Accounting Services Agreement for Singapore

Accounting Services Agreement Template for Singapore

A comprehensive legal agreement governed by Singapore law that establishes the terms and conditions for the provision of professional accounting services. The document outlines the scope of services, professional standards, confidentiality obligations, fee structures, and compliance requirements in accordance with Singapore's Accountants Act and ACRA regulations. It includes specific provisions for data protection under PDPA and professional indemnity requirements.

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What is a Accounting Services Agreement?

The Accounting Services Agreement is essential for businesses in Singapore seeking professional accounting support. This contract type formalizes the relationship between accounting service providers and their clients, ensuring compliance with Singapore's strict regulatory framework, including ACRA requirements and PDPA obligations. The agreement covers crucial aspects such as service scope, professional standards, confidentiality, data protection, fee structures, and liability provisions. It's particularly important for businesses requiring ongoing accounting support, audit services, or specialized financial expertise.

What sections should be included in a Accounting Services Agreement?

1. Parties: Identification of the accounting firm and client, including full legal names, registration numbers, and registered addresses

2. Background: Context of the engagement and relationship between parties, including any relevant qualifications and licenses held by the accounting firm

3. Definitions: Key terms used throughout the agreement, including technical accounting terms and regulatory references

4. Scope of Services: Detailed description of accounting services to be provided, compliance with SFRS and other applicable standards

5. Fees and Payment Terms: Service fees, payment schedule, and related terms including any variations for additional services

6. Obligations of Parties: Responsibilities of both service provider and client, including compliance with ACRA requirements and professional standards

7. Confidentiality: Protection of sensitive information and compliance with PDPA requirements

8. Term and Termination: Duration of the agreement and circumstances under which it may be terminated

9. Liability and Indemnification: Limitations of liability and indemnification provisions in accordance with Singapore law

10. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for dispute resolution

What sections are optional to include in a Accounting Services Agreement?

1. Professional Indemnity Insurance: Details of insurance coverage and limits for professional services

2. Force Majeure: Provisions for unforeseen circumstances affecting service delivery

3. Non-Solicitation: Restrictions on hiring personnel from either party during and after the engagement

4. Intellectual Property: Ownership and usage rights of working papers, reports, and other materials

5. Data Protection: Detailed PDPA compliance provisions and data handling procedures

What schedules should be included in a Accounting Services Agreement?

1. Schedule of Services: Detailed breakdown of specific accounting services, including frequency and deliverables

2. Fee Schedule: Detailed pricing structure, payment terms, and conditions for fee adjustments

3. Service Level Agreement: Performance metrics, response times, and service standards

4. Data Processing Agreement: Specific terms for handling personal and financial data under PDPA requirements

5. Professional Team: Details of key personnel assigned to the engagement and their qualifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Professional Services
Small and Medium Enterprises
Financial Services
Manufacturing
Retail

Relevant Teams

Finance
Accounting
Legal
Procurement
Compliance

Relevant Roles

Chief Financial Officer
Finance Director
Accounting Manager
Company Secretary
Financial Controller

Industries

Accountants Act (Cap. 2): Primary legislation governing the accounting profession in Singapore, establishing requirements for registration, qualifications, and professional conduct of public accountants

Singapore Financial Reporting Standards (SFRS): Framework of accounting standards that specify how transactions and other events should be reflected in financial statements in Singapore

ACRA Act: Legislation establishing the Accounting and Corporate Regulatory Authority and its powers to regulate business entities and public accountants in Singapore

ISCA Regulations: Professional regulations set by the Institute of Singapore Chartered Accountants governing professional accounting practices

Code of Professional Conduct and Ethics: Ethical guidelines and professional standards for public accountants and accounting entities in Singapore

Companies Act (Cap. 50): Primary legislation governing the formation, operation, and regulation of companies in Singapore

Limited Liability Partnerships Act: Law governing the formation and operation of limited liability partnerships in Singapore

Business Registration Act: Legislation governing the registration and regulation of businesses in Singapore

Personal Data Protection Act 2012: Framework law governing the collection, use, disclosure, and care of personal data in Singapore

ACRA Filing Agents Regulations: Regulations governing filing agents and qualified individuals who handle corporate filing transactions

Electronic Transactions Act: Law providing legal foundation for electronic transactions and digital signatures in Singapore

Anti-Money Laundering Regulations: Requirements for preventing and detecting money laundering and terrorism financing activities

Corruption, Drug Trafficking and Other Serious Crimes Act: Law dealing with money laundering and other serious crimes, including reporting obligations for professional service providers

Income Tax Act: Primary legislation governing income taxation in Singapore, affecting accounting practices and reporting requirements

Goods and Services Tax Act: Law governing the implementation and administration of GST in Singapore, including accounting and reporting requirements

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What is a Accounting Services Agreement?

What sections should be included in a Accounting Services Agreement?

What sections are optional to include in a Accounting Services Agreement?

What schedules should be included in a Accounting Services Agreement?

Authors

Alex Denne

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