The Accounting and Corporate Regulatory
Authority (ACRA) of Singapore has proposed a new Public Practice
Programme (PPP) that would be a prerequisite for registering as a
public accountant.

Under Singapore’s Accountant’s Act, every
applicant for public accountant registration must complete a course
on ethics and professional practice subjects as determined by the
ACRA’s Public Accountants Oversight Committee.

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The oversight committee currently prescribes the
Institute of Certified Public Accountants of Singapore’s (ICPAS)
five-day pre-admission course. The pre-admission course is
mandatory for all applicants for ICPAS membership regardless of
whether they plan to enter public practice.

 

Insufficent for public practice

Following a recent review, the ICPAS decided
that while the pre-admission course fulfils ICPAS membership
requirements, it may not be sufficient for CPAs wishing to enter
public practice.

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ICPAS teamed up with the Institute of
Chartered Accountants of Scotland to develop the PPP.

Important areas the proposed PPP addresses
include:

  • Reinforcing professional ethics and the public
    interest element of public practice;
  • Dealing with the commercial realities of
    running a public accountancy practice; and,
  • Implementing the right processes and procedures
    to efficiently manage resources and ensure compliance with the high
    standards required of a public accountant and his or her firm.

Practical details of the course include:

  • A three-day duration;
  • Conducted as a participative style
    workshop;
  • Including case studies and discussions;
    and,
  • No formal exam.

The deadline for submissions on the proposed
PPP is 17 May.

ICPAS hopes to offer the course from August
2010. It has been proposed the PPP will become a compulsory
requirement for registration as a public accountant on or after 25
August 2010.