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Indranee Rajah on Accountants (Amendment) Bill

12:20 Min

Enhancing Singapore’s audit regulatory regime and ensuring that accounting professionals and companies comply with high standards and ethical requirements - these are the aims of a Bill that was put up for debate in Parliament on Monday (Oct 3). This would strengthen Singapore’s pro-business and trusted regulatory environment, and bring it in line with other jurisdictions with established audit regulatory regimes, said Second Minister for Finance Indranee Rajah. She laid out four key sets of amendments. First, allowing the Accounting and Corporate Regulatory Authority (ACRA) to conduct quality control inspections on all accounting entities (AEs), mandate remediation of lapses and impose sanctions where necessary. Second, giving ACRA powers to ensure that public accountants (PAs) and AEs comply with Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) requirements. Third, introducing a tiered assessment framework for PAs and AEs, instead of a binary pass/fail system. And fourth, requiring PAs who have been graded “not satisfactory” to send a copy of the order to the audited entity in the interests of improving transparency.

Enhancing Singapore’s audit regulatory regime and ensuring that accounting professionals and companies comply with high standards and ethical requirements - these are the aims of a Bill that was put up for debate in Parliament on Monday (Oct 3). This would strengthen Singapore’s pro-business and trusted regulatory environment, and bring it in line with other jurisdictions with established audit regulatory regimes, said Second Minister for Finance Indranee Rajah. She laid out four key sets of amendments. First, allowing the Accounting and Corporate Regulatory Authority (ACRA) to conduct quality control inspections on all accounting entities (AEs), mandate remediation of lapses and impose sanctions where necessary. Second, giving ACRA powers to ensure that public accountants (PAs) and AEs comply with Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) requirements. Third, introducing a tiered assessment framework for PAs and AEs, instead of a binary pass/fail system. And fourth, requiring PAs who have been graded “not satisfactory” to send a copy of the order to the audited entity in the interests of improving transparency.

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