To help SMPs improve their audit quality, ISCA carried out the Quality Assurance Review programme. The programme helps to identify areas of improvement in audit procedures and documentation.
With the increasing emphasis on audit quality globally, the Institute released a publication “Enhancing Audit Quality – From Different Perspective”, which gathered the viewpoints of key stakeholders (practitioners, directors, regulators, preparers) in Singapore on the audit quality framework issued by the International Auditing and Assurance Standards Board and its application in practice.
Through ISCA’s Technical Clinic, public accountants were also given a platform to share and discuss auditing related issues among themselves with the aim of improving the quality of audit.
The Institute is committed to playing a leading role in guiding the accountancy profession to contribute to the well being of Singapore and also support the global movement on anti-money laundering and countering the financing of terrorism.
We provided our members with relevant requirements and guidelines to help members establish sound and robust Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) controls and measures in order to mitigate the risk of dealing with clients involved in money laundering or terrorist financing activities. ISCA held seminars and developed resources to support the accountancy profession in implementing these controls and procedures.
A new Ethics Pronouncement 200 – “Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore“ was developed with relevant regulators to help accountants abide by enhanced mandatory requirements. With money laundering and terrorist financing activities becoming increasingly sophisticated, the pronouncement further strengthens Singapore’s reputation as a trusted international financial and business centre.
Given the changing business landscape and ongoing economic uncertainty, accountants may often find themselves in situations where they have to choose between fulfilling economic interests and ethical considerations. Hence, ISCA reconstituted the Ethics Committee to raise ethical standards for the accountancy profession in Singapore.
Continuing Professional Education (CPE) launched a record number of 800 sessions in 2014 and will continue to provide continuing education programmes to meet members’ needs for knowledge improvement, skills upgrading and professional development. The response from members continued to exceed expectations with more than 20,000 members participating in all our continuing education programmes, from business or practice entities involving accounting and audit to risk management, finance, tax, insolvency and restructuring work.
There are now more ways for ISCA members to fulfil their training and development needs. ISCA has developed a library for e-Learning with 400 courses in finance and business skills. The web-based modules are designed to provide enhanced access and greater ease of use and navigation. ISCA members who are travelling can still complete the courses as they are available 24/7, via various platforms including the mobile phone, iPad and laptop/computer.