ISCA Signs MOU with GDICPA to Support Accountancy Professionals and Firms in Singapore and Guangzhou

17 May 2024 - The Institute of Singapore Chartered Accountants (ISCA) has signed a Memorandum of Understanding (MOU) with the Guangdong Institute of Certified Public Accountants (GDICPA). This is the second MOU that ISCA has signed this week, the first being signed yesterday with the Hong Kong Institute of Certified Public Accountants (HKICPA) on 16 May 2024. 

These landmark agreements mark a significant step in ISCA's ongoing commitment to fostering international collaboration and professional excellence within the accounting profession, particularly in the rapidly growing Greater Bay Area of China which comprises Guangzhou, Hong Kong, Macau, and other cities. By strengthening collaboration with our counterparts in the accountancy profession, the network will foster and provide more cross-border opportunities for members and professional accountancy services firms.  

The MOU was signed by Mr Teo Ser Luck, President of ISCA, and Ms Mu Hui Shu, Secretary-General of GDICPA. GDICPA and ISCA will review and establish joint-membership pathways between the two organisations. 

Throughout ISCA’s internationalisation plans, one of their key objectives has been to support the development of small and medium-sized practices (SMPs). This collaboration will bring together GDICPA’s Professional Committee of Small and Medium-sized Firms and ISCA’s SMP Centre of Excellence for mutual dialogues and exchanges, including to share resources and work towards the development of SMPs.

SMPs will be able to get guidance on areas such as international market laws and regulations, industry development trends, accounting technology innovations, and practice management models,

In addition, the parties also plan to create an information exchange platform to share the latest policies and regulations, industry dynamics, market trends and other related information, enabling members to keep a finger on the pulse of the industry. They will also be exploring specialised research in emerging areas such as artificial intelligence, sustainability, and academic research reports, working towards industry development.

ISCA President Mr Teo said, "I look forward to strengthening our collaboration with GDICPA and exploring how we can partner them to support the professional development of members and business capabilities of the accountancy services firms. Together, I believe we can make great strides to elevate the attractiveness and influence of the accountancy profession and further contribute to the growth and development of businesses.”

Ms Mu Hui Shu, Secretary-General of GDICPA, said, “We are pleased to establish this partnership with ISCA and enhance our mutual exchange of expertise and best practices, to provide new opportunities for our members and businesses to excel in the global market. GDICPA looks forward to partnering ISCA, a globally recognised professional accountancy organisation, as we raise the standards of the profession and support the growth of small and medium-sized practices, ensuring they remain competitive and resilient in the rapidly evolving economic landscape of China.”