The Corporate and Accounting Laws Amendment Act 2025 (CALA 2025) introduced a significant change to Singapore’s audit framework: every audit report issued for a Singapore company must now name the individual public accountant responsible for the engagement, not merely the audit firm. This reform affects all companies that require a statutory audit under the Companies Act, and directors and company secretaries need to understand exactly what it means in practice.

This guide explains the new naming requirement, who it applies to, when it takes effect, and what your company must do to comply.

Background: Why CALA 2025 Changed the Audit Naming Rule

Under the prior regime, an audit report was signed in the name of the public accounting firm. The individual partner or director who conducted the engagement was not required to be identified in the report itself, although ACRA’s audit firm oversight records would reflect this information internally.

The previous approach drew criticism from regulators and investors who argued that firm-level identification diluted personal accountability. If an audit failed — if material misstatements went undetected or going-concern warnings were omitted — it was difficult to identify the specific accountant responsible. CALA 2025 addresses this directly.

The change aligns Singapore’s framework more closely with international best practice. The United Kingdom, United States, Australia, and the European Union all require the signing partner’s name to appear in audit reports. Singapore’s move follows the same trajectory and reinforces ACRA’s commitment to transparency in financial reporting.

The New Requirement Under CALA 2025

With effect from the dates prescribed under CALA 2025, every audit report issued in respect of a Singapore-incorporated company or a company required to have its accounts audited under the Companies Act must include the name of the individual public accountant who conducted and signed off on the audit. This individual must hold a valid practising certificate issued by ACRA.

The key requirements are:

• The individual accountant’s full name as registered with ACRA must appear in the audit report
• The audit firm’s name continues to appear alongside the individual’s name
• The individual must be a registered public accountant with a valid practising certificate under the Accountants Act
• Where a joint audit is conducted, both individual accountants must be named
• The requirement applies to all audit reports signed on or after the operative date

ACRA has confirmed that the existing duty for an auditor to report on true and fair view, compliance with accounting standards, and proper accounting records continues unchanged. CALA 2025 adds the naming obligation on top of existing requirements — it does not reduce or modify any existing duty.

Which Companies Are Affected

The naming requirement applies to all Singapore companies that are required to have their financial statements audited. This includes:

• Public companies (listed and unlisted) — all public companies require a statutory audit regardless of size
• Private companies that do not qualify as small companies — a private company qualifies as a small company if it meets at least two of three criteria: (a) annual revenue not exceeding S$10 million; (b) total assets not exceeding S$10 million; (c) not more than 50 employees. A company that fails to meet this threshold must be audited
• Subsidiary companies of public companies — where the parent is listed or publicly accountable, the subsidiary’s audit report must also comply
• Companies required to audit under licence conditions or regulations — certain regulated entities (e.g., financial advisers, capital markets services licensees) are required to submit audited accounts to MAS regardless of size

Small companies that are already exempt from statutory audit under the Companies Act are unaffected by this change — if there is no audit, there is no audit report, and hence no naming requirement. For guidance on whether your company qualifies for audit exemption, see our article on Singapore company audit exemption 2026.

What the Audit Report Must Now Contain

A compliant audit report under CALA 2025 must include:

• The name and signature of the individual public accountant
• The accountant’s ACRA registration number (practising certificate number)
• The name of the audit firm through which the accountant practises
• The date of the audit report
• The address of the audit firm

The individual accountant signs in their own name. The firm countersigns or its name appears alongside. Where an audit firm has multiple engagement partners on a single audit (unusual but possible for complex engagements), each responsible individual accountant must be named.

Impact on Directors and Audit Committees

For directors and audit committees, the practical implications of CALA 2025’s naming requirement include:

1. Engagement Letter Clarity

When engaging an audit firm, the engagement letter should now identify the individual accountant who will sign the report. This ensures that the person named in the letter matches the person who ultimately signs — a discrepancy could indicate that the engagement was handed off without proper notification to the board.

