Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
012
Professional
Engineers Board
Singapore
5 Maxwell Road 1st storey Tower Block MND Complex Singapore 069110
Contents
Disciplinary Inquiries
Financial Statements
P
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ES
NTT A
DM
BE
ER
BO
OA
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SIID
ME
RS
AR
PR
AN
EM
SO
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RD
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EB
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OFF TTH
President
Er. L
Lau Joo Ming
m left to righ
ht
From
Er. C
Chan Ewe Jin
J
Er. A
A/Prof Chie
ew
Sing
g Ping
m left to righ
ht
From
Er. C
Chong Kee Sen
Er. H
Ho Siong Hin
Er. D
Dr Indrayog
gan
Yog
garajah
From
m left to righ
ht
Er. K
Koh Boon Liang
L
Er. D
Dr Lee Bee Wah
strar
Regis
Er. Ch
hin Jen Chy
yi
M
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Mission
To safeguard life, property, and welfare of the public by setting and maintaining high
standards for registering professional engineers, and by regulating and advancing
the practice of professional engineering.
Key Objectives
Functions
R
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EG
GIIS
STTR
RA
ATTIIO
ON
NA
AN
ND
D LLIIC
CE
EN
NS
SIIN
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Registration of Professional Engineers
In year 2012, the Board conducted 20 professional interview sessions for 98
applicants while a total of 71 candidates were registered as professional engineers
during the year.
Table 1 shows the number of new professional engineers registered in the last 5
years.
Table 1: Number of Newly Registered Professional Engineers By Year
Number of Professional Engineers Registered
Branch of Engineering
2008
2009
2010
2011
2012
Civil
10
28
24
26
31
Electrical
14
10
27
Mechanical
13
TOTAL
16
45
43
45
71
As at 31 Dec 2012, there was a total of 3491 professional engineers on the register
maintained under Section 8(1)(a) of the Professional Engineers Act. Table 2 shows
the breakdown and distribution of the number of professional engineers registered in
the 3 main branches of engineering (namely, civil, electrical and mechanical).
Table 2: Number of Professional Engineers Registered As At 31 Dec 2012
NonSingaporean
Total
Number
Percent
1206
539
1745
50.0%
Electrical
695
110
805
23.0%
Mechanical
703
135
838
24.0%
Others1
90
13
103
3.0%
TOTAL
2694
797
3491
100%
Number of licensees
129
Limited corporations
Unlimited corporations
20
155
TOTAL
D
DIIS
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PLLIIN
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In 2012, Investigation Committees conducted inquiries on 3 complaint cases against
3 professional engineers, of which one was a carried-over case from 2011. Of these
inquires, one was completed and referred to a Disciplinary Committee, one was
terminated and one was on-going.
In 2012, a Disciplinary Committee completed the formal inquiry involving a
professional engineer who was suspended from practice for a period of 6 months
and ordered to pay costs. [Note: In the previous year 2011, Investigation Committees
conducted inquiries on 5 complaint cases and Disciplinary Committees completed
the formal inquiries of 2 disciplinary cases.]
6
A
AC
CTTIIV
VIITTIIE
ES
SO
OFF TTH
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EB
BO
OA
AR
RD
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Board Meetings
The Board held a total of 11 meetings in year 2012.
Professional Engineers Registration Examinations
The Examination Committee, chaired by Board member Er. Assoc Prof Chew Sing
Ping, held 3 meetings in 2012 and oversaw the conduct of the Fundamentals of
Engineering Examination (FEE), Practice of Professional Engineering Examination
(PPE) and Geotechnical Engineering Examination. The Practice of Professional
Engineering Examination was conducted on 9 May 2012 for civil, electrical and
mechanical engineering. The Fundamentals of Engineering Examination was
conducted on 26 Sep 2012 for civil engineering and on 27 Sep 2012 for electrical
and mechanical engineering. Summaries of the results of the two examinations are
as shown in the Tables 4 and 5 below. The Geotechnical Engineering Examination
was conducted on 25 Sep 2012. 7 candidates sat for the examination, of whom 2
passed.
Tables 4: Results of PPE 2012
PPE 2012
Branch of Engineering
No of
Candidates
No of Passes
Pass Rate
Civil
189
56
29.6%
Electrical
56
20
35.7%
Mechanical
57
22
38.6%
302
98
32.5%
OVERALL
Tables 5: Results of FEE 2012
FEE 2012
Branch of Engineering
No of
Candidates
No of Passes
Pass Rate
Civil
247
159
64.4%
Electrical
100
72
72.0%
Mechanical
90
38
42.2%
437
269
61.6%
OVERALL
ACPEs. For the year 2012, 17 applications for registration as ACPEs were approved.
