Summary of Responses to feedback on proposed amendments to the Code of Professional Conduct & Ethics for Public Accountants & Accounting Entities

Detailed description

1. A public consultation exercise was conducted from 29 November 2013 to 10 January 2014 on the proposed amendments to the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) which sets out the ethical and independence standards for public accountants and accounting entities.

2. The current ACRA Code is based on the Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA) (IESBA Code) in 2006 with supplementary Singapore provisions (SG provisions) to provide additional guidance or requirements for public accountants in Singapore.  The proposed amendments take into account revisions to the IESBA Code from 2006 to-date to keep ACRA’s regulatory framework in line with internationally recognised benchmarks. 

3. 20 responses were received from various stakeholders, including representatives of professional bodies, accounting firms and academic representatives.  Feedback was generally positive.  A summary of the feedback received and ACRA’s responses are at the Annex A.

4. The Ministry of Finance has accepted ACRA’s proposed amendments. The Revised Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (the Code) will take effect from 1 February 2015.

5. ACRA would like to thank members of the public and the industry partners who have taken the time to provide their feedback.

Document for download

Annex A: ACRA’s responses to the feedback received [PDF, 277 KB]