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August 30, 2011

ICPAS amends its constitution

The Institute of Certified Public Accountants of Singapore (ICPAS) has amended its constitution to improve its governance.

The constitutional changes relate to:

  •        the composition and mode of election of council members; 
  •        tenure of the leadership team;
  •        appointment of an audit committee; and
  •        nominations committee as well as membership classification. 

The tenure of ICPAS council members will be capped at three consecutive terms of two years each, or a maximum of six consecutive years.

ICPAS’s president, vice-president and treasurer will be allowed to serve for a maximum of two terms of two years each but after serving four years the president will not be eligible to be the vice-president or treasurer.

The institute also plans to set up an audit committee (AC) to assist the council in fulfilling its responsibilities of oversight in the Institute’s financial reporting.

The categories of practising member and non-practising member will be collapsed into one category known as CPA Singapore.

The ICPAS Council will now consist of 16 Certified Public Accountants (CPAs) elected by members, of which half shall be public accountants and the other half non-public accountants with the rest filled by any other CPA Singapore.

The amendments are in line with recommendations made by ICPAS in its report Transforming Singapore into a Leading Global Accountancy Hub for Asia Pacific.

The changes will now be submitted to the Registrar of Societies for approval.

 

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