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MESSAGE FROM EXPEDITION LEADER
Dear members,
The past year has been an extraordinary one, with upheaval and uncertainty affecting not just Singapore but also the entire world. The theme of this annual report, deep-sea diving, reflects these circumstances. The territory ahead is uncharted, with many unknowns and uncertainties in the new normal. On the flip side, this also means there are many opportunities yet to be discovered. Our annual report’s title – Deeply Committed, Fully Engaged – thus reflects ISCA’s member-focused approach in responding to matters arising from the pandemic and supporting the profession through the crisis.
Like all other professions, the accountancy profession has also had to grapple with the impact of Covid-19. If anything, this baptism of fire has further deepened ISCA’s commitment to the profession. In the past year, the Institute provided various resources to support our members, and we will continue to aid our members in weathering the storm.
Our efforts have focused on the biggest areas of concern among our members: jobs and careers for accountancy professionals and business continuity for accounting firms. We rolled out a range of initiatives to help members cushion the impact brought about by the pandemic, and to help small and medium practices (SMPs) in their transformation efforts to remain resilient and adaptable.
In 2020, to help our members through this crisis, we rolled out a financial assistance package worth up to $3.6 million. This included arrangements for members facing financial hardship to reduce their membership fees and defer payment for training fees. ISCA’s online Covid-19 Resource Centre, which curates content related to Covid-19 for accountancy and finance professionals, has been well-received by the community. The resource centre includes resources such as the Covid-19 Navigator, which is a summary guide on the support schemes from the government and the Institute, as well as technical guidance on accounting and auditing issues arising from Covid-19.
The Institute has also strengthened our career support for members. Our job matching scheme for ISCA members connects employers with suitable candidates who are Chartered Accountants. Our Career Portal and the inaugural Virtual Career Fair for accountancy and finance professionals that we co-organised with Workforce Singapore, have had a positive reception.
The Institute’s early investment in infrastructure upgrading and digitalisation has paid off. With the onset of the Covid-19 pandemic, this ensured a seamless transition to remote working and conduct of virtual events. Our training courses, which have moved from physical classrooms to virtual classrooms and webinars, have garnered a warm reception from participants, and we will continue to enhance the virtual learning experience for participants.
We are looking forward to a fully virtual Singapore Accountancy and Audit Convention (SAAC) series in 2021. The virtual format enables the Institute to reach a wider audience. As the pandemic continues to reshape the profession, we will continue to work closely with standard setters, regulators and the industry to shape professional standards and promote best practices to support the accountancy profession. Members can also look forward to a series of webinars on emerging issues and technical topics.
At the same time, the Institute will continue to enhance professional recognition of the ISCA membership and the Chartered Accountant brand. In this time of crisis, ensuring the financial health of businesses is critical for their survival, and Chartered Accountants are well-positioned to help businesses through the challenges. To promote this message, ISCA has partnered with other member bodies of Chartered Accountants Worldwide (CAW) to produce a global brand campaign that will be localised and adapted for each market. The campaign will be targeted at business decision makers, employers, and students. Along the same vein, ISCA will also produce a series of member profile stories to highlight the unique strengths and qualities of Chartered Accountants and promote the Chartered Accountant brand.
To keep members abreast of developments that impact the profession, ISCA is also producing research reports on trends that will define the future of the accountancy profession. These topics include exploring potential shifts in the labour market in light of Covid-19, and the usage and impact of artificial intelligence in the finance function. With these reports, we aim to equip members with the information they need to be prepared for the future and make strategic shifts to their skill sets and career direction in tandem with the changing needs of businesses.
In addition, the Institute will produce country reports highlighting emerging or in-demand services in ASEAN, which complement the Institute’s efforts in supporting members in their internationalisation journey. These country-specific reports will provide members with the information they need to explore business opportunities in the region.
The impact of the pandemic will continue to be felt in 2021, and beyond. To help members and SMPs emerge stronger from the crisis, ISCA is digging deep into our reserves and sparing no effort to support the profession. We are prepared to set aside more funds to support our members if required.
