ISCA to drive industry transformation in the accountancy sector in partnership with SPRING Singapore

Over the next three years, ISCA will spearhead efforts to help firms adopt technology, build capabilities and skills in high-growth practices and regionalise for growth

MEDIA STATEMENT: NR/07/2017

Singapore, 6 April 2017 – To help local accountancy SMEs build capabilities and improve productivity, the Institute of Singapore Chartered Accountants (ISCA) is partnering SPRING Singapore (SPRING) to drive industry transformation under the Local Enterprise Association Development (LEAD) programme(formore information on LEAD, please refer to Annex A). SPRING has provided over $2 million in funding to ISCA, which will benefit at least 150 accountancy SMEs. This is in line with recommendations by the Committee on the Future Economy to grow our accountancy industry.

Supported by SPRING’s LEAD programme, ISCA’s industry transformation efforts over the next three years focus on four areas, namely:

(1)    developing e-learning courseware for accountancy professionals in high-growth practice areas such as business valuation, risk management, taxation, data analytics and internal audit;

(2)    building business capabilities and upskilling efforts in those high-growth practice areas through a series of targeted workshops;

(3)    encouraging mass adoption of audit software to automate internal processes as part of the digitisation and productivity drive; and

(4)    pursuing overseas revenue growth through dedicated regional market access trips to countries such as Vietnam and Thailand.

These initiatives are aimed at helping local accountancy SMEs overcome growth challenges. For example, encouraging industry adoption of audit software among SMEs is important as the majority of the firms offering audit and compliance services rely on manual processes. ISCA estimates that the implementation of the audit software can help firms to minimise human errors, improve the quality of service and save 20% to 30% of processing time as compared to current paper-based approaches. With SPRING’s support, local accountancy SMEs that adopt the audit software can defray up to 70 per cent of adoption costs for two years.

Mr Lee Fook Chiew, Chief Executive Officer of ISCA, said, “As the national accountancy body, ISCA is committed to preparing the accountancy profession to be future-ready, in line with recommendations by the Committee on the Future Economy. With the strong support from SPRING, ISCA can now better help firms in our industry adopt technology and engage in continuous professional learning to build their capabilities and improve productivity. Local accountancy SMEs can also leverage mission trips to broaden their markets and client base when they venture overseas.”

“It’s certainly encouraging to see ISCA stepping forward to help accountancy SMEs to capture future growth opportunities. ISCA’s leadership in driving the initiatives over the next three years underscores the importance of industry partners in enabling business capabilities upgrading and growth. This is aligned to SPRING’s mission and we support it wholeheartedly,” said Mrs Kee Ai Nah, Group Director of Industry & Enterprise Development, SPRING Singapore. 

-End of Media Release-

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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 globally recognised professional accountancy body, bringing value to our members, the profession and wider community. There are over 32, 000ISCA 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. 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.

ISCA is the Administrator of the Singapore CA Qualification and the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation. ISCA is an Associate of Chartered Accountants Worldwide (CAW). CAW brings together 11 chartered accountancy bodies connecting and representing the interests of over 1.6 million members and students globally. For more information, visit www.isca.org.sg.

About SPRING Singapore

SPRING Singapore is an agency under the Ministry of Trade and Industry responsible for helping Singapore enterprises grow and building trust in Singapore products and services. As the national standards and accreditation body, SPRING develops and promotes an internationally-recognised standards and quality assurance infrastructure. SPRING also oversees the safety of general consumer goods in Singapore. As the enterprise development agency, SPRING works with partners to help enterprises in financing, capability and management development, technology and innovation, and access to markets. Please visit www.spring.gov.sg and www.facebook.com/sgspring for more information about SPRING Singapore.

Annex A: Fact sheet on the LEAD Programme

About the LEAD Programme

Launched in 2005, the Local Enterprise and Association Development (LEAD) Programme is a multi-agency effort to enhance industry and enterprise competitiveness. It aims to achieve this through partnerships with Trade Associations and Chambers which are willing to take the lead in industry development and drive initiatives to improve the overall capabilities of local enterprises in their industries or help them collectively capture opportunities overseas. 

SPRING Singapore and IE Singapore jointly manage the LEAD programme to promote industry development through elevating industry competence and internationalisation. Both agencies will oversee and support the respective trade associations and chambers under their purview.

Role of Trade Associations and Chambers (TACs)

As industry champions, TACs are in a strong position to reach out to enterprises to enhance their competitiveness and drive industry internationalisation. Leveraging industry players’ knowledge and experience, TAC members can also work together to pursue overseas business opportunities and address industry development needs.

Supportable Areas under LEAD

The LEAD programme supports TAC-led projects in the following areas:

For more information, please visit www.spring.gov.sg/LEAD.