SINGAPORE ACCOUNTANCY AND AUDIT CONVENTION (SAAC) SERIES
For the first time, a series of conferences and events were presented under the SAAC banner to better cater to diverse segments of our membership. The SAAC series covered key areas such as Budget 2018, as well as topical issues in accounting, auditing, ethics, cybersecurity risk and the application of technology in businesses. The series kicked off on 15 March, with the Budget Update Seminar, and followed on 1 June with the Practitioners Conference.
With the theme “Coming to the Fore - Inspiring Quality, Creating Value”, the Practitioners Conference featured speakers covering a wide range of topics from the auditor’s perspective, including cybersecurity risks and antimoney laundering.
Next, the inaugural Technology Conference (TechCountx), held on 30 August, focused on the impact of technology on the accountancy profession and exposed the profession to innovative digitalisation solutions.
The next event was the Professional Accountants in Business (PAIB) Conference on 28 September, which had the theme “Championing Growth in the Transformation Wave”. The conference aimed to inspire all accountancy professionals to take the lead in seeking growth in today’s rapidly changing business landscape.
The series wrapped up with the biennial Singapore Accountancy Awards, held in conjunction with the PAIB Conference. 2018’s Awards comprised three main groups: Business Excellence Awards, the inaugural Project Excellence Awards and Individual Excellence Awards. The Special Recognition Award was also introduced to recognise senior ISCA members who have retired from the profession but continued to make significant contributions to the accountancy sector. The 2018 winner of the Special Recognition Award was Ms Euleen Goh, Chairman of SATS Ltd.
LAUNCH OF LEARNING ROADMAPS
In January 2018, ISCA launched the Small-and-Medium-Sized Practices (SMP) Learning Roadmap, designed for professional accountants working in the external audit function. The Learning Roadmap is useful for public accountants and Human Resource personnel in SMPs to chart out the training plans of their audit staff.
The roadmap is developed with reference to the External Audit track under the national Skills Framework for Accountancy. It featured a series of competencies which prescribed the requisite skill sets and learning needs of audit professionals in SMPs, based on their proficiency levels. Members can then match their learning needs with ISCA’s Continual Professional Education (CPE) courses.
The ISCA PAIB Framework and PAIB Learning Roadmap for Financial Accountants and Management Accountants were launched at the PAIB Conference in September. The PAIB Framework was developed to help ISCA members better understand the traits of future finance professionals so that they are able to harness the opportunities and tackle the challenges ahead. The Learning Roadmap helps financial and management accountants take charge of their professional development with a progressive learning plan for skills upgrading and career planning. It also helps employers and talent development professionals chart the learning and development programmes of their staff to fulfil their development needs.
LAUNCH OF ISCA-SUSS BUSINESS ANALYTICS CERTIFICATION PROGRAMME
The ISCA-SUSS Business Analytics Certification Programme, offered in partnership with Singapore University of Social Sciences (SUSS), was launched on 11 January 2018, with the first batch of 89 candidates accepted into the certification programme. The programme equips individuals with in-depth practical skills and knowledge in topics such as data mining, statistics and business forecasting.
GUIDANCE ON CYBERSECURITY RISKS IN AUDIT
ISCA released the publication Cybersecurity Risk Considerations in a Financial Statements Audit, the first publication of its kind in Southeast Asia, at the ISCA Practitioners Conference. It demonstrated how cybersecurity risk and cyber attacks could impact an entity’s financial statements and its related audit. It also provided guidance on how cybersecurity risk considerations can be incorporated as part of risk assessment during audit planning, as well as the appropriate audit responses to the cybersecurity risk identified and cyber incidents that have occurred.
ISCA-TEMASEK FOUNDATION INTERNATIONAL SPECIALIST TRAINING IN LAOS
As part of the ISCA-Temasek Foundation International Public Administration Programme in Accountancy, ISCA conducted a two-week specialist workshop for 32 Lao government officials in early 2018, covering a broad overview of topics such as principles of accounting and public sector financial management. The workshop equipped the officials with skills and knowledge that can be readily applied in their work.
Using the Train-the-Trainer model, the Lao officials who have completed the programme will share their knowledge with their colleagues so as to help build a core team of skilled accounting officials. The programme is aligned with the Lao Ministry of Finance’s aim to move from rules-based accounting to a principles-based accounting system and build the foundation for Lao PDR to adopt international accounting standards.
10TH ANNUAL ASIAN-OCEANIAN STANDARD-SETTERS GROUP MEETING
ISCA, together with the ASC, hosted the 10th Annual Asian-Oceanian Standard- Setters Group (AOSSG) meeting on 21-22 November 2018. The meeting, which was attended by representatives from 20 national accounting standardsetters in the Asian-Oceanian region as well as key representatives from the International Accounting Standards Board (IASB) and IFRS Foundation, saw lively discussions on IASB developments and topics including primary financial statements, financial instruments, business combinations under common control, virtual currencies, and jurisdiction-specific implementation issues.
After the AOSSG meeting, ISCA and ASC hosted the delegates to a fintech experience by OCBC at The Open Vault. Delegates were given insights into fintech developments in the Singapore banking sector and visited artificial intelligence and fintech demo booths.
FUTURE-READY TALENT VIDEO CAMPAIGN
ISCA’s Future-Ready Talent video campaign, which showcased the career journeys of five of its members, showed how ISCA members add value to diverse businesses and highlighted the value of ISCA membership.
The five videos, which were screened at lift lobbies, large outdoor LED billboards and on digital and social media platforms, each told the story of an ISCA member’s professional journey, which included their career-changing decisions and defining moments, and showed how the Institute has supported them in their professional journeys. In total, the campaign reached more than 1.4 million professionals, managers, executives and businessmen daily via the outdoor screens and garnered more than 5 million impressions and over 33,800 interactions on digital channels.
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