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The Accountants (Amendments) Act, which was approved by Parliament in October of last year, will be put into force by ACRA on 1 July 2023.

These changes aim to strengthen ACRA’s audit regulatory framework and ensure that public accounting enterprises (PAEs) and public accountants (PAs) uphold high audit quality requirements.

The following are the main new requirements:

• Give ACRA permission to conduct statutory Quality Control inspections on PAEs and to enforce corrections of lapses or to punish PAEs for non-compliance.
• ACRA can impose sanctions on PAEs/PAs if they are found to be not compliant with the requirements in Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) inspections. 
• A new tiered assessment framework has been rolled out for Practice Monitoring Programme and Quality Control inspections on individual PAs’ audit work. There will be 4 tiers in the assessment framework, namely, Satisfactory but with Findings, Partially Satisfactory, and Not Satisfactory.
• Any PA who has obtained a “Not Satisfactory” inspection outcome will be required by ACRA to unveil the PA’s audit findings to the audited entity.

Please refer to this for more information.

If your company needs help filing taxes for the year 2023, or requires assistance with Singapore incorporation, economy, banking, etc., feel free to call/WhatsApp us at +65 90612851 or email us at aceglobalacct@gmail.com. Alternatively, you may leave us a reply using our contact form below.

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