC and satisfy the relevant work experience in order to qualify for the “Chartered Accountant of Singapore” professional designation.

PRA Requirement:

Must obtain audit license from ACRA.

 

Other regulatory requirement:

The auditing firm appointed by the issuer must be

  • Registered with ACRA;
  • Registered with and/or regulated by an independent audit oversight body acceptable to the Singapore Exchange (i.e. SGX); or
  • Any other auditing firm acceptable by the Exchange.

SGX has the right to object to the appointment of auditors if the Exchange does not find them to be suitable.

For Financial Institutions/Insurance companies, the appointment and/or reappointment of auditors must be approved by the Monetary Authority of Singapore (MAS).


Citizenship Requirement

No.


Remarks

Subject to domestic regulations such as Accountants Act, Companies Act immigration & employment laws etc.

Eligibility requirement, where applicable (ACPA/RFPA)

This service is regulated by ACRA. A license issued by ACRA and membership with ISCA is required for practice.

Insolvency Services
Capital Market Services

Non-Regulated Accounting Services

Corporate Accountants
Example :
  • CFO
  • Finance Director
  • Finance Manager
  • Group Accountant
  • Tax Accountant
  • Accounts Executive

NAB Membership and/or PRA Registration

NAB Requirement :

No

Note: Since May 2010, tax professionals are encouraged to be accredited by Singapore Institute of Accredited Tax Professionals (SIATP).

Accreditation is based on three categories -Accredited Tax Advisor, Accredited Tax Practitioner and Accredited Tax Practitioner (Provisional) - and two areas of specialisations - Income Tax and GST.

Details of accreditation can be found here.

PRA requirement:

No


NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)

NAB requirement:

No

PRA requirement:

No

Other requirements(from other regulator):

No


Citizenship Requirement

No.


Remarks

Subject to domestic regulations such as Accountants Act, immigration & employment laws, stock exchange rules, Income Tax and various tax statutes (eg GST, property tax) etc.

Eligibility requirement, where applicable (ACPA/RFPA)

This is a non regulated service and hence open to all including ASEAN CPA/ RFPA.

Financial Forensic Professionals
Non-Accounting Roles
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