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Equipping the Profession
Expedition Log: Act 5
The global environment is marked by uncertainty. Technology, especially advances in AI, and the increasing emphasis on sustainability are reshaping the business landscape. Against this backdrop, ISCA aims to ensure our members have the skills and knowledge to stay relevant as well as adequate support when they face career challenges or transitions.
Our specialisation pathways and certification programmes are designed to ensure that our members can adapt to trends that are revolutionising the profession. We are always innovating our offerings so that our members can easily access the training they need to enhance their professional capabilities and meet the demands of a dynamic business environment.
2023 marked a significant step forward in our commitment to enhancing financial forensics and nurturing a community of qualified financial forensic professionals. We inked MOUs with two law enforcement agencies—the Commercial Affairs Department (CAD) of the Singapore Police Force (SPF) and the Financial Intelligence and Investigation Bureau (FIIB) of the Hong Kong Police Force (HKPF).
Building upon our collaboration with the Corrupt Practices Investigation Bureau (CPIB) in 2021, these partnerships underscore our dedication to expanding the pool of skilled financial forensic professionals. We aim to offer support and a structured pathway for eligible police officers to obtain the ISCA Financial Forensic Professional (FFP) credential—a mark of their specialised skills and experience in financial forensics.
Our collaboration with these law enforcement agencies reflects our commitment to fostering a community of financial forensic professionals. Through these partnerships, we are expanding our network and contributing towards the development of the financial forensics workforce.
ISCA launched the Artificial Intelligence for Accountancy Industry (AI for AI) initiative with an initial $2 million on 15 May to tap on the use of artificial intelligence for the accountancy industry. With its Research Network, ISCA will identify strategic research projects, foster a start-up ecosystem for the development of AI solutions for the accountancy profession, and develop strategies for accelerating AI technology adoption.
AI for AI is spearheaded by the AI Taskforce, co-chaired by ISCA Council members Ms Cyndi Pei and Mr Song Yeow Chung, with support from Professor Ong Yew Soon (Sub-Committee Lead - Research), Mr Lee Eng Kian (Sub-committee Lead - Policy & Regulations), and Mr Darren Thayre (Sub-Committee Lead - AI Solutions).
On the research front, ISCA has embarked on a couple of projects and will continue to reach out to Institutes of Higher Learning for AI-related research ideas. The Policy & Regulations Sub-Committee has drawn up plans to develop bite-sized contents for publication in the Chartered Accountants Lab.
The AI Solutions Sub-Committee members co-facilitated three discovery workshops to understand the needs of the accountancy sector. A total of 25 problem statements were generated from these workshops. A list of problem statements will be shared on an open innovation platform to call for technology vendors to propose related AI solutions for the accountancy sector.
Continuing professional development (CPD) is crucial to ensure our members’ professional growth, competence, and relevance in a rapidly-changing business landscape. During the year, we have continuously innovated and refreshed our CPD offerings to support our members’ professional aspirations.
Certifications in Sustainability Reporting and Sustainability Assurance Providers
To equip the profession with sustainability skills, ISCA launched two sustainability certifications on 29 November 2023 at the ISCA Conference. The certifications aim to address the capability gap in sustainability reporting and assurance by training more sustainability reporting officers and climate auditors.
The ISCA Sustainability Professional Certification caters to professionals who support their organisations in sustainability reporting as well as those kickstarting the decarbonisation journey for their organisation.
The ISCA Sustainability Assurance Professional Certification provides assurance professionals with essential knowledge in sustainability assurance and assurance standards.
ISCA Conference
With over 20 segments and 36 speakers, ISCA Conference, themed “AI in the Accountancy Industry”, drew over 1,100 business leaders and accountancy professionals on 29 November 2023.
Participants were updated on the hot topics of AI and sustainability via the plenary sessions on “AI Opportunities in the Accountancy Industry” and “Sustainability Transformation”. They also had the opportunity to network over lunch as well as connect with more than 30 exhibitors showcasing the latest technologies.