As at 31 Dec 2012 the total number of ACPEs on the ACPE Register is 533,
comprising of 99 from Indonesia, 160 from Malaysia, 190 from Singapore and 84
from Viet Nam.
PEB also participated in the ACPE Roundtable Discussions held on 4 Jul 2012 and
26 Sep 2012 in conjunction with ACPE Coordinating Committee Meetings. The
objective of the events was to promote the implementation of the ASEAN Mutual
Recognition Arrangement on Engineering Services among stakeholders and share
on common areas of interest such as opportunities and challenges for engineering
and construction, capability building, engineering mobility, and cooperation and
collaboration.
In his address, President PEB, Er. Lau Joo Ming mentioned that engineers played
an important role. They were behind many of Singapores highly developed
infrastructures which had elevated the standard of living, generated new business
and capabilities and improved the lives of people. He urged professional engineers to
reach for high standards and continue to dedicate our service to the development of
nation and society and act with prime regard to public interests, health and safety,
and strive for the use of natural resources efficiently and economically; and ensure
that our engineering works impact our environment minimally.
PEB Scholarships and Gold Medals
In 2012, the Board awarded scholarships of $3,000 each to 12 engineering
undergraduates from Nanyang Technological University (NTU) and 11 engineering
undergraduates from National University of Singapore (NUS). The Board also
awarded Gold Medals to NUS and NTU graduands in civil, electrical and mechanical
engineering, comprising 6 Gold Medals to B.Eng. graduands (NTU - 3 and NUS 3)
and 6 Gold Medals to MSc graduands (NTU - 3 and NUS 3).
Annual Appreciation Dinner
An appreciation dinner was held on 22 Nov 2012 at the Peach Garden Restaurant at
Hotel Miramar Singapore to thank professional engineers who had rendered
voluntary service to the Board. About 100 professional engineers who were members
of the various committees of the Board (Investigation Committees, Examination
Committee, CPD Committee, Working Committees etc), members of Task Forces
and the Professional Interview Panels attended the dinner.
In the opinion of the Board, the accompanying financial statements together with the notes
thereon are drawn up in accordance with the Singapore Financial Reporting Standards so as to
present fairly, in all material respects, the state of affairs of the Professional Engineers Board,
Singapore as at 31 December 2012 and of its income and expenditure, comprehensive income,
changes in funds and cash flows for the financial year then ended on that date.
Singapore
Registrar
CS Tan & Co is a partnership registered in Singapore and an independent member firm of the International Accounting and Audit
Network, a French entity.
CSTAN
Co.
Opinion
In our opinion, the financial statements are properly drawn up in accordance with the provisions
of Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs
of the Board at 31 December 2012, and the results, comprehensive income, changes in funds and
cash flows for the financial year ended on that date.
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept by the Board have
been properly kept in accordance with the provisions of the Act.
CSTAN&CO
Public Accountants and
Certified Public Accountants
Singapore
10
CS Tan & Co is a partnership registered in Singapore and an independent member firm of the Intemational Accounting and Audit
Network, a French entity.
Note
2012
$
2011
$
3
4
10,045
1,030,000
10,802
1,030,000
1,040,045
1,040,802
33,688
2,300,000
1,498,928
86,330
3,400,000
309,897
3,832,616
3,796,227
4,872,661
4,837,029
4,471,252
4,447,287
401,409
389,742
4,872,661
4,837,029
Assets
Non current assets
Property, plant and equipment
Investments
Current assets
Receivables
Fixed deposits with financial institutions
Bank balances
5
6
7
Total assets
The annexed notes to the financial statements form an integral part of and should be read in conjunction with these
financial statements.
Income Statement
for the financial year ended 31 December 2012
Note
Income
Renewal fees
Registration fees
Company licensing fees
Examination fees
Fundamentals of Engineering Examination fees
Interest income
Other income
Expenditure
Staff expenses
Depreciation
Honorarium to Board Members
Operating leases
International liaison, accreditation and overseas visits
Examination expenses
Annual and appreciation dinner
Scholarships
Computer services and software
Audit fee
Certificate presentation ceremony
Other expenses
10
2012
$
2011
$
326,800
29,450
46,950
145,650
174,350
72,235
28,175
333,700
26,400
44,510
131,775
161,750
62,391
20,767
823,610
781,293
226,291
2,201
38,250
91,177
46,679
128,615
11,415
69,000
85,852
4,400
38,435
52,421
207,693
1,720
30,600
85,267
29,938
112,869
10,938
69,000
83,726
4,400
22,182
71,956
794,736
730,289
28,874
51,004
The annexed notes to the financial statements form an integral part of and should be read in conjunction with these
financial statements.
