The film studio brings together the people and resources to make a movie from start to finish, with executive producers playing a key role in helping to create, develop, and implement strategies to improve the films. Since the dawn of filmmaking, several film studios have dominated the global film industry, mastering the art of producing and distributing high-quality films with broad appeal. ISCA, under the direction of the ISCA Council, aims to play a similar role in supporting the development of Singapore’s accountancy profession.
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 ISCA’s operations, as well as the effectiveness of its strategies and policies.
Reflecting our diverse membership base, the Council is made up of leaders from the corporate sector, the public accounting profession and academia. These highly regarded members, with their wide range of experiences and professional networks, provide valuable counsel during council meetings and serve on various committees, offering their expert opinions.
Council members volunteer their time to serve 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 in connection with the performance of duties. New Council members take part in an induction session held annually, where they are informed of the Institute’s mission, strategic priorities, role of the Council, code of conduct of Council members and the Institute governance/management structure.
Council members are also required to sign an annual confidentiality agreement and a declaration of interest.
The Executive Committee (EXCO) is made up of the office bearers - president, vice president, treasurer, secretary - and another Council member appointed by the Council. Its key role is to serve as the executive arm of the Council, overseeing ISCA’s initiatives, and operational and financial matters.
The Council appoints the Audit Committee, which consists of three Council members who are non-office bearers. Its role is to ensure the integrity of financial statements through a system of internal controls and due financial reporting process. The Committee is also tasked to review the appointment of internal and external auditors, appraise their audit plans, and review their findings. It 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 seven members, the majority of whom are Council members. Its role is to assist the Council in sourcing and identifying suitable candidates for both internal and external appointments. It reviews and makes recommendations to the Council about the appointment of individuals to the various ISCA Committees.
REPORT OF THE ISCA COUNCIL
It is our pleasure to present our 2019 Annual Report and Financial Statements for the year ended 31 December 2019. The following Council members were elected as office bearers during the first Council meeting held in April 2019:
President - Kon Yin Tong
Vice President - Yvonne Chan Mei Chuen
Treasurer - Roger Tay Puay Cheng
Secretary - Kelvin Tan Wee Peng
The 2019 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.