ISCA Committees

NOMINATIONS COMMITTEE

The Nominations Committee assists the Council in sourcing and identifying candidates for internal and external appointments including candidates for election to the Council. It reviews and makes recommendations to the Council on the appointments to various ISCA committees.

AUDITING AND ASSURANCE STANDARDS COMMITTEE

The Auditing and Assurance Standards Committee (AASC) develops Singapore’s auditing and assurance standards and monitors standards-related policy and implementation issues, giving consideration to the need for guidance. AASC also takes a lead role in advocating the views of the profession in Singapore to influence the development of international standards.

AUDIT COMMITTEE

The Audit Committee plays a critical role in ensuring the integrity of the financial statements through its oversight of the Institute’s financial reporting process, the internal control system and the audit function.

Another role of the committee includes the review of the annual financial statements prior to approval by the Council, as well as the evaluation of significant findings arising from the audit.

BANKING & FINANCE COMMITTEE

The Banking and Finance Committee works closely with the banks and financial institutions as well as regulatory authorities to address accounting, auditing and regulatory issues affecting the banking and finance industry. This typically involves deliberating and providing comments on proposed changes in accounting and auditing standards as well as regulatory requirements affecting the industry.

It also collaborates with various regulatory authorities for the issue of guidance on additional procedures to be performed by the auditors in connection with industry-specific reporting requirements and on the form and content of such reports.

The CFO Committee provides guidance on initiatives to foster the development of finance professionals and promote the relevance of having finance professionals who are CA (Singapore). The Committee also provides direction and gathers feedback on relevant issues including new laws, regulations, standards and guidelines affecting finance professionals.

CONTINUING PROFESSIONAL EDUCATION COMMITTEE

The Continuing Professional Education Committee (CPEC) provides strategic guidance on the value and relevance of ISCA Continuing Professional Education programmes (CPE), taking into consideration future jobs and skills.

CORPORATE FINANCE COMMITTEE

The Corporate Finance Committee works closely with regulatory authorities, corporate finance and investment banking organisations to address issues relating to corporate finance. This typically involves seeking the views of relevant stakeholders and providing inputs on matters pertaining to accounting and auditing standards, consultations papers to international standard setters and regulatory requirements affecting the profession.

CORPORATE GOVERNANCE AND RISK MANAGEMENT COMMITTEE

A key objective of the Corporate Governance and Risk Management Committee is to stress the importance of corporate governance and risk management issues, as well as promote fairness, transparency and accountability in the conduct of business to our members and the general public.

ETHICS COMMITTEE

The Ethics Committee adapts and adopts the Code of Ethics for Professional Accountants issued by the IESBA for the Institute’s use as the ISCA Code of Professional Conduct and Ethics. It also aims to provide support to help address ethical issues faced by professional accountants in business and to raise awareness and promote acceptance of the Ethics Committee’s ethical standards and guidance among stakeholders.

FINANCIAL FORENSIC ACCOUNTING OVERSIGHT COMMITTEE

The Financial Forensic Accounting Oversight Committee provides oversight over the governance of the ISCA Financial Forensic Accounting (FFA) Qualification which includes considering, advising, approving and endorsing policies, guidelines and procedures in relation to the administration of the Qualification. The Committee also advises and endorses the professional competencies of the ISCA Financial Forensic Professional credential applicants.

FINANCIAL REPORTING COMMITTEE

The Financial Reporting Committee proactively engages industry groups and other organisations on financial reporting topics and issues in Singapore. Robust discussions are also held by the Committee and its subcommittees on emerging topics and issues. The Committee also reaches out to the accounting profession to raise public awareness and issue guidance to assist the professional in overcoming application challenges of accounting standards.

FINANCIAL STATEMENTS REVIEW COMMITTEE

The fundamental objective of the Financial Statements Review Committee (FSRC) is to promote high quality corporate financial reporting and raise the standard of the accountancy profession in Singapore. It executes this by reviewing audited accounts of listed and non-listed companies and identify areas where the recognition, measurement, presentation or content of the accounts falls short of compliance with the Singapore Financial Reporting Standards (SFRSs) and the Singapore Standards on Auditing (SSAs).