2. Auditor Independence Checks

Independence assessments conducted by the audit committee should now include checks on the individual accountant, not just the firm. If the named accountant has personal financial interests in the company, personal relationships with key management, or has served on the engagement for an extended period, these should be reviewed separately from firm-level independence.

3. Rotation Requirements

Singapore’s audit partner rotation rules require the lead engagement partner to rotate off an audit client after a prescribed number of years for listed companies and certain regulated entities. CALA 2025’s naming requirement makes it easier for regulators and shareholders to verify compliance with rotation rules — the named individual in successive audit reports will make it immediately apparent if the same partner has served beyond the permitted tenure.

4. AGM and Annual Report Disclosure

Shareholders who receive the annual report will now be able to identify the specific accountant who audited the accounts. This heightens the visibility of the individual and makes audit quality a more personal matter. For guidance on your AGM obligations, see our article on AGM requirements for Singapore companies.

Impact on Public Accounting Firms

For audit firms, the changes require updates to:

• Report templates — standard audit report templates must be updated to include the individual accountant’s name and practising certificate number
• Quality control procedures — engagement quality reviewers must ensure that the named individual has in fact conducted the audit and that their practising certificate is current at the date of signing
• Client communications — firms should inform clients of the change and of the specific accountant assigned to the engagement before the audit commences
• ACRA regulatory filings — audit firms that file annual declarations with ACRA must ensure that their internal records of engagement partner assignments match the names appearing in issued audit reports

Consequences of Non-Compliance

An audit report that fails to name the individual public accountant as required by CALA 2025 will be defective. The consequences may include:

• ACRA may treat the company as having failed to obtain a compliant audit, which is an offence under the Companies Act
• The auditor may face disciplinary action from the Accounting and Corporate Regulatory Authority for issuing a non-compliant report
• Banks, investors, and counterparties who require audited financial statements may reject a non-compliant report
• For SGX-listed companies, a defective audit report may trigger regulatory queries from SGX RegCo

The penalties for failing to comply with statutory audit requirements under the Companies Act can include fines and, in serious cases, personal liability for directors who knowingly approved non-compliant accounts.

Transition: What to Do Now

If your company’s next audit is upcoming, the following steps are advisable:

1. Confirm with your audit firm which individual public accountant will be signing the audit report and ensure their name appears in the engagement letter
2. Verify the accountant’s practising certificate is current via ACRA’s public register of public accountants
3. Request a draft audit report before finalisation to confirm it includes the individual’s name and registration number in the correct format
4. Update board resolution templates for the appointment of auditors to reflect that the board is appointing both the firm and acknowledging the individual accountant who will sign
5. Brief the audit committee on the new disclosure requirements so that independence assessments cover the individual accountant

For a broader view of your company’s compliance calendar — including audit deadlines, AGM timelines, and XBRL filing requirements — see our Singapore Company Compliance Calendar 2026.

CALA 2025 in Context: Other Key Changes

The individual accountant naming requirement is one of several significant changes introduced by CALA 2025. Other notable amendments include:

• Revised rules on nominee director personal liability and disclosure obligations
• Amendments to the requirements for company constitutions and shareholder resolutions
• Strengthened penalties for failure to maintain proper accounting records
• New requirements for digital submission of certain filings with ACRA

Singapore companies should review CALA 2025 in full to ensure that their corporate governance practices are updated across all affected areas, not just the audit report naming requirement.

How Raffles Corporate Services Can Help

At Raffles Corporate Services, we assist Singapore companies with all aspects of statutory compliance, including coordinating with audit firms, maintaining compliance calendars, and advising on the implications of legislative changes such as CALA 2025.

If you need assistance reviewing your audit engagement arrangements or updating your corporate governance framework in light of CALA 2025, contact us at [email protected] or call, SMS, or WhatsApp +65 8501 7133.

— The Editorial Team, Raffles Corporate Services