OUR SUSTAINABILITY STRATEGY

We collaborate with like-minded organisations to expand the accountancy profession’s contribution to sustainability. These stakeholders include government agencies, academia, professional services firms, international accountancy networks, fellow professional bodies and other trade associations and chambers.

COLLABORATION WITH IFAC AND JEJU GROUP

Through our involvement in international accountancy networks such as IFAC and the Jeju Group, we participated in webinars to promote corporate sustainability. In 2022, ISCA committee members spoke at the “State of Play – Reporting and Assurance of Sustainability Information” webinar, jointly hosted by IFAC and the Jeju Group, as well as the Jeju Group’s webinar regarding Exposure Drafts on the general requirements for disclosure of sustainability-related financial information and climate-related disclosures issued by the ISSB.

COLLABORATION WITH OUR MOU PARTNERS

We signed MoUs with MCCY - SG Cares Office and MCCY - Office of the Commissioner of Charities to promote skillsbased volunteerism within the profession. Our partnerships with these offices enable us to harness the knowledge, skills and expertise of the accountancy profession for community development projects.

COLLABORATION WITH ACRA AND MAS

Via Ms Fang Eu-Lin, Deputy Chairperson of ISCA’s Sustainability and Climate Change Committee, ISCA is represented on the Sustainability Reporting Advisory Committee, set up by ACRA and SGX RegCo to advise on a sustainability reporting roadmap for Singapore-incorporated companies. The committee will provide input on the suitability of international sustainability reporting standards for implementation in Singapore.

To support our members to be difference makers to the business ecosystem, we aim to build capabilities in accountancy professionals to enable them to identify, promote and pursue sustainability opportunities for their organisations. The following table lists our desired outcomes, goals and measures.

In 2022, ISCA submitted comment letters to the International Sustainability Standards Board on its exposure drafts for Exposure Draft: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and Exposure Draft: IFRS S2 Climate-related Disclosures.

At the same time, to provide guidance to the profession, ISCA issued the following guidance materials and research report:

• ISCA Climate Disclosure Guide – Taking First Steps Towards Climate-related Disclosures.
• Sustainability – Jobs and Skills for the Accountancy Profession research report
• Technical Bulletin 1: Addressing Climate-Related Risks in Financial Statements and Audits of such Financial Statements

More information on the guidance materials and research report are found in the section Keeping the Profession in the Know.

To enhance our outreach, ISCA held a sustainability-themed mini-conference “Embracing New Opportunities in the Changing Climate” and the sustainability-themed PAIB Conference “From Why to Why Not: Sustainability for Growth and Innovation”.

ISCA, in partnership with SAC Capital, launched the Sustainability E-Training for Directors programme, a prescribed course for listed company directors, senior management and CFOs to meet the enhanced SGX sustainability reporting rules.

Other events and courses ISCA organised in 2022 included “The Imperatives of ESG and Getting Ahead of ESG Reporting” webinar, a Breakfast Talk on sustainability and sustainability topics in our Web-Bitez Learning Series.

ISCA also published 26 sustainability-related articles in the ISCA journal to raise awareness of sustainability-related topics.

As a responsible corporate citizen, ISCA has several initiatives aimed at promoting sustainability, community development, and employee well-being.

Chaired by ISCA CEO and driven by HODs from various departments, the Sustainability Reporting (SR) Taskforce develops and implements SR initiatives, including reporting and disclosures relating to sustainability. The ISCA Sustainability Plan, which was developed in 2022, reflects our commitment to support the Singapore Green Plan 2030 and the UN Sustainable Development Goals.

REDUCING ENVIRONMENTAL IMPACT

a) ISCA HOUSE RENOVATION

Driving sustainability practices was a key feature in the renovation of ISCA House. ISCA has adopted a hybrid work arrangement for our staff, which required less physical office space. As such, we have consolidated the workspaces and freed up approximately 10,000 square feet for our members in the repurposed ISCA House. Our office space adopted an open office concept with flexible and reconfigurable layouts for maximum space usage. We have adopted hot desking with agile working facilities and multi-functional spaces such as pantry areas for town hall sessions, small meetings in breakout areas, etc.