2012
$
2011
$
28,874
51,004
The annexed notes to the financial statements form an integral part of and should be read in conjunction with these
financial statements.
Accumulated
General Fund
$
At 1.1.2011
4,404,953
51,004
(8,670)
4,447,287
28,874
(4,909)
4,471,252
The annexed notes to the financial statements form an integral part of and should be read in conjunction with these
financial statements.
2012
$
Operating activities
Surplus for year
Adjustments for:
Depreciation
Interest income
Operating surplus before working capital changes
Receivables
Payables
Cash flows from operating activities
2011
$
28,874
51,004
2,201
(72,235)
1,720
(62,391)
(41,160)
1,152,642
15,428
(9,667)
5,017
(51,501)
1,126,910
(56,151)
Investing activities
Acquisitions of property, plant and equipment
Interest income received
Acquisitions of investments
(1,444)
72,235
-
70,791
Financing activities
Contribution to Consolidated Fund
(8,670)
(1,823)
(8,670)
(1,823)
1,189,031
309,897
1,498,928
(855)
62,391
(1,030,000)
(968,464)
(1,026,438)
1,336,335
309,897
The annexed notes to the financial statements form an integral part of and should be read in conjunction with these
financial statements.
These notes form an integral part of and should be read in conjunction with the accompanying
financial statements.
General
The Professional Engineers Board was established in 1970 under the Professional Engineers
Act, Chapter 253. The Board is domiciled in Singapore with its registered office and
principal place of operation at 5 Maxwell Road, 1st storey Tower Block, MND Complex,
Singapore 069110.
The principal activities of the Board are those of administering the Boards membership,
Register of Professional Engineers and licensing of professional engineering corporations.
There have been no significant changes in such activities during the financial year.
The financial statements were authorised for issue by the Board on the date shown on the
Statement by the Board.
On 1 January 2012, the following relevant new and revised FRS and Interpretations to
FRS (INT FRS) that are applicable in the current financial year were adopted:Revised FRS
FRS 12
The adoption of the above FRS and INT FRS did not result in significant changes to
significant accounting policies and had no effect on the financial statements.
At the date of authorisation of the financial statements, the following are new and
revised FRS and INT FRS that have been issued (but yet to be effective) that are
relevant to the entity. These have not been applied to the financial statements and are
not anticipated to have any significant impact on the results of the entity.
Revised FRS Issued But Yet to be Effective
FRS 1
FRS 19
Employee Benefits
FRS 32
FRS 107
FRS 113
10
10
3 to 10
1
Residual value, useful lives and depreciation method of property, plant and equipment
are reviewed at each statement of financial position date. The effects of any revision of
the residual values and useful lives are included in the income statement in the financial
period in which the changes arise. Fully depreciated assets are retained in the financial
statements until they are no longer in use. Any gain or loss on disposal of property,
plant and equipment is taken to the income statement.
The entity estimates the dates these property, plant and equipment are first placed into
productive use and the period of their useful lives (period over which future economic
benefits are intended to derive from these property, plant and equipment).
(e) Investments
Investments (other than investments in subsidiaries, associates and joint ventures) are
classified as available-for-sale. Quoted and unquoted investments are stated at fair
value and cost less impairment losses respectively.
All purchases and sales of investments are recognised on trade date. Investments are
initially measured at cost, which is the fair value of the consideration given for them
(inclusive of transaction costs). Subsequent to initial recognition, quoted investments
are carried at fair value.
The fair values of quoted investments are estimated by reference to the current market
price. Unquoted investments are measured at cost after ascertaining that it is not
practicable to determine the fair values because of the lack of quoted market prices and
the assumptions used on valuation models to value these investments cannot be
reasonably determined and variability in the range of reasonable fair value estimates
derived from valuation techniques is significant.
11
12
Where an impairment loss subsequently reverses, the carrying amount of the asset
(cash-generating unit) is increased to the revised estimate of its recoverable amount, but
so that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset (cashgenerating unit) in prior years. A reversal of an impairment loss is recognised
immediately in the income statement, unless the relevant asset is carried at a revalued
amount, in which case the reversal of the impairment loss is treated as a revaluation
increase.