The conference had two tracks. Finance and business leaders who attended Track 1 gleaned insights on trends including adaptive fraud prevention, C-Suite priorities for 2024, and accounting technical updates.
Audit Practitioners and Specialists who attended Track 2 learnt about ACRA’s Practice Monitoring Programme updates, sustainability assurance, technical updates and money laundering trends.
ISCA Conference Plus+
ISCA introduced ISCA Conference Plus+, a three-day programme curated for audit practitioners featuring Pre- and Post-Conference workshops. The workshops saw a full house attendance and covered topics including key updates on group audits, going concern, valuation of digital assets and a deep dive into common audit deficiencies.
ISCA Mini Conference Series
6 mini conferences were held in 2023, each designed to provide members with insights on emerging trends and a chance to engage with industry experts. Besides a session on the Institute’s annual Budget and Tax Update, other topics covered included the economic outlook, sustainability in finance, professional standards, data analytics and insights into the review of financial statements. In total, these bite-sized conferences attracted almost 1,800 participants and supported them in staying well-versed in the latest developments within their respective fields.
ISCA Web-Bitez Learning Series
The ISCA Web-Bitez learning series continued to broaden members’ perspectives across various business-related topics in a convenient and bite-sized format. Through the year, nearly 2,500 participants stayed informed on a wide spectrum of topics delivered across 15 sessions, including data governance and assurance in sustainability, accounting for digital assets and even supply chain resilience and data-driven marketing, empowering them to be strategic business partners.
ISCAccountify
ISCAccountify, our subscription-based learning platform with over 7,000 subscribers, stands as a testament to our commitment to provide an accessible and affordable learning experience. With 89 new courses added in 2023, the platform now boasts a comprehensive library of more than 350 learning clips across 160 courses and are continually refreshed to align with evolving industry demands and learning trends.
2023 ISCA Academy at a Glance
Our research reports and professional journal are among the resources we provide for our members’ professional development. By providing the profession with the latest information, we enable our members to stay informed about industry trends.
During the year, we also organised webinars and roundtables to promote knowledge sharing.
Research Study on Sustainability Transformation in the Manufacturing Sector
ISCA, together with Singapore Manufacturing Federation, Deloitte & Touche Business Advisory, and Singapore Management University, launched a joint study to shed light on the state of sustainability integration into corporate strategies and business models, understand the skills needed in sustainability transformation; and assess the role of accountancy and finance professionals in sustainability transformation.
The research report, titled Sustainability Transformation: The Role of Accountancy and Finance Professionals in the Singapore Manufacturing Sector, was launched on 29 November at the ISCA Conference 2023.
From IS Chartered Accountant Journal to CA Lab
In December 2023, we bid farewell to the IS Chartered Accountant Journal, our award-winning flagship publication and a key communication platform with members. From January 2024, members welcomed a new, dedicated microsite called Chartered Accountants Lab, or CA Lab for short, a content hub for accountancy professionals in a dynamic business environment.
In 2023, ISCA launched its Career Growth Centre. Located in ISCA House, the centre offers career coaching with NTUC’s Employment and Employability Institute (e2i) coaches, career consultation, job matching and lunch talks.
The centre has hosted over 50 e2i career coaching and consultation sessions, providing members with job search tips and connecting them to more than 70 career opportunities.
Career Lunch Talks
A Lunch-and-learn initiative was rolled out to encourage our members to attend informative talks over lunch sessions.
In conjunction with World Mental Health Day on 1 October 2023, ISCA rolled out a series of initiatives in October to help members take care of their mental well-being.
We curated a Mental Wellness Spotify playlist to uplift spirits and promote mental wellness. This was accompanied by a mental wellness box for our members, packed with items that promote well-being.
ISCA also shared the CAW’s well-being toolkit for managers in the accountancy profession, which has practical tips on prioritising well-being support and fostering resilience in workplace.
