FOREWORD FROM OUR PRESIDENT

Sustainability has become the biggest challenge of our times. It also presents a tremendous opportunity for the accountancy profession to make a difference in the global climate crisis.

Being stewards of capital and corporate reporting, accountants play a crucial role in accelerating business practices in sustainability. The 2022 research report¹ ISCA co-produced with EY, SMU and SAC showed the emergence of a C-suite role – the Chief Finance & Sustainability Officer, which accountancy and finance professionals are well-positioned to take on.

ISCA is equipping our members to drive the sustainability agenda in their organisation. Members are regularly updated on emergent topics such as ESG financial reporting and auditing as well as sustainability disclosure standards via our professional development offerings. Keeping up to date on this rapidly developing area is made easier with ISCAccountify, our subscription-based learning platform. Our members can learn anytime, anywhere across a broad range of topics, including the latest in sustainability.

1 Sustainability: Jobs and Skills For The Accountancy Profession

Bringing people together can create synergies from crosspollination of ideas, collaboration and collective intelligence. For this reason, ISCA House was repurposed to become a point of connection between ISCA and our members.

The facilities at the repurposed ISCA House make it easier for members to connect with other members and others in the business community. We will organise more networking activities so that our members can expand their professional network.

To enhance our engagement with the audit segment, we formed the Public Interest Entity (PIE) Firms Network, comprising leaders of the top 15 firms that audit public interest entities. Via the network, the members can share their views about how ISCA can bring greater value to the PIE sector and champion change on matters relevant to the profession.

With business and accountancy being deeply intertwined, we made engaging with the business community a priority.

Our Corporate Membership scheme enables businesses to join the ISCA community, connecting with fellow corporate members and more than 33,000 ISCA members.

Our “Experienced Professional” membership pathway enables experienced business professionals from nonaccounting backgrounds to become ISCA members.

Through our C-Suite network, C-suite executives, entrepreneurs and business leaders can share their expertise with our members and take part in discussions to champion change in the business community.

Through our MoUs with SGListCos, SMF and SCCCI, we will foster greater collaboration between ISCA and the respective associations and create more networking opportunities for our members.

Our research network, which comprises academics from public universities and practitioners from the accountancy sector, will produce research outcomes that are aligned with the needs of the accountancy profession and business community.

Beyond supporting our members, we are addressing the talent shortage in the profession. With demand for accountancy professionals outstripping supply, there is a talent crunch.

To boost the talent pipeline, we aim to make the Singapore Chartered Accountant Qualification (SCAQ) more relevant and accessible. The SCAQ Advisory Panel, comprising industry leaders from business, practice, the government and academia, and its three subgroups have provided their recommendations to enhance the SCAQ. Their inputs, together with feedback from focus groups, surveys and benchmarking exercises, have been incorporated into the final recommendation report to enhance the SCAQ. The report has been submitted to the MOF. We will work closely with the ministry on the implementation of the recommendations.

There is a misperception among the youth that accountancy is no longer sexy, with many of them opting for degrees in technology and sustainability-related fields. To foster their interest in accountancy, students across academic levels and degree programmes can join us as student members, with their membership fees waived. We also extended our student outreach activities, from university down to primary level. I have personally participated in some school talks to educate our youth about the diverse areas that require accountancy knowledge.

Financial forensics is one such area. In February 2023, we signed an MoU with the Singapore Police Force’s Commercial Affairs Department (CAD) to streamline the process for CAD officers and relevant SPF officers to attain the ISCA Financial Forensic Professional credential. This will enlarge the financial forensics talent pool.

While much has been done, more needs to be achieved. These are our priorities for 2023.

Going international by establishing ISCA’s presence and network overseas

A heightened global profile will increase the brand recognition of the Chartered Accountant of Singapore designation, opening doors for our members in other parts of the world.

To achieve this, we will grow ISCA’s overseas network. We have identified key markets to set up overseas chapters and will appoint chapter chairpersons to establish support networks in these markets. This will serve overseas ISCA members and those who wish to explore opportunities in these markets.

We are exploring joint pathways with professional accountancy bodies to facilitate collaboration and enhance recognition of ISCA and our members regionally and internationally. This will enable Chartered Accountants of Singapore to gain recognition in overseas markets, expanding their career and business opportunities.

We have initiated trips to the Phillippines, Malaysia and Vietnam. More are in the pipeline.

Strengthen our Partnership with Government Agencies

While we already enjoy a good relationship with the government, we aim to strengthen our partnership with relevant government agencies such as MOF and ACRA and work together with them to advance the profession.

In January 2023, we held two Forward Singapore engagements at ISCA House. More sessions are being planned during the year, providing a channel for the views of ISCA members to be heard.

To develop Singapore into an accountancy hub, we see our partnership and collaboration with the government as a priority.

Fulfil non-practising members’ and business sectors’ needs and development

ISCA Academy will produce more content for our nonpractising members, who make up 70% of our members, as well as non-accountants in the business sector, such as C-suite executives and listed company directors.

Support the Charity Sector

To help strengthen governance and build capabilities in the charity sector, we have established the Charity Accounting Committee. ISCA will work with MCCY – Office of the Commissioner of Charities and the National Council of Social Service to champion initiatives that address these issues.

Support Research that Reflects Business and Industry Needs

Via our research network, we will tap the expertise of the universities and industry partners to explore research projects on topics such as the impact of artificial intelligence on the profession, corporate sustainability and the business impact of the metaverse.

ISCA as a Multi-Services Hub

With accountancy evolving into a multi-disciplinary profession, I envision creating a professional services hub to support the wider professional services community and related associations.

The hub will provide a platform for our members and the community to gain additional knowledge, thereby supporting their continuous learning and education, which will enhance their career opportunities.

These focus areas will be fodder for ISCA to write its next chapter of growth.

ISCA celebrates its 60^th anniversary in 2023. This year is also a time for us to look back and reflect on how far ISCA has come. In celebrating our journey as we plan for our future, we would like to express our appreciation for those who have contributed to the profession, sector, and community. Many of them have made significant contributions, and I would like to say “Thank You”.

This past year came and went quickly. My fellow Council members have offered their wholehearted support and wise counsel. More than 300 members serving in ISCA’s various committees have volunteered their time and efforts toward the advancement of the profession. The management and staff have worked hard to keep pace and implemented several of the initiatives which you see today. I also thank members for your continued support. I know it has not been easy when we set a new direction from day one of this council, a year ago. Thank you.

May you enjoy reading our 2022/2023 annual report. The ISCA Stories are to be continued, and I hope you are looking forward to the future chapters as much as I am.