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SINGAPORE ACCOUNTANCY AND AUDIT CONVENTION (SAAC) SERIES

In 2019, ISCA continued to organise our signature SAAC series of conferences to keep our members updated on the latest developments in accountancy and business.

Held in March 2019, the ISCA Budget Update Seminar featured presentations on the Budget and economic outlook, as well as a panel discussion on the Budget and its tax, economic and business implications.

In July 2019, over 500 delegates attended the Professional Accountants in Business (PAIB) conference. Themed “Opportunities Amidst Transformations”, the conference featured speakers who shared about topics such as the opportunities arising from business transformation and implementation challenges of new accounting standards.

The biennial ISCA Financial Forensic and Cybersecurity Conference attracted more than 550 delegates. Experts shared their knowledge on pertinent topics related to the theme “Enhancing Resilience in the Digital Era”. These topics included the impact of digitalisation on financial crime investigations, fraud detection and prevention, and cybersecurity issues for businesses.

Finally, the Practitioners Conference, “New Frontiers for Tomorrow’s Practice”, brought together 500 participants in October 2019 to discuss how the audit profession is evolving amid the dynamic economic climate and how it can stay competitive and be future-ready.

INFRASTRUCTURE & PROJECT FINANCE QUALIFICATION

The Institute launched the ISCA Infrastructure & Project Finance Qualification (ISCA IPFQ) in July 2019 to meet the demand for infrastructure and project finance professionals.

Upon completion of all the modules and attaining at least three years of recent and relevant work experience in infrastructure and project finance-related fields, individuals will be conferred the ISCA Infrastructure & Project Finance Professional (ISCA IPFP) credential. This credential is the first in Asia to be conferred by a professional body.

ISCA PROFESSIONAL BUSINESS ACCOUNTANT DESIGNATION

The Institute launched the ISCA Professional Business Accountant (PBA) programme, which leads to the ISCA PBA designation, in October 2019. The ISCA PBA designation validates the expertise and knowledge ISCA members have acquired as an accountancy professional. These skills and knowledge are highly valued by employers and the industry.

The ISCA PBA Programme covers topics in five areas, with a strong focus on practical business cases. These are Technical Excellence; Business Acumen; Future Finance; Professional Values and Ethics, and Leadership and Personal Empowerment.

Accountancy professionals can apply for the ISCA PBA designation via two routes. The first route is via the completion of the ISCA PBA Programme and meeting the membership-cum-three-year post-qualification relevant work experience requirements. The second route is for existing Associate (ISCA) members whose membership was approved on or before 1 October 2019, and who possess five years of post-qualification relevant work experience, to opt for the one-off grandfathering scheme. The grandfathering scheme is valid till 31 December 2021.

REPORT ON DIGITAL TRANSFORMATION IN FINANCE FUNCTIONS

ISCA collaborated with the Institute of Chartered Accountants in England and Wales (ICAEW) to produce the report “Digital Transformation in Finance Functions: ASEAN and UK perspectives”. Launched in October, the report shares the practical experiences of professional accountants in businesses and other experts who are leading or supporting digital transformation across Southeast Asia and the UK. It also provides practical insights into the digital transformation journey, as well as the challenges and opportunities for the profession as a result of technological changes.

ACCOUNTANCY INDUSTRY DIGITAL PLAN

ISCA also launched the Accountancy Industry Digital Plan (IDP), in collaboration with the Singapore Accountancy Commission (SAC) and the Infocomm Media Development Authority (IMDA), in August 2019. The IDP aims to help small and medium practices (SMPs) embark on their digital transformation journey. It comprises a digital roadmap that guides SMPs on the digital solutions and employee training required at each stage of their digital development.

LAUNCH OF ISCA AUDIT MANUAL IN VIETNAMESE

ISCA partnered with the Vietnam Association of Certified Public Accountants (VACPA) under a memorandum of understanding (MOU) to launch the ISCA Audit Manual for Standalone Entities (AMSE) in Vietnamese. As part of the agreement, VACPA may translate, publish and distribute AMSE in Vietnam. The MOU was two years in the making, and the hard work put in by both organisations has made the adaptation of AMSE for Vietnam possible. In a presentation to 59 Vietnamese audit practitioners, university professors and government officials, an ISCA member Ms Magdalene Ang gave an overview of the audit manual, including how to use it and the application of key methodologies.

ELEVATING THE ISCA BRAND

ISCA Digital Badges and CAW Network Member Logo

ISCA launched digital badges and Chartered Accountants Worldwide (CAW) Network Member Logo in November as a way for members to raise the visibility of their credentials in an increasingly digital world. The digital badges are secure, web-enabled credentials containing verifiable information about members’ professional accomplishments that can be shared online and displayed on name cards.

Besides the ISCA Digital Badges, the CAW Network Member Logo shows that members who are Chartered Accountants are part of a global network of leading professional accountancy institutes, giving credence to our members and the Institute they belong to.

Youth Associates

The Institute opened its doors to accountancy undergraduates from local universities in March 2019 by offering the Youth Associate membership. As ISCA Youth Associates, students get to participate in ISCA events and learn more about the various career pathways by engaging with industry professionals. It is also a platform for the Institute to heighten awareness of the ISCA brand among accountancy students and build a pipeline of future accountancy professionals.

Why Accountancy? Video Contest

To encourage youths to select accountancy as a choice of study, ISCA organised the “Why Accountancy?” video contest. Accountancy graduates at local universities were invited to submit a 30-second video about why accountancy should be the choice of study. The winning entry was submitted by a team of students from National University of Singapore (NUS). The submitted video was adapted into a professionally produced commercial that was aired at Golden Village cinemas, on selected digital channels and during ISCA’s school outreach events.

Future-Ready Talent Campaign

In 2019, ISCA continued with its Future-Ready Talent campaign with videos and digital advertisements that showcased how ISCA members add value to businesses as well as the value of the ISCA membership. The campaign garnered over 22 million impressions and more than 870,000 interactions on digital channels.

Annual Report Award

The ISCA 2018/2019 Annual Report, “Future Fit”, garnered a Silver Award for design excellence at the 2019 ARC Awards. With motifs of fitness and sports, the theme centres on the idea of a triathlete preparing for competition.

The ARC Awards competition is organised by MerComm Inc, an independent awards organisation with a focus on defining excellence in the Communications field.

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