On 6 May 2026, a set of amendments under the Corporate and Accounting Laws (Amendment) Act 2025 formally took effect in Singapore. Among the most consequential changes for audited companies — and one that has received considerably less attention than the director penalty increases — is a structural shift in how audit reports must now be presented: every statutory audit report must identify by name the individual public accountant primarily responsible for the audit engagement.

This is a significant departure from longstanding Singapore practice, where audit reports were signed in the name of the accounting firm rather than the individual partner. The change brings Singapore in line with international standards adopted in jurisdictions including the United States, the United Kingdom, and Australia, and reflects a regulatory philosophy that accountability must be personal, not institutional.

For boards, audit committees, chief financial officers, and directors of Singapore-incorporated companies, this article explains what the new rule requires, why it was introduced, and what practical steps companies should take now.

What the New Rule Requires

Under the amended Accountants Act 2004 and related subsidiary legislation, audit reports for Singapore companies subject to statutory audit must now include the full name of the public accountant who is primarily responsible for the audit engagement — commonly known as the engagement partner.

Previously, the audit report bore only the name and registration number of the public accounting firm, with the engagement partner’s identity known to ACRA through internal regulatory processes but not disclosed in the public report itself. From 6 May 2026, that anonymity ends.

The requirement applies to statutory audits under the Companies Act 1967 — that is, the annual audit that most Singapore-incorporated companies must undergo. It also applies to audit reports of Variable Capital Companies (VCCs), public interest entities, and other entities required by law to have their accounts audited by an ACRA-registered public accountant.

Who Is the “Engagement Partner”?

The engagement partner is the registered public accountant who takes ultimate responsibility for the audit engagement on behalf of the firm. This is typically a partner or director within the accounting firm who holds an individual public accountant registration with ACRA and who has personally signed off on the audit opinion. It is not the firm’s managing partner or a supervisory reviewer — it is the person whose professional judgement underpins the audit opinion.

Why Singapore Made This Change

The rationale is straightforward: individual accountability improves audit quality. When an audit report names only a firm, it diffuses responsibility. When it names a specific individual, that person’s professional reputation — and their regulatory standing with ACRA — is directly on the line.

The move also aligns with the recommendations of the Audit Regulation framework in Singapore, which has been progressively strengthened over recent years. ACRA’s Public Accountants Oversight Committee has observed that in markets where engagement partner names are publicly disclosed, audit firms invest more deliberately in partner-level quality controls and partners demonstrate greater care in challenging management representations.

International precedent supports this: the PCAOB in the United States has required engagement partner disclosure since 2017; the Financial Reporting Council in the UK has required it for decades; and IAASB guidance has long pointed in this direction. Singapore’s step is therefore belated by some measures, but meaningful nonetheless.

What Changes in Practice

The Audit Report Format

The audit report — typically a two-to-five-page document forming part of the annual financial statements — will now include a paragraph or signature block identifying the engagement partner by name, alongside their ACRA registration number and the name of the accounting firm. The firm’s registration number continues to appear as well.

Accounting firms are updating their standard audit report templates in line with guidance issued by the Institute of Singapore Chartered Accountants (ISCA). For ongoing audits where the financial year-end falls after 6 May 2026, the new format applies.

Engagement Letters and Management Representation Letters

In addition to the audit report itself, engagement letters should now identify the engagement partner by name. Similarly, the management representation letter — signed by management and addressed to the auditor — may need to be updated to reference the named individual. Boards and audit committees should ask their auditors to confirm that updated templates are in use.

Auditor Rotation Implications

For companies with audit committees that track partner-level rotation (as required for public interest entities and some listed companies), the new rule makes the rotation record more transparent and verifiable. Directors should confirm with their audit committee whether rotation schedules are being properly documented and disclosed.

What This Means for Your Company

For most private Singapore companies, the operational burden is modest — the change mainly affects your auditor, not your internal team. However, there are several things directors and financial controllers should do.

First, confirm with your auditor that they are aware of and compliant with the new naming requirement. While the responsibility to include the partner’s name rests with the auditor, your board has an interest in ensuring that the financial statements (including the audit report) are correctly prepared before approval.

Second, if your company is approaching its financial year-end audit, ensure the engagement letter has been updated. Ask your audit firm specifically whether their standard engagement letter now identifies the engagement partner by name.

Third, for audit committees: consider adding a standing agenda item to confirm the engagement partner’s identity and rotation status at the commencement of each audit cycle. This is good governance practice and is now more easily verifiable since the partner’s name will appear in the signed audit report.

Fourth, if your company is approaching the audit exemption thresholds under the Companies Act — that is, you may qualify as a small company exempt from audit requirements — now is a good time to review whether you still require a statutory audit at all. A company qualifies for audit exemption if it meets at least two of the following three criteria: annual revenue not exceeding S$10 million; total assets not exceeding S$10 million; and not more than 50 employees. If you qualify, the engagement-partner naming requirement does not apply to you.

The Broader Context: CALA 2025 Commencement

The engagement-partner naming rule is one of several significant changes that commenced on 6 May 2026 as part of the first tranche of the Corporate and Accounting Laws (Amendment) Act 2025. Other changes that took effect on the same date include the quadrupling of maximum fines for director duty breaches (from S$5,000 to S$20,000, with imprisonment exposure), and new automatic disqualification grounds for directors convicted of AML-related offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.

If you are a director and have not yet reviewed your obligations under the new regime, we recommend reading our detailed guide on what directors must do following the CALA 2025 commencement. You should also review our Singapore Company Compliance Calendar 2026 to ensure all your statutory filing obligations are on your radar.

Action Checklist for Audit Committees and Directors

To ensure your company is ready for the new engagement-partner naming requirement, work through the following checklist:

  • Confirm with your auditor that the updated audit report template identifying the engagement partner by name will be used for your current financial year audit.
  • Review the engagement letter to ensure the partner’s name and ACRA registration number appear.
  • Update your audit committee’s terms of reference to include tracking of partner identity and rotation history.
  • If your company is approaching audit exemption thresholds, consider whether you still require a statutory audit and take professional advice.
  • Ensure the management representation letter template is updated to reference the named engagement partner.
  • For directors: review your full obligations under CALA 2025, including the increased penalties that took effect on 6 May 2026.
  • Review your company’s XBRL filing obligations, which are often interlinked with the audit cycle.

Conclusion

The engagement-partner naming rule may appear to be a technical amendment to audit report formatting, but it reflects a broader and important principle: accountability in Singapore’s corporate governance framework is becoming more personal. Directors who ignore governance details do so at greater personal risk than ever before, given the other changes that took effect on 6 May 2026.

If your company requires assistance with audit coordination, corporate secretarial compliance, or annual statutory filings, the team at Raffles Corporate Services is here to help. We work with companies of all sizes across Singapore to ensure their compliance obligations are met accurately and on time.

— The Editorial Team, Raffles Corporate Services