By adopting the 3 Rs – “Reduce, Reuse and Recycle” approach in the renovation, a decluttering exercise was carried out pre-renovation to reduce waste and free up space. Non-essential items were either donated or discarded. We retained and reused about 25% of existing office furniture as well as 100% of tables and chairs from existing training rooms. Each training room is outfitted with ample electrical power outlets and charging stations for members to connect and charge their laptops and mobile devices. This contributed to our sustainability efforts in reducing the printing of training materials.

The refreshed ISCA House is designed to meet the needs of our members in the new normal. It caters to both physical and virtual modes of engagement with improved lighting and facilities. The temperature of air-conditioners is controlled centrally at 25 ˚C across all levels for energy efficiency. We used sustainable and environmentally-friendly products, such as carpets, partition walls and tabletops with the Singapore green label; and vinyl flooring with the Singapore green building product certificate issued by the Singapore Green Building Council.

b) ENERGY CONSUMPTION AND CARBON EMISSIONS

There are no Scope 1 emissions as ISCA does not have direct emissions from fuel combustion of any corporate vehicles and machinery.

We report Scope 2 emissions as we have indirect emissions from the generation of purchased electricity at ISCA House.

The following shows our carbon emissions in 2022.

c) WATER USE

Our office building is in a commercial real estate building, where water consumption by tenants is not traceable. We have adopted water-efficient fittings for new basin taps and encouraged staff to use water wisely.

d) WASTE MANAGEMENT

We formed the “ISCA Green Team” working group to solicit ground-up ideas and implement initiatives to reduce office waste. By implementing these initiatives, ISCA would be able to achieve our waste disposal targets under our waste reduction programme.

As a part of our waste reduction programme, we have established a key indicator to identify areas where paper usage can be reduced - the total amount of paper used.

In 2022, our paper usage amounted to 380 reams. We will start tracking the paper usage from 2023. By monitoring this metric, we aim to reduce our paper consumption and contribute to our sustainability goals.

The total number of full-time employees as at 31 December 2022 is 97 (as at 31 December 2021: 97).

The age and gender diversity of our full-time employees are set out below:

SUCCESSION PLANNING

ISCA recognises the importance of succession planning as this will minimise potential disruptions to workplace processes. We build a talent pipeline and prepare our employees to fill vacant positions to ensure business continuity. As a forwardlooking organisation, ISCA is responsive to talent scarcity and demographic changes as well as retention of key talents by providing development, challenging, and rewarding opportunities. Our decisions on succession planning, career advancement, including promotions, transfers, and other assignments are based on ISCA’s organisational needs and as well as merit and competency.

ISCA CARES

ISCA’s charity arm, ISCA Cares, represents the collective efforts of our profession to give back to society and serves as the platform for our profession to support worthy and meaningful causes.

ISCA CARES EDUCATION PROGRAMME

$800,000 to more than 260 youths from financially challenged backgrounds as they pursue their studies in accountancy. These beneficiaries, also known as ISCA Cares Ambassadors, can be accountancy professionals upon graduation.

In 2022, ISCA Cares awarded $110,350 to 30 ISCA Cares Ambassadors at the annual ISCA Cares Bursary Awards Ceremony held at venue sponsor CLA Global TS. For the first time, the event, which was attended by over 30 guests, was also live-streamed via ISCA Facebook.

In addition to financial support, ISCA Cares provides career and personal development guidance through mentoring. ISCA Cares Ambassadors are mentored by experienced accounting and finance professionals in the pursuit of their goals and aspirations in the accountancy profession.

