The ISCA Council oversees and directs all strategies to establish ISCA as a globally recognised accountancy body, advance our members’ interests, as well as manage our risks and establish high standards of governance practice. The Council usually meets seven times a year to review our operations, as well as the effectiveness of our strategies and policies.
To address the matter of confidentiality of information and conflict of interest, Council members are required to sign an annual confidentiality agreement and a declaration of interest. Council members volunteer their time to serving the Institute and the profession, and they do not receive any payment for service on the Council. However, a Council member will be reimbursed for out-of-pocket expenses or other expenses incurred by him in connection with the performance of his duties as Council member for the benefit of the Institute as authorised by the Council.
An induction session is conducted for new Council members annually to apprise them of the Institute’s mission, strategic priorities, the role of Council, the code of conduct of Council members and the governance/management structure.
The Executive Committee, otherwise known as EXCO, is made up of the office bearers—president, vice president, treasurer, secretary—and another Council member appointed by the Council. The key role of the EXCO is to serve as the executive arm of the Council to oversee ISCA’s initiatives, and operational and financial matters.
This Committee is appointed by Council and consists of five Council members who are non-office bearers. Its role is to ensure the integrity of financial statements through an adequate system of internal controls and due financial reporting process. The Committee is also tasked to review the appointment of internal and external auditors, appraises their audit plans, and reviews their findings. The Committee also has oversight of ISCA’s risk management policies and practices. In addition, the Audit Committee addresses significant findings that arise from the audit of the financial statements before the Council approves these statements.
The Nominations Committee is appointed by Council and comprises six members, majority of whom are Council members to assist the ISCA Council to source and identify suitable candidates for both internal and external appointments. It reviews and makes recommendations to the Council on the appointment of members to the various ISCA Committees.
REPORT OF THE ISCA COUNCIL
It is our pleasure to present our 2018 Annual Report and Financial Statements for the year ended 31 December 2018. The following Council members were elected as office bearers during the first Council meeting held in April 2018:
President Kon Yin Tong
Vice President Yvonne Chan Mei Chuen
Treasurer Balasubramaniam Janamanchi
Secretary Kelvin Tan Wee Peng
The 2018 Council held 7 ordinary meetings. “Column A” indicates the number of Council meetings members attended, and “Column B” indicates the number of committees he/she sits on.