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Practice Reviews

Public accountants must pass the Practice Reviews conducted under Part V (Practice Monitoring Programme) of the Accountants Act or comply with any order or requirement made by the Public Accountants Oversight Committee (PAOC).

Continuing Professional Education (CPE) Requirements

A public accountant must fulfil a total of 120 CPE hours in each rolling 3-year period (e.g. for 2024 renewal, the hours are to be obtained from 1 Jan 2021 to 31 Dec 2023.  For 2025 renewal, from 1 Jan 2022 to 31 Dec 2024, and so on).

For the renewal of certificate of registration as a public accountant for 2023 onwards, the requirement is as follows:

  • Of the 120 CPE hours, 90 hours must be structured learning comprising the following:
    For ALL public accountants except for:
    • those public accountants who are registered only for the purpose of becoming judicial managers and do not perform audits; and
    • those public accountants who are also approved liquidators)
    		 At least 60 structured hours of learning must be in Core Expertise area of which:
    • at least 18 hours must be in Financial Reporting Standards and Pronouncements, known as Financial and Sustainability Reporting Standards and Pronouncements (with effect from 1 Jan 2023) (Category 1);
    • at least 6 hours must be in Ethics and Professionalism (Category 2);
    • at least 18 hours must be in Auditing Standards, Pronouncements and Methodology, known as Auditing and Assurance Standards, Pronouncements and Methodology (with effect from 1 Jan 2023) (Category 3); and
    • at least 9 structured hours must be in Information Technolgy (Category 5) in each rolling 3-year period starting from 1 Jan 2022.
    For public accountants who are also approved liquidators At least 60 structured hours of learning must be in Core Expertise area of which:
    • at least 18 hours must be in Category 1;
    • at least 6 hours must be in Category 2;
    • at least 18 hours must be in Category 3;
    • at least 9 hours must be in Insolvency and Restructuring (Category 4); and
    • at least 9 structured hours must be in Category 5 in each rolling 3-year period starting from 1 Jan 2022.
    For public accountants who are registered only for the purpose of becoming judicial managers and do not perform audits At least 45 structured hours of learning must be in Core Expertise area of which:
    • at least 30 hours must be in Category 1 and Category 4  (combined) of which at least 9 hours must be in Category 4;
    • at least 6 hours must be in Category 2; and
    • at least 9 structured hours must be in Category 5 in each rolling 3-year period starting from 1 Jan 2022.
  • a minimum of 20 hours of structured learning must be completed in each calendar year.

    • Public accountants are also required to:

    • maintain their own CPE records in the format set out in Appendix IV of the CPE Syllabus(PDF, 205KB).
    • keep accurate records of their participation in structured and unstructured learning activities. The records must include the following:
    • name and contact information of CPE programme provider
    • title and description of content
    • date of programme, and
    • number of CPE hours
    • retain records and evidence of participation (such as form of certificates, receipts, attendance lists, employers’ or lecturers’ letters of certification) for a period of three years. Evidence of participation must be produced when requested, together with the reasons for classifying a particular course in that category.   

    If the public accountant is unable to meet the CPE requirements, he can apply for an exemption from the CPE requirements (see more details under “Application for Exemption from CPE Requirements” section below).

    Note for Completing the Renewal Form

    • Public accountants who have been issued orders by the PAOC under the Practice Monitoring Programme to acquire additional CPE hours should not include these additional hours as part of the CPE requirements for the renewal of their registration.
    • Public accountants who need to enter the hours acquired in Category 5 can do so by entering it under "Others" and indicate "Cat 5" in the field "State relevance and objective of course for hours classified under "Others"".  Please refer to the illustration here.

     

    Continued Registration Requirement

    Public accountants must continue to meet the following requirements:

    • that he is carrying on or about to carry on the public practice in Singapore;
    • that he is maintaining or is about to maintain an office or place at which his services may be engaged;
    • that he is available to undertake work on behalf of the public; and
    • that he is a member of the Institute of Singapore Chartered Accountants.

    Payment of Outstanding Fees

    Public accountants who wish to renew their certificate of registration must pay in full all amounts due or outstanding to ACRA before submitting any application for renewal. This includes the following:

    • fees for the conduct of Practice Monitoring Programme under section 33 (2) of the Accountants Act, read with rule 4 and the First Schedule to the Accountants (Public Accountants) Rules;
    • penalties imposed on the public accountant following disciplinary proceedings by the PAOC under section 52(2)(d) of the Accountants Act (Cap. 2, 2005 Revised Edition); and
    • costs and expenses of and incidental to any disciplinary proceedings against the public accountant ordered to be paid by the PAOC under section 52(3) of the Accountants Act (Cap. 2, 2005 Revised Edition).