CONTRIBUTING TO THE COMMUNITY WITH SKILLS-BASED VOLUNTEERISM

Another of ISCA Cares’ objectives is to harness the knowledge, skills and expertise of the accountancy profession for community development projects through collaborative programmes. ISCA and ISCA Cares partner with the Ministry of Culture, Community and Youth (MCCY) – Office of the Commissioner of Charities and MCCY’s SG Cares Office to support charities and non-profit organisations to enhance their governance, management capabilities and capacities.

MAKING A POSITIVE DIFFERENCE TO THE COMMUNITY

ISCA Run

The Institute involves our staff in serving the community. An example is volunteering in ISCA Run, a key sporting event for the accountancy profession which promotes camaraderie and a healthy lifestyle.

After a two-year hiatus due to the pandemic, ISCA Run was back in 2022 and fully subscribed. More than 1,300 participants, including members from professional services firms and commerce as well as the public, took part in the 5km run, held at OCBC Square on 15 October.

Mr Eric Chua, Senior Parliamentary Secretary for Culture, Community and Youth, flagged off the run. All funds raised by ISCA Run were donated to ISCA Cares. Our staff volunteered at the event to reduce its operational costs so that more of the net proceeds could be channelled to ISCA Cares.

Beach Clean Up

Team ISCA and our family members also helped to clean up Pasir Ris Beach Park A and B, as part of our corporate social responsibility effort, on 12 November.

In two hours, we picked up litter including discarded plastic bottles, plastic bags, and styrofoam pieces. In total, the volunteers filled up 40 large bags of litter.

COUNCIL AND COMMITTEE MEMBERS

The Institute recognises the importance of having an effective and diverse Council as well as appropriately balanced Committees to represent and support the diverse membership.

• The ISCA Council is the governing body of the Institute and is responsible for the management and control of the affairs and the funds of the Institute in accordance with the Constitution. The Council approves major policy decisions and oversees matters relating to the governance and membership of the Institute.
• The Council delegates certain powers to ISCA Committees and appoints the chairman and members of these Committees to perform various functions to assist the Council in the discharge of its responsibilities based on the Committees’ terms of reference. The terms of reference of each Committee set out the purpose and responsibilities as well as the composition of the Committee. All these committees are accountable to the Council.
• The Council represents the interests of the members and is accountable to them. Reflecting our diverse membership base, the Council comprises leaders from the corporate sector, the public accounting profession and the public sector.
• The Nomination Committee (NC) reviews and recommends to the Council the desired competencies required within the Council’s membership pertaining to gender, age, skill sets, experience and membership mix of the Institute. The NC assists the Council in identifying suitable candidates for appointment to the various ISCA Committees.
• An effective Council is one with a blend of skills and experience where each member brings qualities that complement the whole. As far as possible, a balance of gender, age and experience should be pursued. The Council should apply equal emphasis on bringing together the right mix of professional experience, technical skills, and knowledge relevant to the work of the Council and ISCA Committees to enhance the decisionmaking process.

RISK MANAGEMENT

Relevance And Value

To deliver value to our members through quality initiatives and services, ISCA constantly monitors the trends and developments affecting the profession. We then refine our initiatives to remain relevant and prepare members to be future-ready.

Our involvement with international accountancy networks such as IFAC, CAW, AFA and the Jeju Group ensure we are connected to developments in the global accountancy profession and are kept updated on the challenges and opportunities affecting the profession. ISCA represents Singapore’s accountancy sector in the ASEAN CPA Coordinating Committee, an intergovernmental group comprising finance ministries, regulators, and national professional accountancy organisations from 10 ASEAN countries.

In addition, ISCA taps the wealth of knowledge from our Council and committee members to ensure we are kept abreast of industry needs. Our Council and committee members are one of the channels for ISCA to understand the needs of the business community and the accountancy profession, as well as a sounding board for our ideas and plans.

As the national accountancy body, ISCA is an active contributor to the development of the accountancy profession and an active participant in the global accountancy ecosystem. We regularly engage local and international stakeholders and counterparts in dialogues to keep pace with industry developments, maintain and deepen working relations to advance the accountancy profession in Singapore.

