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CHAPTER 4: SUPPORTING SMALL AND MEDIUM PRACTICES
Small and medium practices (SMPs) play an essential role in the accountancy sector, the business community and the economy. Businesses, especially local and growing companies, rely on SMPs for a wide range of professional services.
In a business landscape marked by disruptions, change and uncertainty, ISCA is supporting SMPs through their challenges. In 2022, ISCA drove various initiatives that helped SMPs overcome their challenges and positioned them for further growth and development.
DIALOGUES WITH SMPS
SMP WORKING GROUP
ISCA formed its SMP Working Group to develop recommendations for SMPs to strengthen their capabilities, attract and retain talent, and expand their business.
The SMP Working Group shared their recommended schemes at an outreach session conducted in collaboration with EnterpriseSG in December 2022. Areas included capability developments beyond digitalisation and talent attraction and retention.
PRACTITIONERS CONNECT
In 2022, the ISCA Public Accounting Practice Committee organised a new engagement and networking series for the SMP community – the ISCA Practitioners Connect. The series connects SMPs to share practice-related issues, exchange best practices and co-create ideas to address challenges.
At these lively evening sessions, practitioners gathered for candid conversations and meaningful exchange of perspectives and experiences. These sessions enabled participants to share new perspectives and insights on key practice-related topics and learn about ISCA’s new initiatives and programmes for audit firms.
SMP CENTRE OF EXCELLENCE
The SMP Centre of Excellence was launched in October 2022. Supported by ACRA and SAC, and run by ISCA, the SMP Centre provides a holistic suite of initiatives, services and resources for audit practices.
The SMP Centre of Excellence focuses on four pillars of support:
ACCOUNTANCY FUTURE LEADERS PROGRAMME
The Accountancy Future Leaders Programme (AFLP), created by ISCA and SAC in 2019 to nurture the next generation of accountancy firms, has supported 13 firms to date. 18 project works and more than 870 continuing professional development hours have been completed.
The programme, supported by Industry Transformation Map and SkillsFuture Leadership Development Initiative (LDI) Thrust 2 funding, has awarded $160,000 to participating firms.
PUBLICATIONS AND ADVISORIES
ISCA issues and regularly updates various publications for SMPs, such as the ISCA Audit Manuals and ISCA Illustrative Financial Statements.
In 2022, ISCA, in collaboration with SAC, issued five advisories to support firms in updating their safe management measures and understanding the impact these measures have on their work arrangements, both at their work premises and at their client’s premises. These followed four advisories issued in 2020 and 2021.
QUALITY MANAGEMENT TOOLKIT AND WORKSHOPS
To support firms in implementing the new quality management standards, ISCA published a quality management toolkit.
ISCA conducted workshops to guide audit firms on using the toolkit to design their quality management system. More than 230 participants have attended the workshops.
QUALITY ASSURANCE REVIEW
ISCA’s Quality Assurance Review (QAR) Programme is a voluntary programme that helps public accountants raise the quality of their audit practices and audit engagements.
This programme is designed to be consultative and advisory. It will recommend areas for improvement, share best practices, and customise training based on the findings of the review.
The QAR programme involves review of signed-off engagement files, firm-level quality management system and/or policies, procedures and controls on anti-money laundering and countering the financing of terrorism.