SAC, ISCA, ICAA and NZICA Signs Expression Of Intent To Explore Routes To Reciprocal Membership

Singapore, 2 April 2014 – The Singapore Accountancy Commission (“SAC”), the Institute of Singapore Chartered Accountants (“ISCA”), the Institute of Chartered Accountants in Australia (“ICAA”) and the New Zealand Institute of Chartered Accountants (“NZICA”) have signed an Expression of Intent (EOI), which signals the intent to establish a closer relationship among the four organisations.

The EOI paves the way to explore potential reciprocity for members of ICAA and NZICA and ISCA, the entity designated under the Singapore Accountancy Commission Act to confer the new 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.  ICAA and NZICA members have voted in favour of the merger of the two bodies, a process which is currently underway.  It is anticipated that the legal merger of the two bodies will be completed during 2014. 

The EOI was signed by Mr. Michael Lim, Chairman of SAC, Dr. Ernest Kan, President of ISCA, Mr. Mel Ashton, President of ICAA and Mr. Fred Hutchings, President of NZICA. 

Commenting on the signing of the EOI, Mr. Michael Lim, Chairman of the SAC said, “The SAC is pleased to be strengthening our links with ICAA and NZICA, and in time to come, the Chartered Accountants Australia and New Zealand, as a result of the merger between these two leading professional accountancy bodies.  In an increasingly globalised and interconnected business environment, the eventual reciprocity arrangements would serve to promote mobility and enhance opportunities.”

Dr. Ernest Kan, President of the Institute of Singapore Chartered Accountants, said, “ISCA has taken a number of steps in recent times towards its vision to become a globally recognised accountancy body, bringing value to our members, the profession and the wider community.  This EOI is another step in the right direction.  As the national accountancy body, we welcome opportunities to collaborate with international accountancy bodies that will contribute to greater international recognition for our members.” 

Mr. Mel Ashton, President of the Institute of Chartered Accountants in Australia, said, “Over the past few years the Institute of Chartered Accountants in Australia has developed strong relationships between various Chartered institutes and professional bodies.  We look forward to working towards strengthening the regional capital markets.  This is the most stimulating region in the world – a region of growth and the EOI will contribute to this growth.”

Mr. Fred Hutchings, President of the New Zealand Institute of Chartered Accountants said, “NZICA’s work with ICAA to create Chartered Accountants Australia and New Zealand is our response to circumstances such as globalisation, increasing competition and costs and rising expectations from our worldwide member base.  Signing an EOI with SAC and ISCA is a further extension of our response to the changing needs and the mobility of our diverse membership through collaborative effort and reciprocity.”

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 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 ICAA

The Institute represents accounting and business professionals in Australia and around the globe. Members strive to uphold financial integrity through a commitment to ethics and acting in the public interest.

We focus on educating candidates through the Chartered Accountants Program and engage in advocacy and thought leadership underpinned by our members’ knowledge and experience. We influence a range of policy areas impacting the Australian economy and domestic and international capital markets.

A watershed member vote in 2013 set the course for the Institute to amalgamate with the New Zealand Institute of Chartered Accountants (subject to obtaining formal government approvals and effecting amendments to constituent documents), with the vision of becoming the trusted leaders in business and finance.

The proposed new institute – Chartered Accountants Australia and New Zealand – is expected to have more than 90,000 members in total with 17,000-plus candidates, giving us greater scale and influence on the world stage.

We are on the Board of the International Federation of Accountants, and are connected globally through the 800,000-strong GAA and Chartered Accountants Worldwide which brings together leading Institutes in Australia, England and Wales, Ireland, New Zealand, Scotland and South Africa to support and promote over 320,000 Chartered Accountants in more than 180 countries.

For more information, please visit charteredaccountants.com.au

About NZICA

NZICA is New Zealand’s largest professional body and represents more than 33,000 members in New Zealand and over 90 other countries. We act in the public interest through regulating the profession and promoting quality, integrity and expertise. Our members hold one of three prestigious professional accountancy designations: Chartered Accountant (CA), Associate Chartered Accountant (ACA) or Accounting Technician (AT).

For more information, please visit nzica.com

For media queries, please contact:

SAC

Masie Ng-Dimopoulos, Director, Community Building, Singapore Accountancy Commission

DID: 6325 0516                    Email: masie_ng@sac.gov.sg

ISCA

Betsy Tan, Manager, Corporate Communications, Institute of Singapore Chartered Accountants

DID: 6597 5608                    Email: betsy.tan@isca.org.sg

ICAA

Kylie Kwong, Communications Consultant, Institute of Chartered Accountants in Australia

DID: +61 2 9590 5562        Email: Kylie.Kwong@charteredaccountants.com.au

NZICA

Joe Turnbull, Communications Executive, New Zealand Institute of Chartered Accountants

DID: +64 4 4910 1133        Email: Joe.Turnbull@nzica.com