ISCA, SAC and SAICA Sign Expression of Intent to Explore Routes to Reciprocal Membership

Singapore – 2 June, 2015 –The Institute of Singapore Chartered Accountants (ISCA), the Singapore Accountancy Commission (SAC), and the South African Institute of Chartered Accountants (SAICA) have signed an Expression of Intent (EOI) aimed at enhancing collaboration among the three organisations.

The EOI paves the way for the three organisations to explore reciprocity for members of ISCA and SAICA. A reciprocity agreement sets out the framework for members of one body to become members of the other, subject to members meeting the conditions of the agreement. ISCA is the designated entity under the Singapore Accountancy Commission Act to confer the Chartered Accountant of Singapore, or CA (Singapore) professional designation.  Currently, ISCA has over 28,000 members and SAICA has over 39,000 members.

 The EOI was signed today (2 June 2015) by Mr Lee Fook Chiew, Chief Executive Officer of ISCA, Mr Uantchern Loh, Chief Executive of SAC and Mrs Chantyl Mulder, Executive Director in Nation Building of SAICA.

The signing of the Expression of Intent (EOI) with the South African Institute of Chartered Accountants (SAICA) was conducted via video conferencing at ISCA House on 2 June, 6pm. 

From  left,  Chief Executive of the Singapore Accountancy Commission (SAC), Mr Uantchern Loh, Executive Director in Nation Building of SAICA, Mrs Chantyl Mulder, and Chief Executive Officer of the Institute of Singapore Chartered Accountants (ISCA), Mr Lee Fook Chiew posing with the signed EOI.

Mr Lee Fook Chiew, Chief Executive Officer of ISCA, said, “As the national accountancy body in Singapore, we strive to enhance international recognition for our members, laying the foundation for them to explore greater opportunities beyond our borders. This EOI further signifies our aim to bring value to the accountancy profession, and help advance Singapore’s transformation into a leading global accountancy hub. We embrace this opportunity to collaborate with SAICA, an established professional accountancy body of international standing.”

 Mr Uantchern Loh, Chief Executive of SAC, said, “Together with ISCA, the SAC is pleased to collaborate with SAICA on eventual member reciprocity. SAICA is widely known as an influential professional accountancy body that cultivates ground-breaking innovation in areas such as corporate governance and integrated reporting. With this EOI, we hope to leverage on SAICA’s history and expertise to elevate the status of Chartered Accountants in both South Africa and Singapore. This EOI also marks Singapore’s fifth (and final) collaboration with a member of the Chartered Accountants Worldwide, an encouraging sign that we are moving in the right direction to create global opportunities for those seeking to become or are already Chartered Accountants of Singapore.”

 Dr Terence Nombembe, Chief Executive Officer of SAICA, said, “The signing of the Expression of Intent between ISCA, SAC and SAICA provides CAs(SA) with better opportunities and credibility when working with or for  organisations in Singapore. We regard this collaboration as a positive step for the chartered accountancy profession both in South Africa and Singapore with the aim of the final reciprocity agreement ultimately allowing mobility of CAs(SA) between South Africa and Singapore.”

 ISCA and SAC have also signed EOIs with Chartered Accountants Ireland (CAI), the Institute of Chartered Accountants of Scotland (ICAS), as well as Chartered Accountants Australia and New Zealand (CAANZ), respectively.  

 ISCA and SAC have also signed Memoranda of Understanding (MOU) with the Institute of Chartered Accountants in England and Wales (ICAEW), Association of Chartered Certified Accountants (ACCA) and CPA Australia.

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About the Institute of Singapore Chartered Accountants

The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community.

 Established in 1963, ISCA shapes the regional accountancy landscape through advocating the interests of the profession. Possessing a Global Mindset, with Asian Insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards Singapore’s transformation into a global accountancy hub. Our stakeholders include government and industry bodies, employers, educators, and the public.

ISCA is the Administrator of the Singapore Qualification Programme (Singapore QP) and the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation. It aims to raise the international profile of the Singapore QP, a post-university professional accountancy qualification programme and promote it as the educational pathway of choice for professional accountants seeking to achieve the CA (Singapore) designation, a prestigious title that is expected to attain global recognition and portability.

There are over 28,000 ISCA members making their stride in businesses across industries in Singapore and around the world.

For more information, please visit www.isca.org.sg

About the Singapore Accountancy Commission

Established in April 2013 as a statutory body of the Singapore Government, the Singapore Accountancy Commission (SAC) is the lead agency in spearheading the development of the accountancy sector in Singapore. 

The SAC’s Vision is for Singapore to be the Leading Global Accountancy Hub. This will be achieved through developing for Singapore a vibrant accountancy sector that enables the economy to grow, businesses to thrive and talent to flourish. In fulfilling this mission, the SAC seeks to uphold the values of being relevant, insightful, collaborative and advocative.

For more information, please visit www.sac.gov.sg

About South African Institute of Chartered Accountants

The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The Institute provides a wide range of support services to more than 39,000 members who are Chartered Accountants and hold positions as CEOs, MDs, board directors, business owners, chief financial officers, auditors and leaders in their spheres of business operation. Most of these members operate in commerce and industry, and play a significant role in the nation’s highly dynamic business sector and economic development.

 SAICA serves the interests not only of the Chartered Accountancy profession, but also of society in general through its key objective of upholding professional standards and integrity. The pre-eminence of South African Chartered Accountants [CAs(SA)] nationally and internationally attests to the successes achieved by SAICA on a broad global canvas. SAICA’s members enjoy the privilege of using the highly regarded and prestigious CA(SA) designation. Members of SAICA are subjected to a Code of Professional Conduct, which provides guidelines for ethical and professional behaviour. Fundamental ethical principles to which CAs(SA) are expected to achieve include:

• Integrity;
• Objectivity;
• Professional Competence and Due Care;
• Confidentiality; and
• Professional Behaviour

SAICA members serve on international accounting bodies including; the Trustees of the International Financial Reporting (IFRS) Foundation, the International Accounting Standards Board (IASB), the IFRS Interpretations Committee, the IFRS Advisory Council, and the Council of the International Federation of Accountants (IFAC). SAICA is also a member of The Global Accounting Alliance (GAA). 

For more information, visit www.saica.co.za