In 2021, we have prepared a second tranche of financial support to members. Worth $8 million, the ISCA Support Fund comprises a unique and holistic set of initiatives, catering to the differing needs of SMPs and accountancy professionals amid the current economic climate. The fund aims to help accounting firms and accountancy professionals make deeper and more strategic shifts so that they can emerge stronger and seize the opportunities arising in the New Normal. Broadly, the ISCA Support Fund has three strategic thrusts – Support Businesses, Sustain Livelihoods of Accountancy Professionals and Safeguard Professional Credentials.
Support Businesses
With the support of Enterprise Singapore’s (ESG) SG Together Enhancing Enterprise Resilience (STEER) programme, $3 million will go towards accelerating the digital transformation and upskilling efforts of SMPs. The fund will support SMPs in the three pillars of business sustenance, business growth and capability upgrading. Eligible SMPs can receive up to $10,000 each to fund their Business Growth and Capability Upgrading initiatives. With cashflow being a priority for businesses in the post-Covid-19 operating environment, the Support Fund will provide a working capital grant of $5,000 each for SMPs with cashflow issues.
Sustain Livelihoods of Accountancy Professionals
The Support Fund is aimed at positioning the profession for the future. There are long-term structural changes to the economic environment arising from Covid-19, and the profession will need to adapt and transform itself so that it is ready when recovery takes place. The ISCA Support Fund includes $3 million in CPE vouchers for members to offset their training fees. This means each member will receive $100 CPE Voucher to upskill and reskill.
Safeguard Professional Credentials
We have also set aside $2 million for membership fee waivers for members facing financial hardship. Each member in financial hardship will also receive 20 hours of complimentary CPE training, enabling them to acquire new skills that will enhance their employability. In view of the challenging economic conditions, ISCA has also relaxed its eligibility criteria for membership fee waivers. By giving members in financial hardship waivers to their membership fee, this will enable them to retain their internationally-recognised professional credential, which is important in maintaining their employability in an especially competitive job market.
Besides the ISCA Support Fund, to support members in upskilling, ISCA has been rolling out specialisation programmes and certifications, as well as CPE courses and e-learning modules in trending or high-growth areas, such as digital finance, business analytics, financial forensics, project finance and infrastructure.
To prepare our members for the next-generation workforce, in 2020, ISCA launched the first of the Institute’s Compliance Certificate series – the Personal Data Protection Act (PDPA) Compliance Certificate. This will be followed with the Information Systems Risk Management Certificate in the second quarter of 2021. The Institute is also expanding its range of digital finance-themed courses. In particular, we are developing a course in data storytelling and visualisation and will launch a new data analytics course in the second quarter of 2021.
The pandemic has also shone a light on the importance of mental wellness. The economic climate, with its ambiguity and volatility, as well as new work practices that keep many of us isolated and working at a more intense pace, can pose challenges for many of us. To address this, we organised an ISCA Career Pathway talk last year on “Navigating your Career in the Midst of a Crisis”, where the panellists shared ways to manage one’s mental health, including stress management tips and the importance of social connection. In June last year, to support members in coping with stress from the Covid-19 situation, we also held a free webinar on managing one’s emotions and enhancing one’s well-being. At the national level, there are also various schemes and helplines that offer mental health support. On our end, ISCA will continue to identify appropriate initiatives to raise awareness and support our members in maintaining mental wellness. This is a difficult time for everyone. I encourage members who are facing difficulties to reach out for help.
The changes to business practices brought about by Covid-19 and the pandemic’s effects on digitalisation will only continue unabated, and the accountancy profession must adapt and embrace this new reality.
This is a time for the profession to stay grounded in our values of professionalism, expertise and integrity, while being flexible in our response to changing circumstances. Only then can we develop into a more resilient profession that is poised for a brighter future. The profession will outlast Covid-19. There are signs of economic recovery in Singapore, especially with coronavirus immunisations underway. The profession is well-placed to benefit from the eventual economic recovery.
The journey ahead may be fraught with uncertainty as we dive into uncharted waters. I urge our members not to stop; stand tall and just keep going even when the going gets tough. Rest assured, we will be with you every step of the way.
Kon Yin Tong
President