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The strong push for companies to develop climate strategies and put in place sound measures to ensure operations are sustainable and reduce their carbon footprint has created a growing demand for more sustainability-related services that extend beyond sustainability reporting and advisory services. Currently, less than 50 firms in Singapore are equipped with the capabilities and capacity to deliver these services.
The public consultation for SRAC1 recommendations on climate reporting in Singapore concluded in Sep 2023 and one of their recommendations was that businesses will need to obtain external limited assurance on Scope 1 and Scope 2 GHG emissions2 two years after mandatory reporting requirements take effect. Based on the proposed implementation timeline for different types of companies, all listed issuers on Singapore Exchange Securities Trading Limited will need to do so in FY2027. With the advancement in climate reporting, professional services firms in Singapore will have to level up and build capability and capacity immediately in order to capture growth opportunities.
Under the MOU, ISCA and LawSoc aim to triple the supply of these professional services firms through the Sustainability Apex Programme (SAP).
The SAP is supported by Enterprise Singapore (EnterpriseSG) under the Local Enterprise and Association Development (LEAD) programme for trade associations and chambers. The programme is also supported by the Accounting and Corporate Regulatory Authority (ACRA) and the Professional Services Programme Office (a joint office between the Ministry of Law (MinLaw) and the Singapore Economic Development Board).
ISCA and LawSoc sign a Memorandum of Understanding to kick start their partnership
To seal their inaugural partnership, a memorandum of understanding (MOU) was signed at ISCA House by Ms Yiong Yim Min, Vice President of ISCA and Ms Lisa Sam Hui Min, President of LawSoc, and witnessed by Minister Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance, and Second Minister for National Development.
Sharing her thoughts on the collaboration, Ms Yiong, Vice President of ISCA, said: “ISCA is excited to partner LawSoc on this programme, to foster collaboration and innovation in the sustainability-related services in the accounting and legal sectors. With the invaluable support from ACRA, EnterpriseSG and the Professional Services Programme Office, we are confident that we will create a thriving community of professional services firms to provide sustainability-related services to the Singapore and regional companies.”
President of LawSoc, Ms Lisa Sam Hui Min, said: “The legal landscape is rapidly evolving, and sustainability issues are becoming increasingly crucial for both our members and their clients. This landmark partnership with ISCA marks a significant step forward in preparing our members for this changing landscape. Through the Sustainability Apex Programme, LawSoc and ISCA members will gain access to invaluable resources and expertise, enabling them to confidently navigate the complex ESG landscape and advise clients on the legal implications of sustainable practices. This collaboration will equip LawSoc and ISCA members with the skills and knowledge they need to thrive in a sustainable future and play a vital role in shaping it. We are excited to embark on this journey with ISCA and create a future where legal and accounting professionals work together to build a more sustainable world.”
Mr Geoffrey Yeo, Assistant Chief Executive Officer, Urban Solutions, Sustainability and Enterprise Finance, EnterpriseSG, said: “EnterpriseSG is pleased to support the collaboration between ISCA and LawSoc to help accounting and legal firms build their sustainability practices, enhancing their capabilities to support the sustainability needs of Singapore companies. The Sustainability Apex Programme provides a valuable platform for firms to share ideas and experiences, explore opportunities to grow their practices, and identify synergies for potential partnerships.”
Firms who are keen to find out more about the SAP can write to smp@isca.org.sg.
Institute of Singapore Chartered Accountants (ISCA)
Amanda Lim
Assistant Manager, Communications
Tel: 9738 7299
Email: amanda.lim@isca.org.sg
Law Society of Singapore (LawSoc)
Goh Wan Cheng
Director, Membership & External Relations
Tel: 9658 0080
Email: communications@lawsoc.org.sg
About the Institute of Singapore Chartered Accountants (ISCA)
The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ISCA’s vision is to be a world-class accountancy body of trusted professionals, contributing towards an innovative and sustainable economy. There are over 35,000 ISCA members making their stride in businesses across industries in Singapore and around the world.
Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession.
ISCA is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation.
ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.
For more information, visit www.isca.org.sg.
About the Law Society of Singapore (LawSoc):
Established in 1967, the Law Society of Singapore is a body established under the Legal Profession Act. It carries out various statutory functions prescribed under the Legal Profession Act, including maintaining and improving the standards of conduct and learning of the legal profession in Singapore, the facilitating of the acquisition of legal knowledge by members of the legal profession, and protecting and assisting the public in all matters ancillary or incidental to the law.
2AAccording to the Green House Gas Protocol guidance, Scope 1 emissions are emissions that a company makes directly, and Scope 2 emissions are emissions that a company makes indirectly, such as purchased or acquired electricity, steam, heat and cooling.