The Public Accountants Oversight Committee (PAOC) of the Accounting and Corporate Regulatory Authority (ACRA), and the Institute of Certified Public Accountants of Singapore (ICPAS) are seeking the views of interested parties on the introduction of a proposed three-day Public Practice Programme (PPP) on professional practice and ethics. The programme from ICPAS is specially designed for CPAs in Singapore who aspire to become a public accountant and enter public practice in Singapore.
Under the Accountants (Public Accountants) Rules of the Accountants Act, every applicant for registration as a public accountant must complete a course on ethics and professional practice subjects as may be determined by the PAOC. Currently, for this purpose the PAOC prescribes CPAS' 5-day Pre-admission Course (PAC) which must be undertaken by all accountants who want to be ICPAS members regardless of whether they want to enter public practice. ACRA and ICPAS have carried out a review of the suitability of the PAC in meeting the course requirement of the AA Rules. Arising from the review, ICPAS has developed the proposed PPP, which is tailored specifically to better meet the needs of the requirements under the rules in relation to prospective public accountants. A tailored PPP will help to ensure that all new public accountants are sufficiently prepared for the important responsibilities of their role, particularly in the role of statutory auditor, when they enter into public practice.
The proposed PPP will form an important step in the pathway of an accounting professional to becoming a public accountant in Singapore. The PPP’s objective is to provide practical insights on public practice, to better equip entrants to the public accountancy profession in important areas, including:
-dealing with the commercial realities of running a public accountancy practice, and
-putting in place 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.