Practice Monitoring Programme (PMP) orders

Attendance of training courses

You must attend structured training courses, which may be:

• Courses by accountancy professional bodies

• Courses by external providers

• In-house training by your firm

More details: Practice Direction No. 1 of 2022

Root cause analysis and remediation action plan

You must submit the following:

• Root cause analysis on the finding(s) noted; and

• Remediation plan(s) appropriately designed to address the root cause(s).

Hot review

Another public accountant ("hot reviewer") must review a specified number of your audit engagements before you sign the audit reports.

Restrict auditing and reporting

The PAOC may restrict you from auditing and reporting on the financial statements of certain entities, such as:

1. Any entity where an audit is required by written law

2. Any non-dormant¹ public company²

3. Any non-dormant private company³ that is not an exempt private company (EPC)

4. Any non-dormant EPC with annual revenue exceeding $10 million

5. All public interest entities (PIEs)⁴

6. Entities in specific industries

Send inspection findings to those charged with governance

The PAOC may order this if your PMP outcome for an audit of a PIE is "not satisfactory".

You must send the inspection findings to those charged with governance of the audited PIE.

Suspend registration

The PAOC may suspend your public accountant (PA) registration. During this period, you must not:

• Practise as a PA

• Hold yourself out to be a PA

• Advertise any title or description suggesting you are a registered PA or authorised to provide public accountancy services in Singapore

Cancel registration

The PAOC may cancel your registration.