Message from the Commander

Having intensified our member engagement efforts, we drew more than 16,000 members to ISCA House and hosted more than 100 in-person activities in 2023. Through various ISCA Connects sessions for targeted member segments, we created invaluable opportunities for networking, learning and collaboration within our community. We also co-organised events with other trade associations and chambers and Memoranda of Understanding (MOU) partners, so that our members can broaden their network through interactions with the business community and government agencies.

We connected with many members who are based overseas and shared ISCA’s developments and initiatives during members’ networking events as part of our internationalisation efforts.

2023 marked a pivotal moment in ISCA’s history as we embarked on our internationalisation journey. To date, we have established 12 overseas chapters, placing ISCA firmly on the world map. This attests to our commitment to expand our global reach and foster an enduring interconnected ISCA network.

These overseas chapters provide support, information and networking opportunities for members based in these countries, as well as for members who are keen to explore overseas opportunities. They also facilitate our exploration with overseas professional accountancy bodies on collaborations and joint pathways to enhance the international recognition of ISCA and our members.

We have increased our collaborative efforts with the broader business community and government agencies. In 2023, we signed 13 MOUs covering 29 different areas of interest, strengthening our ties with other stakeholders and reinforcing ISCA’s pivotal role in shaping the future of the profession.

To catalyse greater collaboration among professional accountancy and business services organisations, ISCA joined forces with other organisations to form the Professional Accountancy Hub (PA Hub). PA Hub now has a community that includes industry bodies for professional accountants, valuers, internal auditors, chartered secretaries, investors, and executives of listed companies. This initiative underscores our belief in the strength of a united ecosystem of partners, the government, and our dedicated members.

Undoubtedly, there are challenges around attracting more individuals to choose accountancy as their course of study and join the profession. We are addressing this on several fronts.

We have stepped up our student outreach efforts. In 2023, we held 70 events across various schools to showcase the benefits of an accountancy career. This led to an impressive 1,800 new student members. The growth in student membership numbers reflects our commitment to nurture the next generation of accountancy professionals.

Since the start of 2024, we have taken over the administration of the Singapore Chartered Accountant Qualification (SCAQ) programme. We have allocated $15 million over three years to enhance and strengthen the support for this programme and ensure it is a resounding success.

To broaden the talent pipeline, ISCA also launched the Global Talent Programme to introduce global and local young talents to accountancy’s diverse career options and Singapore’s business landscape.

We are always refreshing our offerings so that our members have the resources to enhance their professional capabilities and meet the demands of a dynamic business environment.

ISCAccountify enables members to fit learning latest in-demand skills into their busy lives. The new ISCA Sustainability Professional Certifications are designed to equip our members with the skills to spearhead sustainability initiatives and support Singapore’s transition to a low-carbon economy.

Despite spending more on internationalisation initiatives, legal and professional fees and members’ lounge expenses, we are closing our year with more than 50% additional surplus compared to the previous year. The Group also ended the financial year with a healthy cash balance of $23 million as well as reserves of $101 million, which include the fair value gains from Investment Property.

This was only possible through the Institute’s prudent management of its resources and liquidity. Despite the increased level of activities and initiatives in 2023, we kept our staff strength relatively lean by focusing our efforts on areas that matter and optimising our productivity.

As I look back on a year filled with significant achievements and progress, there are many parties to thank.

The support of our government and industry partners has been instrumental to ISCA’s progress. My fellow Council members have given their invaluable counsel and unwavering support in leading ISCA to greater heights. ISCA’s various committees are served by about 300 member volunteers who contribute their time and expertise to advance the profession. ISCA’s management and staff have worked tirelessly to implement our various initiatives. Lastly, none of this would have been possible without the support of our members.

I extend my heartfelt gratitude to everyone who has contributed to ISCA’s success.

The next frontier awaits. Let’s go!