ACC213: Ms. ABC is a Chartered Accountant. She provides audit services to the clients of PwC Singapore in exchange for remuneration: Introduction to Income Tax Assignment, SUSS, Singapore

• Ms. ABC is a Chartered Accountant. She provides audit services to the clients of PwC Singapore in exchange for remuneration pursuant to her contract of service with the firm. Ms. ABC reports to her engagement partners, who dictate the methodologies to be adopted in the firm’s audit engagements.
• PwC Singapore provides Ms. ABC with a laptop and a handphone to facilitate the discharge of her official duties and responsibilities. It also provides Ms. ABC with a team of associates employed by the firm to assist with the voluminous groundwork of the firm’s audit engagements.
• Ms. ABC is not a party to the engagement letters concluded between PwC Singapore and its clients. She does not negotiate the terms and conditions of audit engagements, sign off audited financial statements, and attend clients’ annual general meetings to answer shareholders’ queries.

Receipts from PwC

• Ms. ABC was promoted to the rank of Senior Manager with effect from 1 July 2020. She was entitled to a monthly salary of $8,125 before her promotion and an annual salary of $109,200 after her promotion. Ms. ABC was also given monthly transport allowances of $500 and monthly handphone allowances of $200 after her promotion.
• Ms. ABC was paid a discretionary bonus of $50,000 for her outstanding performance in PwC Singapore’s financial year ended 30 June 2019. She was also presented with a long service award for her tenure of 10 years with the firm – this award consisted of a certificate and a designer watch valued at $200.
• Ms. ABC was reimbursed by PwC Singapore for her annual subscription fees of $449 paid to the Institute of Singapore Chartered Accountants (“ISCA”). She was provided with access to professional updates, knowledge banks, and networking opportunities as a member of ISCA.
• Ms. ABC was required to contribute to the Central Provident Fund according to statutory requirements. In addition, she was required to donate to the Chinese Development Assistance Council Fund at the prevailing rate. PwC Singapore was obligated to deduct both amounts from Ms. ABC’s monthly salary.
• Ms. ABC was required to receive continuing professional education to uphold her professional and ethical standards as a Chartered Accountant. She was invoiced by ISCA for the courses attended by her, which amounted to $6,420. Ms. ABC was rejected by PwC Singapore when she tried to recover these course fees.