2016 Highlights

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Singapore Accountancy Convention 2016

We have been holding the Singapore Accountancy Convention, a capstone event for the accountancy profession, since 2010. In 2016, for the first time, we collaborated with the Accounting and Corporate Regulatory Authority (ACRA) to organise Singapore Accountancy Convention 2016, which incorporates ACRA's annual Public Accountants Conference.

Held on 25 August 2016 at the Marina Bay Sands Expo and Convention Centre, the convention focused on "Meeting Investors' Needs, Strengthening Market Confidence". Over 900 accounting professionals and business leaders attended the convention, which was officiated by Senior Minister of State for Law and Finance Indranee Rajah. In line with the convention's theme, a rich array of topics were shared with participants covering the latest developments in the financial reporting, audit, ethics and tax landscape. A research study on Singapore investor's views about financial reporting and audit, jointly commissioned by ACRA and ISCA, was also unveiled to the audience.

Accelerated Pathway for Certified Internal Auditor

At the Convention, we announced our agreement with the US-based Institute of Internal Auditors (IIA), and IIA Singapore to provide an accelerated pathway for ISCA members who hold the Chartered Accountant of Singapore — CA (Singapore) — designation to obtain the globally recognised Certified Internal Auditor (CIA) designation. The pathway also includes membership into IIA Singapore or the IIA Institute located in the country where the member is based. This was a one-time offer which was open only for 2016. Instead of taking the usual three-paper CIA Challenge Examination, eligible CA (Singapore) holders only had to sit for one condensed paper.

Singapore Accountancy Awards 2016

The Singapore Accountancy Awards is a biennial event organised by ISCA that spotlights outstanding organisations and individuals in the accountancy scene. This prestigious award is supported by ACRA and the Singapore Accountancy Commission (SAC).

This year, eight firms and six individuals were recognised at the awards gala dinner for their contributions to the accountancy profession. The winners received their awards from the Guest of Honour, Minister of State for Manpower and ISCA Advisor, Mr Teo Ser Luck. This momentous event was witnessed by about 500 invited guests, luminaries, and participants.

ISCA Cares Education Programme

In 2016, 15 student beneficiaries received a total of S$55,000 in bursaries from ISCA Cares, under the ISCA Cares Education Programme. The programme aims to provide needy youths whose family's per capita income falls below S$625 with access to an accountancy education.

ISCA Cares was made possible with the firm support of the accountancy profession. Together with ISCA's seed contribution, donations from BDO LLP and RSM Chio Lim Singapore formed the first pool of funds for the ISCA Cares Education Programme. The student beneficiaries received their bursaries from ISCA Cares Chairman Mrs Lim Hwee Hua at the inaugural award ceremony on 20 September. Under the programme, donors' contributions will go towards subsidising the tuition fees and basic living expenses of deserving needy youths who have been admitted to, or are pursuing an accountancy education in local polytechnics and universities. Beyond financial assistance, ISCA Cares Education Programme also offers our beneficiaries internship and mentorship opportunities. This will help beneficiaries to acquire real-life experiences of a professional accountant and, at the same time, gain career and personal development guidance from a mentor.

MoU to Develop Accountancy Sector in Laos

We have signed a Memorandum of Understanding (MoU) with the Lao Chamber of Professional Accountants and Auditors (LCPAA) to explore opportunities for both countries to co-develop the accountancy profession in Laos. Some of the initiatives in the talent pipeline include training of accounting professionals, continual professional development and exchange of expertise, experiences and best practices among accountancy firms from both countries. Following the signing ceremony, ISCA commenced the inaugural training for the Lao accounting professionals with a five-day course on "Audit of Key Financial Statements Assets."

Laos and Singapore can also look forward to more new business opportunities as efforts have been made to help small and medium practices (SMPs) from both sides to interact and build professional networks. With the ASEAN Economic Community (AEC) promoting free flow of trade, services, investment, capital and skilled labour, this will help create more economic opportunities for SMPs of both countries.

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