Depending on the degree of non-compliance with the prescribed quality control standards, the PAOC (Firm Level) may order the accounting entity (AE) to undertake remedial actions, or it may impose other orders.
The main purpose of these orders is to require AE’s compliance with the quality control standards.
Quality Control Review Orders
An order resulting from a QC review may include the following:
| Remedial Programme |
Remedial programme such as the AE's submission of the root cause analysis on the deficiency noted and the design of the appropriate remediation plan(s) to address the root cause(s) of the deficiency noted. |
Restriction
|
Restricting the provision of public accountancy services by the AE in the manner that the PAOC (Firm Level) thinks fit. |
| Financial Penalty |
Financial penalty on the AE, not exceeding the lower of the following:
(a) S$250,000; or
(b) 5% of the AE’s audit turnover during the period of 12 months ending on the last day of its financial year immediately before the start of the QC review1.
|
| Suspension |
Suspending the AE from providing public accountancy services. |
| Revocation of Approval |
To revoke the approval granted to the AE as an accounting entity. |
1 As communicated in the notification letter from ACRA.