(g) Receivables
Receivables are recognised initially at fair value (inclusive of transaction costs) and
subsequently measured at amortised cost using the effective interest method less
allowance for impairment. An allowance for impairment is established when there is
objective evidence that not all amounts due will be collectible according to the original
terms of the receivable. The allowance amount is the difference between the carrying
amount and the present value of estimated future cash flows discounted at the original
effective interest rate. Allowance for impairment is charged to the income statement.
Receivables that are factored out (to banks and other financial institutions) with
recourse to the entity are not derecognised until the recourse period has expired and the
risks and rewards of the receivables have been fully transferred. The corresponding
cash received from the financial institutions is recorded as borrowings.
In assessing for impairment (allowance for bad and doubtful receivables), the entity
exercises its judgement in estimating collectibility based on ageing analysis of accounts
(where available), current credit worthiness and past collection history of these debtors.
If the financial positions of these debtors were to deteriorate and result in impairment in
these debtors ability to make payments, additional allowances may be required.
(h) Payables and interest bearing loans
Payables are initially measured at fair value and subsequently measured at amortised
cost using the effective interest method.
Interest bearing loans are recognised initially at fair value net of transaction costs
incurred. Borrowings are subsequently stated at amortised cost. Any difference between
the proceeds (net of transaction costs) and the redemption value is taken to the income
statement over the period of the borrowings using the effective interest method.
(i)
Provisions
Provisions are recognised when the entity has present legal or constructive obligations
as a result of past events and it is probable that the entity will be required to settle that
obligation. Provisions are measured at the present value of the expenditure expected to
be required to settle the obligation using a pre-tax discount rate that reflects the current
market assessment of the time value of money and the risks specific to the obligation.
Any increase in provision due to passage of time is recognised in income statement as
finance expense. Changes in the estimated timing or amount of the expenditure or
discount rate are recognised in the income statement in the period the changes in
estimates arise.
13
The entity exercises judgement in estimating the amount of future expenditure and
discount rate that reflects the time value of money. If actual expenditure and actual time
value of money exceeds these estimates, present value of current obligations may
exceed provision amounts at statement of financial position date.
(j)
(ii)
Level 2 - inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (is as prices) or indirectly (ie
derived from prices); and
(iii) Level 3 - inputs for the asset or liability that are not based on observable market
data (unobservable inputs).
(k) Employee entitlements to annual leave
Employee entitlements to annual leave are recognised when they accrue to employees.
An allowance is made for the estimated liability for annual leave as a result of services
rendered by employees up to the statement of financial position date.
14
(l)
Revenue recognition
Revenue comprises the fair value of consideration received (or receivable) for sale of
goods and rendering of services. Revenue is recognised when the amount of revenue
(and its corresponding expenses) can be measured reliably and when collectibility of
the related receivables is reasonably assured. Revenue is recognised net of applicable
rebates and discounts in accordance with the following policies:
(i)
(ii)
Renewal and licensing fee income is recognised in the period in which the
services are rendered.
(iii) Examination and other fee income is recognised in the period in which the
services are rendered.
(iv)
Interest income from fixed deposits, bank balances and bonds are recognised on
accrual basis.
(o)
(p)
Foreign currencies
Transactions in foreign currencies are measured and recorded in Singapore dollars
using the prevailing exchange rates at the date of transaction. At each statement of
financial position date, monetary balances denominated in foreign currencies are
translated at prevailing exchange rates at the statement of financial position date. All
exchange differences are taken to the income statement.
15
(q)
(r)
Related parties
Parties are considered to be related if the entity has the ability, directly or indirectly, to
control the party or exercise significant influence over the party in making financial and
operating decisions or vice versa or the entity and the related party are subject to
common control or common significant influence. Related parties may be individuals or
corporations.
(s)
Office
Equipment
$
Computers
$
Total
$
Cost
At 1.1.2011
Additions
Disposals
At 31.12.2011
Additions
Disposals
At 31.12.2012
3,688
3,688
3,688
14,609
855
15,464
1,444
16,908
88,810
(43,127)
45,683
45,683
107,107
855
(43,127)
64,835
1,444
66,279
Accumulated depreciation
At 1.1.2011
Charge to income statement
Disposals
At 31.12.2011
Charge to income statement
Disposals
At 31.12.2012
1,313
369
1,682
369
2,051
5,318
1,351
6,669
1,832
8,501
88,809
(43,127)
45,682
45,682
95,440
1,720
(43,127)
54,033
2,201
56,234
Carrying amount
At 31.12.2011
At 31.12.2012
2,006
1,637
8,795
8,407
1
1
10,802
10,045
16
Investments
2012
$
2011
$
1,030,000
1,030,000
Available-for-sale investments
Unquoted debt securities at cost
Debt securities bear fixed rate interest at 3.1% (2011: 3.1%) per annum and mature in year
2021.
