From 6 May 2026, Singapore audit reports must identify by name the public accountant primarily responsible for the audit engagement. This change — introduced by the Corporate and Accounting Laws (Amendment) Act 2025 (CALA 2025) — marks a significant shift in how audit accountability is demonstrated in Singapore. For company secretaries, audit committee members, and directors, understanding this requirement and its practical implications is essential before the next audit sign-off.
This guide explains what changed, who is affected, and what company secretaries and boards need to do right now.
What Changed Under CALA 2025
Prior to 6 May 2026, audit reports in Singapore were signed in the name of the audit firm. The individual engagement partner — the public accountant primarily responsible for conducting and supervising the audit — was known to ACRA but did not appear in the public audit report by name.
The Corporate and Accounting Laws (Amendment) Act 2025 (CALA 2025), which commenced in its first phase on 6 May 2026, introduced a requirement for audit reports to identify the responsible individual. For all financial years ending on or after 6 May 2026, the name of the engagement partner must appear in the audit report itself.
This aligns Singapore with international practice. The Public Company Accounting Oversight Board (PCAOB) in the United States, the Financial Reporting Council in the United Kingdom, and equivalent regulators in Australia have long required engagement partner disclosure in audit reports. Singapore has now joined that cohort.
Which Companies Are Affected?
The named audit partner requirement applies to all Singapore-incorporated companies that are required to have a statutory audit — that is, companies that do not qualify for the small company audit exemption.
Small Company Audit Exemption
Under the Companies Act (Cap. 50), a company qualifies for the small company audit exemption if it is a private limited company that satisfies at least two of the following three criteria for the financial year in question:
- Annual revenue does not exceed S$10 million
- Total assets do not exceed S$10 million
- Number of employees does not exceed 50
Companies that are subsidiaries of listed companies do not qualify for the small company exemption regardless of size.
If your company is required to have a statutory audit — because it is too large, is a subsidiary of a listed entity, or is required to audit by its constitution or by shareholders’ resolution — the named audit partner requirement applies to your next audit report for any financial year ending on or after 6 May 2026.
Why Singapore Introduced This Requirement
The named audit partner requirement serves several governance purposes.
First, it promotes personal accountability. When the audit report is signed in a firm’s name only, the individual responsible for audit quality is effectively anonymous to shareholders and stakeholders. Naming the partner creates a direct and visible link between the individual professional and the audit opinion.
Second, it provides transparency. Shareholders reviewing an audit report can now identify which partner stands behind the opinion, enabling more informed discussions at AGMs and more substantive audit committee reviews.
Third, it aligns with global norms. Institutional investors and international creditors increasingly expect disclosure of the engagement partner. Singapore’s adoption of this requirement signals continued commitment to international audit quality standards, reinforcing Singapore’s position as a trusted financial and corporate hub.
Practical Implications for Company Secretaries
Step 1: Confirm Your FY End Date
The requirement applies to financial years ending on or after 6 May 2026. If your company has a 31 May 2026 or 30 June 2026 financial year end, the requirement applies immediately. If your financial year ended 30 April 2026, the prior regime applies and no action is needed for that specific year.
Step 2: Confirm with Auditors That Their Template Is Updated
Contact your company’s auditors well before the planned audit sign-off date to confirm that their standard audit report template for Singapore has been updated to include the engagement partner’s name. Reputable audit firms will have already updated their templates, but it is good practice to verify this explicitly as part of pre-AGM preparations.
Step 3: Update Your Compliance Checklist
Add “verify named audit partner appears in audit report” to your year-end close and pre-AGM checklist. The Singapore Company Compliance Calendar is a useful reference for sequencing pre-AGM tasks. The audit report must be tabled at the Annual General Meeting; ensuring it is correctly formatted before it reaches shareholders is a company secretary responsibility.
Step 4: Ensure the Audit Report Is Correctly Filed with ACRA
When filing the annual return with ACRA via BizFile+, the audited financial statements (including the audit report) are attached. The audit report should correctly name the engagement partner before it is lodged.
Implications for Audit Committees and Boards
For audit committees, the named engagement partner requirement opens a new dimension in auditor evaluation and oversight.
Auditor Evaluation
Audit committees conducting annual auditor performance reviews may now wish to consider the profile, experience, and track record of the named engagement partner — not just the audit firm as a whole. Changes in engagement partner mid-audit or at reappointment time should be noted and, where appropriate, discussed with the audit firm.
Partner Rotation
Many major audit firms apply internal partner rotation policies. The named partner disclosure will make it easier for audit committees to monitor when rotation occurs and to request information from the audit firm about the incoming partner’s qualifications and familiarity with the company’s industry.
Board Resolutions on Auditor Appointment
Board resolutions on auditor appointment and remuneration typically refer to the audit firm. Audit committees may wish to update their terms of reference to include a process for noting and discussing any change in the named engagement partner, even where the firm itself remains the same.
What the CALA 2025 Changes Mean in the Broader Context
The named audit partner requirement is one of several changes introduced by CALA 2025. Other provisions that commenced on 6 May 2026 include significantly enhanced penalties for director duty breaches — including fines of up to S$20,000 and potential imprisonment for certain defaults — and expanded grounds for director disqualification linked to anti-money laundering failures.
Taken together, the 6 May 2026 commencement package reflects a deliberate effort by Singapore’s legislative framework to raise the bar for corporate accountability at multiple levels: individual directors, company officers, and now individual audit professionals.
For company secretaries advising boards and audit committees, understanding these interlocking changes is essential for ensuring that governance frameworks remain current. Good governance and accurate financial statements are not just compliance requirements — they are fundamental to maintaining investor trust.
Transitional Note: Prior Year Audit Reports
The named audit partner requirement is prospective. Audit reports for financial years ending before 6 May 2026 are not affected, and there is no requirement to restate or reissue historical audit reports to add the partner’s name. The change applies only going forward, for financial years ending on or after the commencement date.
Summary Checklist for Company Secretaries
Before your next audit sign-off, work through this checklist:
- Confirm your financial year end date — does 6 May 2026 apply?
- Contact auditors to verify their audit report template names the engagement partner.
- Update the pre-AGM compliance checklist to include verification of partner name disclosure.
- Review AGM agenda to ensure the updated audit report is tabled correctly.
- File the updated audit report as part of the annual return submission with ACRA.
- Inform the audit committee and board so they can factor the named partner into auditor evaluation discussions.
If you need legal advice on your corporate governance obligations, we can point you in the right direction.
For the latest Singapore business news and regulatory updates, there are useful resources for directors and company secretaries keeping pace with ACRA developments.
Beyond compliance, sound financial planning and investment decisions are equally important for business owners navigating Singapore’s evolving corporate landscape.
How Raffles Corporate Services Can Help
Raffles Corporate Services provides comprehensive corporate secretarial services to Singapore companies of all sizes, including AGM preparation, audit coordination support, and compliance calendar management. Our team ensures that your statutory obligations are met accurately and on time, so your board and audit committee can focus on strategy.
To speak with the team at Raffles Corporate Services, you can email [email protected] or call, SMS, or WhatsApp +65 8501 7133. We are happy to assist with any queries.
— The Editorial Team, Raffles Corporate Services
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