More stringent requirements for Public Accountants
The Accounting and Corporate Regulatory Authority, ACRA, has announced more stringent registration requirements for public accountants.
Applicants will have to acquire at least five years work experience and this includes specific audit management experience which will be made mandatory.
The change will take effect from February next year.
ACRA says it ensures closer alignment of the practical experience requirements with a public accountant's core responsibility of ensuring high quality audits of financial statements, which the public relies on.
In Singapore, only a public accountant or an accounting entity approved by ACRA may provide an audit opinion on financial statements.
The new requirements were announced by ACRA Chief Executive, Kenneth Yap, during his keynote address at the Auditing and Assurance Conference.
He says the audit is a cornerstone of public confidence in capital markets.
And there must be an assurance that audits in Singapore remain of the highest quality.
The revised requirements were drawn up in consultation with the professional accountancy bodies and representatives from both large and small audit firms.
A public consultation was also conducted in 2012 which showed broad support for the proposed new requirements.
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