2017 Flight Report
Key Membership Statistics
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Significant Events and Initiatives
SINGAPORE ACCOUNTANCY AND AUDIT CONVENTION
On 3 October, the Singapore Accountancy and Audit Convention 2017 (SAAC 2017) was held at the Marina Bay Sands Expo and Convention Centre. The convention was jointly organised by ISCA, the Accounting and Corporate Regulatory Authority (ACRA) and the Singapore Accountancy Commission (SAC), and attracted a capacity crowd of 1,100.
Themed “Gearing Up for the Accountancy Futurescape”, SAAC 2017 focused on preparing accountants for changes brought about by the technological revolution in the business landscape and how to ensure the profession remains future-ready. Senior Minister of State for Law and Finance Indranee Rajah delivered the keynote address, which touched on enhanced auditor reporting, International Financial Reporting Standards (IFRS) convergence, and the ongoing review of the Accountants Act to raise audit quality. The publications Embracing Transparency, Enhancing Value: A first-year review of the enhanced auditor’s report in Singapore and IFRS Convergence 2018 Implementation Roadmap were unveiled at the convention.
RECIPROCAL MEMBERSHIP AGREEMENTS
ISCA signed reciprocal membership agreements (RMAs) with the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS) in April 2017, and Chartered Accountants Ireland (CAI) in November 2017. This enhances the global stature of the Chartered Accountant of Singapore – CA (Singapore) – designation and allows ISCA members who have completed the Singapore CA Qualification to become members of ICAEW, ICAS and CAI, leading to greater career mobility for our members.
CHARTERED ACCOUNTANTS WORLDWIDE FULL MEMBERSHIP
In June, ISCA became the first professional accountancy body in Asia to be conferred full membership to Chartered Accountants Worldwide, the premier international body that brings together the leading institutes of Chartered Accountants from around the world, to champion the vital role Chartered Accountants play in the global economy.
ISCA also has the distinct honour of being the only body other than Chartered Accountants Worldwide’s founding members to be accorded this status.
Being a member of Chartered Accountants Worldwide also opens more doors for ISCA members by providing them greater career mobility and international recognition.
FINANCIAL FORENSIC ACCOUNTING QUALIFICATION
ISCA announced the first Financial Forensic Accounting (FFA) qualification in Southeast Asia at the inaugural ISCA Financial Forensic Conference. Deputy Prime Minister and Co-ordinating Minister for National Security Mr Teo Chee Hean was the guest of honour at the conference. The applied learning programme, which comprises four modules, can be completed in 12 months. ISCA FFA Qualification graduates who are ISCA members will be conferred the ISCA Financial Forensic Professional (ISCA FFP) credential upon completion of all four modules and at least three years of relevant work experience in financial forensic-related fields. The qualification addresses the increased demand for qualified financial forensic professionals in the market. Applications for the qualification commenced in March 2018.
FUTURE OF PROFESSIONAL LEARNING AND ENTREPRENEURSHIP
ISCA and ICAEW, together with Singapore Management University (SMU) as knowledge partner, collaborated to present the Industry Perspectives: Future of Professional Learning and Entrepreneurship report. The report discussed how education, training and professional learning could be redefined to better develop and prepare professional accountants for the future economy by looking into the future of professional learning and entrepreneurship.
The findings were presented at the “Our Future Together: Future of Professional Learning and Entrepreneurship” event, co-organised by ISCA and ICAEW, and supported by Chartered Accountants Worldwide. Ms Indranee Rajah, Senior Minister of State for Law and Finance, was the guest of honour.
ASEAN CHARTERED PROFESSIONAL ACCOUNTANT (ASEAN CPA)
One hundred and ninety-nine ISCA members were conferred the ASEAN CPA title by the ASEAN Chartered Professional Accountant Coordinating Committee (ACPACC) in 2017. The ASEAN CPA title enables accountants from ASEAN countries to provide non-regulated accountancy services across ASEAN countries without having to go through extensive re-training and re-qualification procedures. This provides more opportunities for accounting professionals and firms in the region.
LOCAL ENTERPRISE ASSOCIATION DEVELOPEMENT (LEAD) FUNDING
ISCA is partnering with SPRING Singapore (SPRING) to drive industry transformation over the next few years by helping local small and medium-sized practices (SMPs) build capabilities and improve productivity. SPRING has committed to provide over $2 million in funding through ISCA under the LEAD programme, which will benefit at least 150 SMPs. This initiative is in line with recommendations by the Committee on the Future Economy (CFE) to grow Singapore’s accountancy industry.
ISCA’s charity arm provided over $100,000 in bursaries to support the tuition fees and basic living expenses of 29 accountancy students from underprivileged families. Compared to 2016, this figure is almost double, and twice the number of beneficiaries who received the bursaries.
The ISCA Cares Education Programme is made possible with the support of the accountancy profession. KPMG and RSM Singapore in particular, were the two largest corporate donors from the profession in 2017. The programme aims to provide needy youths with access to quality accountancy education in local polytechnics and mainstream universities. In addition, senior members of the profession serve as mentors to guide beneficiaries towards their aspirations in the accountancy profession. Corporate donors can also provide internship opportunities for beneficiaries to gain relevant accountancy work experience.
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