A significant change in Singapore’s audit governance landscape quietly took effect on 6 May 2026. Under the Corporate and Accounting Laws (Amendment) Act 2025 (CALA 2025), every audit report for a Singapore company is now required to identify, by name, the individual public accountant who personally conducted and was primarily responsible for the audit engagement.

Previously, audit reports were signed in the name of the accounting firm. The engagement partner’s name appeared in ACRA’s register of public accountants, but it was not disclosed in the audit report itself. That has now changed — and the obligation falls on your audit firm to comply, but it is directors and company secretaries who need to verify that the next audit report issued for your company meets this requirement.

This article explains what has changed, why it matters, who is affected, and what practical steps directors and company secretaries should take before their next set of audited financial statements is signed off.

What Has Changed: The New Audit Report Naming Requirement

The Corporate and Accounting Laws (Amendment) Act 2025 amended the Companies Act 1967 to require that audit reports state the name of the individual public accountant who personally conducted the audit engagement on behalf of the accounting entity. This aligns Singapore with international practice — notably the requirements of the Public Company Accounting Oversight Board in the United States, and similar regimes in the United Kingdom and Australia.

The change is governed by the amended Section 207 of the Companies Act, which sets out the form and content requirements for an auditor’s report. The requirement applies to audit reports signed on or after 6 May 2026. This means: if your company’s auditors sign your next set of accounts after that date, the audit report must name the individual public accountant.

For the full overview of all CALA 2025 changes affecting directors, see our guide: CALA 2025 Commenced 6 May 2026: What Directors Must Know.

Why This Change Was Introduced

The rationale is straightforward: personal accountability. When an audit report is issued in the name of a firm, it is difficult for regulators, shareholders, and creditors to identify and hold responsible the specific individual whose professional judgement underpinned the audit opinion.

By requiring the engagement partner’s name to appear in the audit report, ACRA and the Ministry of Finance intend to:

  • Strengthen individual accountability for audit quality;
  • Enable regulators and investors to trace responsibility for audit opinions;
  • Align Singapore with global transparency standards in audit regulation; and
  • Deter the practice of assigning less experienced staff to complex engagements without appropriate oversight.

The change is part of a broader CALA 2025 package that also introduced enhanced penalties for directors who breach fiduciary duties, new off-market share buyback safeguards, and strengthened corporate governance requirements across the board.

Who Is Affected?

This requirement applies to all Singapore companies that are required to have their financial statements audited. Under the Companies Act, a company must be audited unless it qualifies for the audit exemption under Section 205C. The audit exemption is available to “small companies” that meet at least two of the following three criteria for the past two consecutive financial years:

  • Total annual revenue of not more than S$10 million;
  • Total assets of not more than S$10 million; and
  • No more than 50 shareholders.

A “small group” exemption is available for holding companies on similar criteria applied at the group level. If your company is part of a larger group, consult your corporate secretary or auditor about whether the group-level exemption applies.

If your company does not qualify for the audit exemption, it must be audited — and from 6 May 2026, the audit report must name the responsible individual public accountant.

What Directors and Company Secretaries Must Do

Step 1: Confirm with Your Audit Firm

Contact your audit firm and confirm that the individual public accountant responsible for your engagement will be named in the audit report going forward. Most reputable audit firms will already be preparing for this — but given the 6 May 2026 commencement date, it is prudent to verify proactively rather than discover the issue after the report has been issued.

Key questions to ask your auditor:

  • Will the next audit report for our company identify the individual engagement partner by name?
  • Has the firm’s standard audit report template been updated to comply with the amended Section 207?
  • Will the engagement letter be updated to identify the responsible public accountant by name?

Step 2: Update Your Internal Compliance Checklist

Your company secretarial compliance checklist — whether maintained by your in-house secretary or your external corporate secretary — should be updated to include an audit report review step at the board meeting at which the financial statements are presented for approval.

When the board reviews the audited financial statements, directors should verify:

  • That the audit report names the individual public accountant (not just the accounting firm);
  • That the named individual is registered as a public accountant with ACRA (you can verify this on BizFile+); and
  • That the audit engagement letter on file identifies the same individual.

Our Singapore Company Compliance Calendar 2026 is a useful reference for tracking all ACRA and IRAS deadlines alongside this audit report verification step.

Step 3: Update Engagement Letters and Management Representation Letters

Auditors are also now expected to confirm the identity of the responsible engagement partner in the engagement letter and the management representation letter. If your current engagement letter does not identify a named individual, request an updated version from your auditor. This documentation should be filed with the company’s audit records and retained for at least five years.

Step 4: Update Board Minutes and Governance Records

At the board meeting approving the financial statements, ensure the minutes reflect that the board reviewed the audit report and confirmed it complied with the amended Section 207 requirements, including the naming of the individual public accountant. This provides a clear audit trail for governance purposes.

Our guide to Board Resolutions in Singapore sets out the legal requirements for documenting board decisions. For AGM-related procedures and the presentation of audited accounts to shareholders, see our guide to AGM Requirements for Singapore Companies.

ACRA Enforcement Implications

Non-compliance with the audit report requirements under the Companies Act is a regulatory offence. ACRA has powers to investigate audit firms and public accountants for breaches of the Companies Act and the Accountants Act. Where an audit report fails to comply with the amended Section 207 requirements, the audit firm and the individual public accountant may face ACRA enforcement action, including fines, suspension, or cancellation of the public accountant’s registration.

From the company’s perspective, if directors knowingly approve and file financial statements containing a non-compliant audit report, they may face regulatory scrutiny. It is therefore in every director’s interest to verify the audit report’s compliance — not merely to rely on the audit firm’s assurance.

The Broader Context: Enhanced Audit Accountability Under CALA 2025

The audit report naming requirement sits within a broader package of CALA 2025 reforms designed to strengthen accountability throughout Singapore’s corporate governance ecosystem. Other changes of note for directors include:

  • Enhanced director penalty provisions: CALA 2025 introduced increased financial penalties for directors who breach their duties under the Companies Act, including in relation to the approval and filing of financial statements.
  • Off-market share buyback safeguards: New requirements govern how companies may conduct off-market share repurchases, including enhanced board oversight obligations.
  • XBRL filing updates: Companies using ACRA’s financial reporting framework should check whether the XBRL tagging requirements for audited financial statements have been updated. See our guide on XBRL Filing with ACRA.

Directors who are uncertain whether their company qualifies for the audit exemption, or who need assistance updating their governance processes in response to CALA 2025, should consult their company secretary or a qualified professional. If you need legal advice on your audit and governance obligations under the amended Companies Act, we can point you in the right direction.

Beyond corporate compliance, sound financial planning and investment decisions are equally important for business owners navigating regulatory change.

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