ACRA and ICPAS Launch Public Practice Programme for Aspiring Public Accountants

- Course to be mandatory from 16 September 2010

           

Singapore, 10 August 2010 - The Public Accountants Oversight Committee (PAOC) of the Accounting and Corporate Regulatory Authority (ACRA) and the Institute of Certified Accountants of Singapore (ICPAS) are launching a new Public Practice Programme (PPP) for aspiring public accountants. The completion of the PPP will become one of the requirements for registration as a public accountant with effect from 16 September 2010.

 

2.         Designed by ICPAS, in consultation with ACRA, for CPAs Singapore who aspire towards public practice, the PPP aims to prepare prospective public accountants to successfully take on the responsibilities of public practice by covering important areas such as:

- reinforcing professional ethics and the public interest element of public practice;

- dealing with the commercial realities of running a public practice; and

- implementing processes and procedures to efficiently manage resources and ensure compliance with the standards required of a public accountant and his or her firm.

3.         The first Public Practice Programme will be held from 13 to 15 September 2010, and the course will continue on a quarterly basis. ICPAS may provide additional PPP sessions in the latter part of 2010 to facilitate registration of public accountants should there be further demand. 

4.         The introduction of the PPP follows a public consultation exercise conducted by ACRA and ICPAS during April and May 2010, in which respondents expressed positive support for the programme. A summary of the feedback and ICPAS’ response is provided in the appended Fact Sheet.

 

5.         Chief Executive of ACRA, Ms Juthika Ramanathan said: “Accountants who decide to register as a public accountant and enter public practice in their own right take on an important public responsibility. The PPP aims to help them successfully fulfill this responsibility by providing practical insights about planning a professional and ethical practice.”

 

6.         ICPAS President, Dr Ernest Kan said: “The PPP is in line with the Institute’s strategic aims of Accountancy excellence, Industry growth and Member & human capital development (AIM). The programme will be an important channel for aspiring public accountants to understand the expectations and requirements of public practice and manage the challenges of the profession with integrity and professionalism. With the PPP, would-be public accountants will be more prepared for the challenges of public practice.”

 

7.         ICPAS developed the PPP jointly with the Institute of Chartered Accountants of Scotland (ICAS), the oldest accounting body in the world. Established in 1854, ICAS is a founding member of the International Innovation Network, a collaboration of eighteen accounting bodies around the world, including ICPAS, which focuses on the sharing of information and knowledge in the areas of membership communication and delivery of products and services for members.

 

8.         For more information on the registration requirements to be a public accountant and the Public Practice Programme, please refer to ACRA’s website at www.acra.gov.sg. For information on course content and enrolment, please refer to ICPAS’s website at www.icpas.org.sg.