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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.

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By GlobalData

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.