If your company is required to have a statutory audit, a significant regulatory change took effect on 6 May 2026 that your board, audit committee, and company secretary must be aware of. Under the Corporate and Accounting Laws (Amendment) Act 2025 (CALA 2025), audit reports for financial years ending on or after 6 May 2026 must now identify by name the individual public accountant personally responsible for the audit engagement — not just the accounting firm.

This change may seem procedural, but it has meaningful practical implications for company secretaries reviewing financial statements before the Annual General Meeting (AGM), for audit committees evaluating auditor performance, and for directors signing off on annual reports. This guide explains what the requirement means, who it affects, and exactly what steps your team should take before the next set of audited accounts is finalised.

What Changed Under CALA 2025?

Prior to 6 May 2026, an audit report issued by a Singapore public accounting firm was signed in the name of the firm itself. The identity of the individual engagement partner was known to the Accounting and Corporate Regulatory Authority (ACRA) through its registration records, but was not disclosed on the face of the public audit report.

Section 12 of the CALA 2025 amended the Accountants Act 2004 to require that audit reports must now include the name of the public accountant who is primarily responsible for the audit engagement. This change applies to all statutory audits of Singapore companies for financial years ending on or after 6 May 2026.

In practice, this means the engagement partner’s full name will appear in the audit report alongside — or in addition to — the firm’s name and signature block. The partner signs below the firm name, confirming they are the individual responsible for the engagement.

Why Did Singapore Introduce This Requirement?

The named audit partner requirement is part of a global trend toward greater audit accountability and transparency. Singapore now joins the United States — where the Public Company Accounting Oversight Board (PCAOB) has required named engagement partners on public company audits since 2017 — as well as the United Kingdom and Australia, where similar disclosure requirements have long been in place for listed and public interest entity audits.

ACRA’s rationale is straightforward: when an individual’s name is publicly attached to an audit opinion, it creates stronger personal accountability for audit quality. Investors, creditors, and regulators can more easily track the track record of individual partners across engagements. It also supports ACRA’s broader audit oversight and enforcement function — the regulator can now more readily identify and act against partners whose audits fall below required standards.

For company directors and audit committees, the change is also an opportunity: knowing who the engagement partner is — and being able to hold that individual accountable — strengthens corporate governance and the audit relationship.

Which Companies Are Affected?

The named audit partner requirement applies to all Singapore-incorporated companies that are required to have a statutory audit under the Companies Act 1967. Practically speaking, this means companies that do not qualify for the small company audit exemption under Section 205B of the Companies Act.

The Small Company Audit Exemption

A private company qualifies as a “small company” exempt from statutory audit if it satisfies at least two of the following three conditions for the two most recent consecutive financial years:

  • Annual revenue of S$10 million or less
  • Total assets of S$10 million or less
  • 50 or fewer employees at the end of the financial year

If your company meets this threshold, it does not need a statutory audit and is therefore unaffected by the named partner requirement. However, if your company is audited — whether because it exceeds the small company threshold, is a subsidiary of a listed company, is a company limited by guarantee, or has elected to have a voluntary audit — the requirement applies.

For companies unsure of their audit exemption status, the company secretary’s statutory duties under the Companies Act include advising the board on compliance requirements such as these.

What Does the Named Partner Requirement Mean in Practice?

For most audited companies, the practical change is in the audit report template used by the accounting firm. The auditor is responsible for updating their report format to include the engagement partner’s name. However, company secretaries and directors should not simply assume this has been done — they should verify it explicitly.

1. Audit Report Template Verification

Before the audit report is finalised and tabled at the AGM, the company secretary or financial controller should confirm with the auditors that their report template has been updated to include the engagement partner’s name. Specifically, the report should identify the partner by their full name as registered with ACRA as a public accountant.

This is particularly important for companies with financial years ending on or after 6 May 2026. The first affected year-ends include those ending 31 May 2026, 30 June 2026, and all subsequent year-ends. For companies on a 31 December financial year end, the requirement applies to audits for the financial year ending 31 December 2026 onwards.

