ICPAS PE

Course Syllabus

The ICPAS Professional Examination (PE) comprises of 5 modules:

The accredited universities include:

Advanced Taxation (ATX)
Audit & Assurance (AUD)
Company Law & Corporate Strategy (LCG)
Corporate & Business Strategy (CBS)
Financial Reporting & Disclosure (FRD)

The table below provides an overview of each module’s contents and examination format. The syllabus is reviewed periodically by the examiner to ensure that candidates are kept abreast of the latest developments.

Topic	Module Content	Examination Format
Advanced Taxation (ATX)
1	Taxation of individuals Scope of Singapore Income Tax Basis of Assessment (only separate assessment) & tax rates Sources of income Taxation of income from trade, business, profession and vocation Taxation of Employment Income (candidates must be able to distinguish between employment and profession) Capital Allowances - Industrial Building Allowance & Plant and Machinery Taxation of Partnership Income (including LLPs) including change / death of partners Taxation of Non-Residents including non-resident professional GST CPF and SRS (capping of CPF / SRS contributions) Stamp Duty especially immoveable property	3-hour open-book written exam (100%)
2	Taxation of Companies Taxation of companies (including groups of companies) including: Scope of Singapore Income Tax Basis of Assessment Sources of income Taxation of income from trade, business and profession Taxation of specialized sectors and industries Capital Allowance - Industrial Building Allowance & Plant and Machinery Taxation and exemptions of overseas income Provisions of Double Taxation Relief (DTR) and Unilateral Tax Relief (UTR) Various tax incentives available under the Income Tax Act and the Economic Expansion Incentives Act (only Pioneer Industries, Investment Allowance and Development and Expansion Incentives) Group Relief 1-Tier System GST CPF (capping of CPF for employers)
3	Taxation of Charities and Trusts.
4	Tax Planning Arranging and structuring the affairs of individual and corporate taxpayers with a view to:- Minimize incidence of taxation Maximize reliefs Maximize available tax incentives Structuring for tax efficient repatriation of income for both inbound and outbound investments Implementation levers New ventures & corporate renewal Corporate governance and ethics.
Audit & Assurance (AUD)
1	Fundamental Assurance Concepts: Assertions, Risk, Materiality, Evidence & Judgement. The Assurance & Audit Process: Engagement, Planning, Fieldwork & Reporting	3-hour open-book written exam (100%)
2	The Regulatory Framework: Legal, Professional and Other Requirements Legal liability
3	The Planning Phase: Client acceptance and continuance External / Strategic Risk Analysis and Materiality Planning Special issues: going concern, fraud, related parties, earnings management The Impact of Computerised Information Systems on Audit Planning & Procedures Reliance on the Work of Other Parties The Audit Plan and Audit Program
4	Evaluation of the Client's Internal Control System: Structure of internal control Internal / Process Risk Analysis The impact of computerised information systems on internal controls
5	Evidence Collection: Business Performance Measures Control tests and substantive tests Computer Assisted Audit Techniques & Tools (CAATTs) Sampling Current Issues eg Auditing Fair Value Measurements and Disclosures, Derivative Financial Instruments
6	Completion & Reporting: Contingencies Subsequent events Management representations Closing financial statements review The audit opinion and report
7	Other Types of Audits, Reviews & Reports Compliance & operational audits Environmental audits Other financial information Reviews of financial reports Agreed-upon procedures Compilation Special audit reports
8	Assurance Services Nature & characteristics of assurance engagements Types of assurance services The impact of technology
Company Law & Corporate Governance (LCG)
1	The Function and Structure for Companies Business Organisations Legal Framework for Companies Introduction to Company Finance	3-hour open-book written exam (100%)
2	Corporate Decision Making and the Law of Meetings Decision-making and company management The Law of Meetings
3	Duties of Directors and Officers History and development of directors’ duties Various ‘sources’ of directors’ duties Duties in the general conduct of the company’s affairs Duties that govern conflict of interest situations Duties in relation to the securities market Duties in relation to company accounts and other statutory administrative duties Consequences of breach of duties
4	Disclosure and Reporting Requirements Regulatory bodies Sources of disclosure obligations and reporting requirements Disclosure obligations for directors Disclosure obligations for shareholders Disclosure obligations for companies
5	Legal aspects of Corporate Insolvency and Rescue Receivership Judicial management Winding-up Insolvency
6	Principles of Corporate Governance Introduction to corporate governance Essential aspects of a good corporate governance framework Regulatory framework for corporate governance Codes of corporate governance Key functions of corporate governance mechanisms
7	Key Participants in Corporate Governance and their roles Board composition Management The Company Secretary Auditors
8	Ethics and corporate governance The importance of ethics in corporate governance Principles of ethical conduct Ethics and the law Self-regulation and Codes of conduct Ethics and the external environment
9	International Aspects of Corporate Governance Introduction to other key legal systems and their impact on business organizations Examination of specific issues in the context of a foreign legal system The ‘convergence debate’
Corporate & Business Strategy (CBS)
1	Introduction to Strategic Management	Project report (20%); 3-hour open-book written exam (80%)
2	Mission & Vision
3	The Internal Environment
4	The External Environment
5	Developing Competitive (Business) Strategies
6	Developing Corporate Strategy
7	Venturing Abroad
8	Alliances, Merger and Acquisition Strategies
9	Implementation Levers
10	New Ventures and Corporate Renewal
11	Corporate Governance and Ethics
Financial Reporting & Disclosure (FRD)
1	Overview of financial statements Framework for the preparation and presentation of financial statements Financial statements Other disclosures issues in the financial statements	3-hour open-book written exam (100%)
2	Consolidated financial statements Basic issues in the preparation of consolidated balance sheet and consolidated income statement Further issues in the preparation of consolidated balance sheet and consolidated income statement Preparation of consolidated balance sheet and consolidated income statement involving Preparation and presentation of consolidated cash flow statements
3	Accounting for income taxes Basic concepts in deferred tax accounting Recognition of deferred tax asset/liability Measurement issues Presentation issues Disclosure requirements
4	Foreign currency transaction and translation Foreign currency transactions and balances Foreign currency translation
5	Accounting for financial instruments Theoretical and practical considerations underlying the issuance of FRS 32, FRS 39 and FRS 107. Recognition and derecognition Measurement Presentation Disclosure Hedge accounting
6	Emerging accounting issues Changes in IFRS 3 Business Combinations Share-based compensation Accounting for non-current assets held for sale Accounting standards for small and medium enterprises Issues addressed in exposure drafts (ED/FRS and ED/INT FRS)