ANNUAL REPORT 2020/2021

SUPERVISION CREW

Diving supervisors are responsible for the planning and execution of the diving operation, including the responsibility for the safety and health of the entire dive team. In diving and ocean exploration expeditions, supervisors are always on hand to make sure divers are safe and that equipment runs correctly. Armed with vast knowledge and experience, they are instrumental in ensuring the success of the dive expedition from start to finish. ISCA, under the direction of the ISCA Council, aims to play a similar role in supporting the development of Singapore’s accountancy profession.

supervision

The ISCA Council oversees and directs all strategies to establish ISCA as a world-class accountancy body, advance our members’ interests, as well as manage our risks and establish high standards of governance practice. The Council usually meets seven times a year to review ISCA’s operations and the effectiveness of the Institute's strategies and policies. Reflecting our diverse membership base, the Council comprises leaders from the corporate sector, the public accounting profession and academia. These highly regarded members, with their wide range of experiences and professional networks, provide valuable counsel during council meetings and serve on various committees, offering their expert opinions.

Council members volunteer their time to serve the Institute and the profession, and they do not receive any payment for service on the Council. However, a Council member will be reimbursed for out-of-pocket expenses or other expenses incurred in connection with the performance of their duties. New Council members take part in an induction session, where they are informed of the Institute’s mission, strategic priorities, role of the Council, code of conduct of Council members and the Institute governance/management structure. Council members are also required to sign an annual confidentiality agreement and a declaration of interest.

The Executive Committee (EXCO) is made up of the office bearers – president, vice president, treasurer, secretary – and another Council member appointed by the Council. Its key role is to serve as the executive arm of the Council, overseeing ISCA’s initiatives, and operational and financial matters.

The Council appoints the Audit Committee, which comprises three Council members who are non-office bearers. Its role is to ensure the integrity of financial statements through a system of internal controls and due financial reporting process. The Committee is also tasked to review the appointment of internal and external auditors, appraise their audit plans, and review their findings. It also has oversight of ISCA’s risk management policies and practices. In addition, the Audit Committee addresses significant findings that arise from the audit of the financial statements before the Council approves these statements.

The Nominations Committee is appointed by Council and comprises seven members, the majority of whom are Council members. Its role is to assist the Council in sourcing and identifying suitable candidates for both internal and external appointments. It reviews and makes recommendations to the Council about the appointment of individuals to the various ISCA Committees.