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ISCA Survey: Close to 90% of Accountancy Profession have Adapted to New Ways of Working and Doing Business amid the Pandemic

14 January, 2022 – Covid-19 has changed the face of work. Remote working, videoconferencing, and virtual collaboration have become the norm for many workers. In response, the accountancy profession has been agile in its adaptation to the new normal. In a survey conducted by the Institute of Singapore Chartered Accountants (ISCA), 89% of auditors, accountancy and finance professionals indicated they have adapted to new ways of working and doing business amid the pandemic. 

Auditors, accountancy and finance professionals also remain cautiously optimistic about their organisation’s performance in early to mid-2022. Among those working in large companies , 54% expect to see improvements, while 41% of those in small companies  are optimistic about their organisation’s performance for the first half of the year. 

Mr Kon Yin Tong, President of ISCA, said, “With Singapore being more prepared for the challenges of Covid-19, the survey findings reinforce the importance for businesses and individuals alike to refocus on growth. I encourage businesses to tap the government grants and press on with their digital transformation journey, and for professionals to upskill and tap new opportunities in sustainability, such as green financing.” 

While the accountancy profession is generally optimistic about the business outlook, reduced business profits, an unstable business environment, and burnout continue to worry auditors, accountancy and finance professionals. The survey found that their top three concerns are the possibility of reduced income or pay cuts, potential job loss or retrenchment, and the lack of segregation between work and personal life. When asked to rate the usefulness of government support measures in addressing their concerns, they appraised Skills Future Singapore training grants, the Covid-19 Recovery Grant and measures for lower wage/ junior workers as the top three useful government support measures. 

Among business owners, senior management and board directors, their top concerns are related to manpower issues, namely, staff attrition, foreign worker restrictions and rising wage costs. Some respondents indicated that the Covid-19 border restrictions, the foreign worker quotas are some of the reasons for the talent shortage. The demand for talent also led to rising wage costs, with recruiters offering higher salaries to attract talent.

Close to 500 ISCA members responded to the survey.  

For more information, please contact:

Lin Daoyi 
Communications Manager 
Tel: 9850 8979 
Email: daoyi.lin@isca.org.sg

Betsy Tan
Senior Communications Manager
Tel: 9641 6920 
Email: betsy.tan@isca.org.sg

About the Institute of Singapore Chartered Accountants 
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 33,000 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.