INFRASTRUCTURE & PROJECT FINANCE OVERSIGHT COMMITTEE

The Infrastructure & Project Finance Oversight Committee provides oversight over the governance of the ISCA Infrastructure & Project Finance Qualification (ISCA IPFQ) which includes considering, advising, approving and endorsing policies, guidelines and procedures in relation to the administration of the Qualification. The Committee also advises and make recommendations for the conferment of the ISCA Infrastructure & Project Finance Professional (ISCA IPFP) credential applicants.

INSOLVENCY & RESTRUCTURING PRACTITIONERS COMMITTEE

The Insolvency & Restructuring Practitioners Committee deals with issues, laws and regulations pertaining to the insolvency and restructuring industry. It also seeks to advocate and promote the professional accountant’s interests in relation to insolvency and restructuring and, where appropriate, take a leading role in representing these interests.

INSURANCE COMMITTEE

The Insurance Committee advises the Institute on accounting and auditing matters relating to the insurance industry. It also works with both regulatory authorities and insurance associations on such matters, and where appropriate, makes recommendations on such matters to the regulatory bodies.

INVESTMENT COMMITTEE

The Investment Committee recommends to Council on the Institute’s investment policy, investment approach and asset allocation, and monitors the compliance of the Institute’s investments in accordance to the investment policy. The Investment Committee also oversees the selection and appointment of external investment/fund managers and evaluates/monitors the performance of the fund managers and the risks associated with the investments decisions.

IS CHARTERED ACCOUNTANT JOURNAL EDITORIAL ADVISORY PANEL

The IS Chartered Accountant Journal Editorial Advisory Panel provides guidance to the editorial team on the character and direction of the journal, defines the editorial’s focus and coverage, and plays a significant role as informed sources on emerging accountancy and business issues and opportunities to enhance the content of the journal.

MEMBERSHIP COMMITTEE

The Committee is responsible for reviewing existing admission requirements and membership matters. It makes recommendations to the Council on the admission of new members, membership reclassifications, resignations and reinstatements as well as advises the Council on related membership matters from time to time.

MEMBERSHIP GROWTH AND ENGAGEMENT COMMITTEE

The Membership Growth and Engagement Committee provides strategic oversight and guidance in acquiring new members and retaining of existing members for the Institute. It will also formulate programmes to keep members engaged at regular intervals.

PUBLIC ACCOUNTING PRACTICE COMMITTEE

The Public Accounting Practice Committee (PAPC) deals with issues relating to the public accounting profession, especially matters affecting Small and Medium Practices (SMPs); participates in dialogue sessions with the Accounting and Corporate Regulatory Authority (ACRA) and other relevant authorities, and assists in other related ad hoc assignments.

SINGAPORE MONITORING COMMITTEE

The role of the Singapore Monitoring Committee (SMC) is to develop and maintain a process of submitting, on behalf of ASEAN citizens who are members of ISCA [CA (Singapore) and Associate (ISCA)], applications to be approved as ASEAN Chartered Professional Accountants (ASEAN CPA) under the ASEAN Mutual Recognition Arrangement on Accountancy Services.

SUSTAINABILITY AND CLIMATE CHANGE COMMITTEE

The Sustainability and Climate Change Committee promotes the relevance of sustainability, climate change and related advances to business strategy and the accountant’s role in advancing these agenda. It also furthers the adoption of quality sustainability reporting and advocates Singapore’s interests in relation to sustainability reporting standards and requirements.

YOUNG PROFESSIONALS ADVISORY COMMITTEE

The Young Professionals Advisory Committee (YPAC) was established in June 2012 with a view to contribute to the strategy, operations and initiatives of ISCA from the perspectives of our young members who are 35 years and below. New initiatives will be rolled out to further reach and engage this target group.