As the voice for our members and the profession, ISCA works closely with standard setters, regulators and industry partners to shape and maintain high ethical and professional standards within the financial ecosystem. For instance, ISCA regularly submits comment letters on exposure drafts drawn up by international standard-setting bodies, and issues guidance on relevant accounting and auditing standards.

In 2022, we expanded our membership structure to widen our membership base. We expanded our student membership to welcome youths across all academic levels who are keen on accountancy to join the community. We provided a pathway for experienced individuals in accounting and finance who may not have an accountancy education to become ISCA members. We also introduced the ISCA Corporate Membership for organisations to be ISCA members. This enables ISCA to cast our net wider and enable the employees of our corporate members to be part of the ISCA network.

Cyber And Data Security

In 2022, ISCA earned the ISO 27001 certification, the global standard for information security management systems covering more than a dozen standards in data protection and cyber resilience. To attain this certification, ISCA was subjected to an independent expert assessment of whether our data was sufficiently protected, and whether we had the ability to consistently meet and exceed customer expectations on data protection. ISCA achieved this certification by investing in our people, processes, and technology, including tools and systems to protect our data. This achievement is a testament to our commitment to strengthening data protection.

In line with government efforts to safeguard Short Messaging Service (SMS) as a communications channel, ISCA registered with the Singapore SMS Sender ID Registry (SSIR), following news of high-profile scams using SMS. Registration with SSIR ensured that only bona fide organisations could use such SMS Sender IDs. This prevents misuse of the ISCA Sender ID by unauthorised parties and provides assurance to members and the public of the integrity of SMS sent by ISCA.

As part of our commitment to maintaining a robust cybersecurity posture, we have implemented several measures to ensure that our staff are aware of the latest cybersecurity threats and best practices for protecting our organisation’s sensitive data.

One such measure is our annual training on cybersecurity and the Personal Data Protection Act. This mandatory training provides our staff with an overview of the latest threats and risks facing our organisation, as well as practical advice on how to prevent security breaches and protect sensitive data.

In addition, we conduct quarterly phishing emails to test staff’s awareness and readiness to detect and respond to phishing attacks. This keeps our staff vigilant and up to date on the latest tactics by cybercriminals to gain unauthorised access to organisations’ data.

To complement these efforts, we also send regular emails on cybersecurity awareness to staff. These emails provide updates on the latest cybersecurity trends, as well as practical tips on how staff can protect themselves and the organisation against cyber threats. These emails are designed to be easily understood and accessible to staff at all levels of the organisation.

Our cybersecurity training and awareness efforts have been effective in reducing the risk of cyber attacks and protecting our organisation’s sensitive data. We are committed to staying up to date on the latest threats and best practices, and will continue to invest in training and awareness programs to ensure that our staff are well-equipped to defend against cyber threats.

Attracting And Retaining Talent

Workforce planning and ensuring a sustainable talent pipeline are key drivers of our talent management strategy.

Every ISCA staff contributes to the success of the Institute and is encouraged to develop their professional knowledge and skills. While we continue to focus on training and developing our staff, we also provide other opportunities for their career enrichment and growth.

As part of a performance-driven culture, staff are given regular feedback on their performance and recognition for their achievements. We aim to be an Employer of Choice to attract and retain the right talent and be a great place to work for all ISCA staff.

Managing Reputational Risks

Our reputation is one of the Institute’s most valuable assets. The positive perception of ISCA in the minds of our members, regulators and other stakeholders, and the trust and relationships we have built with them, is vital to ISCA’s success.

Managing this strategically starts with building an accurate picture of our strengths and weaknesses to quantify the impact of identified risks on our reputation. The Institute has an ongoing process to detect and manage issues that can affect our corporate identity and reputation.

We also manage, protect, and improve our reputation through sound corporate values as well as robust policies and processes to identify, assess and respond to risks in a manner that is consistent with the Institute’s culture.