    Fees for Renewal of Certificate of Registration

    The annual renewal fee for the certificate of registration is S$600 with effect from 2018 renewal.

    In addition, public accountants are also charged a separate variable fee in respect of each accounting entity in which the public accoutant is practising in. Public accountants should notify the Registrar of Public Accountants of changes in the position they are holding in the entities by filing a change in particulars of the entities via Bizfile prior to applying for renewal.  The variable fee is based on the number of clients the accounting entity in which the public accountant is practising has audited.

    Number of listed corporations audited by the accounting entity*Fees payable by each public accountant in the accounting entity in which he is practising**
    0S$150
    1 – 10S$250
    11 – 100S$650
    > 100S$1050

    * For the period 1 January to 31 December of the year prior to the renewal year (e.g. 1 January 2023 to 31 December 2023 for 2024 renewal  1 January 2024 to 31 December 2024 for 2025 renewal) 
    **Beginning 1 January of the renewal year

    Note for completing the Renewal Form

    •  Under "Public Accounting Entity in which the Public Accountant is practising" section, public accountants are required to indicate the number of clients which they and the entities in which they are practising have audited during the year.
    • For the purpose of the renewal application, public accountants declaring the number of "Clients which are public listed entities on the Singapore Exchange (SGX)" should cover the period from 1 January to 31 December of the year.  For the remaining categories of clients, the number declared can be based on the period from  1 January up to the date of the renewal application submitted in December of the year.

    Application for Exemption from CPE Requirements

    All public accountants should fulfil their CPE requirements.

    If the public accountant is unable to meet the CPE requirements, he can apply for an exemption from the CPE requirements.  Public accountants who have submitted a CPE exemption application should wait for the outcome before submitting the renewal application.

    Please note that ACRA will not process any incomplete application for exemption. 

    How to Apply

    Step 1: PreparePrepare documentary evidence (e.g. doctor’s letter) to support your reasonable excuse (e.g. illness) for non-fulfilment of CPE requirements.
    Step 2: SubmitSubmit an "Application for CPE Exemption for Renewal of Registration as a Public Accountant" application via Bizfile. The application should indicate the reason for the non-fulfilment. 
    Step 3: Attach

    The application should be accompanied by:

    • the duly completed template(Excel, 23KB) providing details of their CPE shortfall such as the extent of the shortfall and the CPE category to which the shortfall relates;
    • elaboration on the reasons for not meeting the CPE requirements;
    • details of CPE hours acquired during the year using the attached template(Word, 43 KB) which is based on the format set out in Appendix IV of the CPE Syllabus(PDF, 205KB);
    • evidence of participation of structured CPE hours acquired in the year. Evidence of participation can be in the form of certificates, attendance lists, employers’ or lecturers’ letters of certification; and
    • list of courses with details such as the course date, title, course provider that the public accountant has signed up to make up for the CPE shortfall including evidence of course registration. 
    Step 4: PayA fee of $50 is payable via Bizfile.

    What to do After Applying

    Wait at least 3 working days for ACRA to acknowledge your letter before following up.

    If the application for exemption is approved, the PAOC may require the public accountant to make up for the CPE shortfall and acquire additional CPE hours within a certain timeframe as a condition for allowing the public accountant to renew his certificate of registration.

    If the application for exemption is rejected, the public accountant will have to cease practising as a public accountant. 

    Application for Extension of Time to Renew a Certificate of Registration

    If the public accountant missed the renewal in December, he can apply for an extension of time between 1 January and 31 January. 

    How to Apply

    Step 1: SubmitSubmit an "Extension of Time to Renew a Certificate of Registration" and an "Application for Renewal of Registration as a Public Accountant" application in the same transaction via Bizfile during 1 January and 31 January. 
    Step 2: PayA fee of $30 for the extension of time in addition to the renewal fee is payable via Bizfile.

    Consequences of Non-Renewal

    Removal from Register of Public Accountants

    Public accountants who fail to renew their certificate of registration from 1 December to 31 December or apply for an extension of time (till 31 January) will be removed from the Register of Public Accountants on 1 February.

    A public accountant will not be able to provide public accountancy services if his certificate of registration has expired. It is illegal to practise as a public accountant without a valid certificate of registration.

    Application for Registration

    A public accountant whose name has been removed from the Register will have to apply through Bizfile and pay a fee of S$50 to reinstate his name and particulars to the Register of Public Accountants from 1 February to 21 February. 

    The removed public accountant will have to reapply for registration as a public accountant and pay the prescribed fees if he wishes to practise as a public accountant after 21 February.

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