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

Singapore – 25 June, 2014 – The Singapore Accountancy Commission (“SAC”), the Institute of Singapore Chartered Accountants (“ISCA”), and the Institute of Chartered Accountants of Scotland (“ICAS”) have signed an Expression of Intent (EOI), which signals the intent to establish a closer relationship among the three organisations.

The EOI paves the way to explore potential reciprocity for members of ICAS and ISCA, the entity designated under the Singapore Accountancy Commission Act to confer the Chartered Accountant of Singapore professional designation. A reciprocity agreement sets out the framework for members of one body to become a member of the other, subject to members meeting the conditions of the agreement. The EOI was signed by Mr Uantchern Loh, Chief Executive of SAC, Mr Lee Fook Chiew, Chief Executive Officer of ISCA, and Mr Anton Colella, Chief Executive of ICAS.

Mr Uantchern Loh, Chief Executive of the SAC, said, “The SAC is delighted to take the first step in building a strong relationship with ICAS and its members. As we work towards eventual reciprocal arrangements, we believe ICAS’s long and illustrious history as a leading professional accountancy body will serve to attract Chartered Accountants of Singapore to explore career opportunities in Scotland.”

Mr Lee Fook Chiew, Chief Executive Officer of ISCA, said, “The EOI represents another step forward to attain global recognition for our members, bringing them more opportunities worldwide. It is in line with our vision to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community. This collaboration will further cement the strong relationship we have with ICAS, an internationally recognised accountancy body.”

ICAS Chief Executive, Mr Anton Colella, said, "We welcome the opportunity to work more closely with the Institute of Singapore Chartered Accountants and the Singapore Accountancy Commission. We believe there is great mutual benefit in signing this agreement of reciprocity. It brings together the Chartered Accountants in one of the world's most vibrant and dynamic financial centres with the global community of ICAS, the world's first professional body of accountants. Sharing our networks and knowledge is a hugely positive and valuable development."

Ends

 For more information, please contact:

Institute of Singapore Chartered Accountants

Betsy Tan, Communications Manager
Tel: 6597 5608 / 9641 6920 Email: betsy.tan@isca.org.sg

Singapore Accountancy Commission

Masie Ng, Director of Singapore Qualification Programme and Community Building
Tel: 6325 0516 Email: masie_ng@sac.gov.sg
Lin Shuzhen, Editor, Community Building
Tel: 6325 0536 Email: lin_shuzhen@sac.gov.sg

Institute of Chartered Accountants of Scotland

Michael McGlinchey, ICAS Digital Editor
Tel + 44 (0) 7799 583 409 or +44 (0) 131 347 0126
Email mcglinchey@icas.org.uk

Notes to Editors

About SAC

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 ISCA

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 about 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 ICAS

ICAS (icas.org.uk) is a leading professional body for Chartered Accountants (CAs), with more than 20,000 members worldwide. ICAS is an educator, regulator and thought leader.

ICAS members have all achieved the internationally recognised and respected CA qualification (Chartered Accountant). Almost two thirds of our working membership work in business with the others working in accountancy practices.