2. Engagement Letter and Management Representation Letter Updates

ACRA has indicated that auditors should confirm the name of the responsible partner in the engagement letter at the start of the audit and in the management representation letter that the company signs at the conclusion of audit fieldwork. Company secretaries should update their review checklists for both of these documents to include verification of the partner’s name.

3. AGM Tabling and Annual Report Review

When the audited financial statements are tabled at the Annual General Meeting, the company secretary should confirm that the audit report included in the financial statements package names the engagement partner. This is part of a proper pre-AGM compliance review alongside checking that the annual return filing deadline is tracked — see the Singapore company compliance calendar for all relevant deadlines.

Implications for Audit Committees

For companies with audit committees — typically larger private companies and those with more complex governance structures — the named engagement partner requirement has broader governance implications.

Audit committees are responsible for overseeing the appointment, performance, and independence of the external auditor. Knowing the name of the engagement partner opens the door to a more personalised evaluation of audit quality. When conducting the annual auditor review, audit committees should now consider:

  • Whether the named engagement partner has the relevant industry expertise for the company’s sector
  • The partner’s tenure on the engagement and whether partner rotation is appropriate or required
  • Any ACRA regulatory actions or adverse findings against the named partner in their public accountant registration history
  • Whether the named partner actively participates in audit planning and closing meetings, or is nominally listed while work is delegated entirely to junior staff

This information can inform the audit committee’s recommendation to the board regarding auditor reappointment — a matter that is voted on at the AGM under Section 205 of the Companies Act. Understanding the full range of board resolutions in Singapore and the governance process for auditor appointments is important context for this annual exercise.

Transitional Provisions: What Is Not Affected

The named audit partner requirement is prospective only. Audit reports for financial years that ended before 6 May 2026 are not affected — there is no requirement to amend or re-issue historical audit reports. The change applies only to reports issued for financial years ending on or after that date.

For companies considering their overall governance framework — including whether their current audit arrangements and financial reporting obligations are properly structured — the full CALA 2025 changes that commenced on 6 May 2026 are worth reviewing alongside this specific requirement. Directors who need legal advice on their compliance obligations under the amended legislation are encouraged to seek it promptly, as several changes are already in effect.

Company Secretary Action Checklist

To ensure your company is compliant with the named audit partner requirement, here is a practical checklist for company secretaries and financial controllers:

  1. Identify your financial year end — determine whether your company’s financial year ends on or after 6 May 2026. If yes, the requirement applies to your next set of audited accounts.
  2. Notify your auditors — contact your audit firm to confirm that their report template has been updated to include the engagement partner’s full name as required under the Accountants Act 2004 (as amended by CALA 2025).
  3. Review the engagement letter — when you receive the engagement letter for the current audit, verify that it identifies the named engagement partner.
  4. Update your pre-AGM review checklist — add a specific item to confirm the audit report names the engagement partner before the financial statements are tabled at the AGM.
  5. Update the management representation letter review — ensure this letter, signed by directors at the close of audit fieldwork, also identifies the engagement partner consistently.
  6. Inform your board — brief directors on this change, particularly given that it is now part of the CALA 2025 compliance framework that the board is responsible for upholding.

How Raffles Corporate Services Can Help

Staying on top of regulatory changes like the CALA 2025 amendments requires more than a one-off read of an ACRA announcement — it requires embedding the changes into your company’s ongoing governance processes. At Raffles Corporate Services, our company secretarial team keeps up to date with every regulatory development affecting Singapore companies, and we help clients integrate these requirements into their annual compliance workflows.

Whether you need a company secretary appointment, a review of your existing governance procedures, or guidance on what the latest legislative changes mean for your specific situation, we are ready to assist. For the latest Singapore business and regulatory updates, there are also useful resources available for directors and business owners. Beyond compliance, sound financial planning and investment decisions are equally important for business owners navigating an evolving regulatory environment.

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