Receivables
2012
$
Interest income receivable
Other receivable*
26,819
6,869
33,688
2011
$
65,355
20,975
86,330
* This amount is unsecured, interest free and is repayable on demand. The fair value of this
amount approximates its carrying amount due to its short term nature.
Maturing within:
- 4 to 12 months from year end
2012
$
2011
$
2,300,000
2,300,000
3,400,000
3,400,000
The fixed deposits bear fixed rate interest at 1.2% (2011: 1.1%) per annum and mature on
varying dates within 12 (2011: 12) months from year end.
Bank balances
Bank balances bear floating rate interest at 0.1% (2011: 0.1%) per annum.
17
Payables
23,850
4,909
12,500
313,900
27,250
12,150
6,850
401,409
23,872
8,670
11,350
307,850
12,100
12,600
13,300
389,742
2012
$
2011
$
40,174
661
31,400
72,235
41,630
804
19,957
62,391
Staff expenses
11
2011
$
Interest income
10
2012
$
2012
$
2011
$
195,653
30,638
180,829
26,864
226,291
207,693
Taxation
The Board is exempted from income tax under section 13(1)(e) of the Income Tax Act,
Chapter 134.
18
12
13
4,909
2011
$
8,670
Within 1 year
Within 2 to 5 years
2012
$
2011
$
91,000
53,000
91,000
144,000
The operating leases do not have any renewal terms and are not subject to escalation clauses.
14
Funds
Income or expenditure
2012
$
2011
$
44,000
44,000
44,000
44,000
A 1% decrease in interest rate would have the equal but opposite effect on the amounts
shown above (assuming all other variables remain constant).
Foreign currency risk
Foreign currency risk is the risk that foreign currency exchange rates will affect the Boards
income.
The Board is not exposed to any significant foreign currency risk and has no risk
management objectives, policies and procedures with regard to this risk.
Credit risk
Credit risk is the potential risk of financial loss resulting from failure of debtors or other
parties to settle their financial and contractual obligations to the Board as and when they fall
due.
The maximum exposure to credit risk is the carrying amount of certain financial assets which
are mainly receivables, deposits and cash amounts. The Board does not hold any collateral or
credit enhancements in respect of these receivables.
The Boards objective with regard to credit risk is the preservation of cash amounts placed
with financial institutions. Credit risk arising from cash is minimised by placing cash
amounts (including fixed deposits) with reputable financial institutions with high credit
ratings assigned by international credit rating agencies. Except as disclosed above, there are
no receivables or cash amounts that are past due or impaired. Payables are generally due
within 30 days.
Market price risk
Market price risk is the risk that changes in market values of investments will affect the
value of the Boards holdings of financial instruments or income.
The Board is not exposed to any significant market price risk and has no risk management
objectives, policies and procedures with regard to this risk.
Liquidity risk
Liquidity risk is the risk that the Board will not be able to meet its financial obligations as
they fall due.
20
The Boards objective with regard to liquidity risk is to maintain sufficient cash (and
equivalents) to fund its operations. The Board ensures it has adequate internally generated
cash to finance capital expenditure and working capital.
Fair values
Financial assets comprise investments, receivables, deposits and cash amounts. Unquoted
investments are measured based on Level 3 FRS 107 measurement hierarchy. Receivables,
deposits and cash amounts are categorised as loans and receivables which are financial assets
with fixed payments that are not quoted in an active market.
Financial liabilities comprise payables and deposits received. Financial liabilities are
measured at amortised cost.
The Boards financial assets and financial liabilities approximate to or are the same as their
fair values except for unquoted investments. Unquoted investments are measured at cost
after ascertaining that it is not practicable to determine the fair values because of (i) the lack
of quoted market prices; (ii) the assumptions used on valuation models to value these
investments cannot be reasonably determined; and (iii) variability in the range of reasonable
fair value estimates derived from valuation techniques is significant. These unquoted
investments represent debt securities issued by a public sector institution in Singapore that is
not quoted on any market. The Board does not intend to dispose of these investments in the
foreseeable future.
Movement of unquoted investments during the year:
2012
$
At beginning of year
Acquisitions during the year
At end of year
2011
$
-
21
1,030,000
1,030,000