ISCA’s inaugural World Accountancy Forum to be held in 2025, bringing together top business and accountancy leaders

ISCA’s inaugural World Accountancy Forum to be held in 2025, bringing together top business and accountancy leaders

• ISCA has set aside $5 million to organise the World Accountancy Forum in Singapore in 2025, bringing together top business and accountancy leaders to discuss key issues and trends in business and accountancy.
• ISCA’s Distinguished Lifetime Membership Award 2024 is conferred upon Mr Chaly Mah, former Chairman of the Singapore Accountancy Commission and a lifelong advocate and champion of the accountancy profession.

Singapore, 1 August 2024 – The Institute of Singapore Chartered Accountants (ISCA) has set aside $5 million to organise the inaugural World Accountancy Forum (WAF) in Singapore in 2025, bringing together around 3,000 top business and accountancy leaders worldwide to discuss key issues and trends in business and accountancy. The theme of the World Accountancy Forum is slated to be “Business Transformations amid Megatrends: Professional Accountants Lead the Way” and it will be held in November 2025.

Announced at ISCA’s Annual Dinner on 1 August 2024, the WAF aims to be the premier global platform to facilitate a meeting of minds between global leaders in business and accountancy such as international standard-setters, professional accountancy associations, and regulators. Accountancy is increasingly playing a proactive role in the most pressing business issues of the day. This includes advising on business strategy, reporting on sustainability, and incorporating the uses and governance of new technologies, like artificial intelligence, into business processes. Increasingly, business and accountancy ecosystems are aligning to achieve universally beneficial objectives. As global issues intensify, the need for strengthened international collaboration has become greater.

As such, Singapore hopes to play a conduit role for businesses and our profession. Prominent international accountancy and business leaders will be invited to share their thoughts and expertise at the forum. In addition, ISCA will welcome global organisations and institutions in business and accountancy, including leading international alliances, professional bodies and business firm networks, to hold their annual meetings and conferences in Singapore, in conjunction with the forum.

ISCA President Mr Teo Ser Luck said: “ISCA is proud to spearhead the World Accountancy Forum. We are hosting this forum to foster dynamic dialogue and the exchange of ideas on pressing issues facing the industry. We hope that this forum will become a cornerstone for future editions that will continue to enhance the business landscape.”

At the Annual Dinner, ISCA also honoured leaders in the accountancy profession with the Distinguished Lifetime Membership (DLM) and Special Appreciation Awards. The DLM, which is conferred to esteemed individuals who have contributed to the accountancy profession, the business community and public service, was awarded to Mr Chaly Mah.

Mr Mah, Chairman of Surbana Jurong Group and Netlink NBN Management Pte Ltd, said: “I am deeply honoured to receive the DLM, joining an esteemed group of DLMs who have contributed extensively to the industry. I hope that the accountancy profession will continue to flourish and inspire future generations of leaders in this field.”

Mr Ong Khiaw Hong, the Singapore Chartered Accountant Qualification (SCAQ) Advisory Panel (represented by Ms Lai Chin Yee, Chairperson of the panel), and the Accountancy Workforce Review Committee (represented by Mr Chaly Mah, Co-Chair of the committee) received the ISCA Special Appreciation Awards. These awards recognise their significant contributions to Singapore’s accountancy and business sectors.

ISCA President Mr Teo Ser Luck said: “The conferment of the Distinguished Lifetime Membership and Special Appreciation Awards is ISCA’s way of recognising trailblazers who have made a profound impact on the accountancy profession. We thank them for their exemplary leadership which will serve as a beacon for future professionals and inspire continued excellence in this industry.”

The DLM is part of ISCA’s efforts to honour individuals who have made significant, long-term contributions to the accounting profession and have played a pivotal role in shaping its future. Since the start of the year, ISCA has seen signs of healthy growth within the profession, with around 1,000 new SCAQ candidate enrolments as of June — more than double the number from the same period last year. ISCA anticipates to close 2024 with the highest enrolment numbers since the programme’s inception.

For details about the ISCA Distinguished Lifetime Member and Special Appreciation Award recipients, refer to the Annex.

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For more information, please contact:

Seah Yi Qin

Manager, Communications

Tel: 9833 3904

Email: yiqin.seah@isca.org.sg

About the Institute of Singapore Chartered Accountants (ISCA)

The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 36,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries.

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 administers the Singapore Chartered Accountant Qualification programme and 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.

ANNEX

About Distinguished Lifetime Member

Mr Chaly Mah

Mr Chaly Mah was formerly the CEO of Deloitte Southeast Asia and Chairman of Deloitte Singapore. During his 38 years with the firm, he was also the CEO of Deloitte Asia Pacific and member of Deloitte Global Executive (2007-2015), Vice Chairman of Deloitte Touche Tohmatsu Limited’s Global Board of Directors (2015-2016), and a member of the Global Board (2002-2009) and (2011-2016). Mr Mah is currently Chairman of Surbana Jurong Group and Netlink NBN Management Pte Ltd. He is also a board member of Capitaland Investment Limited, Flipkart Pte Ltd, Monetary Authority of Singapore and the National University of Singapore and SG Eco Fund Board of Trustee. He is Singapore’s Non-Resident Ambassador to the Republic of Costa Rica. He has extensive experience serving both multinational and local companies across a wide spectrum of industries, specialising in financial services, telecommunications and technology, real estate, private equity and manufacturing.

Mr Mah was appointed by the Ministry of Finance as Chairman of the Singapore Accountancy Commission (SAC) on 1 April 2016. He relinquished his role with the merger of SAC with ACRA on 1 April 2023. He continues to play an active role in championing industry development work for the accountancy sector through his involvement as co-chair of the Accountancy Workforce Review Committee (AWRC) with Second Permanent Secretary of MOF.

Mr Mah served as the Chairman of Singapore Tourism Board. Mr Mah served on the Boards of the Economic Development Board from 2015 to 2020 and Sentosa Development Corporation from 2011 to 2017. He was also Chairman of the Singapore Land Authority from 2010 to 2014. He was awarded the Public Service Medal in 2014 and the Public Service Star in 2022.

About Special Appreciation Award Recipients

Mr Ong Khiaw Hong

Mr Ong Khiaw Hong made significant contributions during his tenure as the Chief Executive of the Accounting and Corporate Regulatory Authority (ACRA). Appointed in April 2017, he led ACRA’s transformation into a digital and data-driven organisation, focusing on becoming a business enabler rather than an information provider.

Mr Ong played a pivotal role in facilitating a seamless transition for ISCA to administer the SCAQ. His efforts ensured that the SCAQ remained relevant and attractive to aspiring accountants.

His extensive experience in corporate accounting, tax, and governance, spanning over 30 years, has been invaluable to ACRA’s operations. His dedication and contributions are exemplary. Mr Ong retired from public service in April 2024.

Singapore Chartered Accountant Qualification Advisory Panel represented by Ms Lai Chin Yee

The Singapore Chartered Accountant Qualification (SCAQ) Advisory Panel was set up in June 2022, comprising ISCA Council members, representatives from the Singapore Accountancy Commission (now merged with ACRA), Accounting and Corporate Regulatory Authority (ACRA), Accountant-General's Department (AGD) and professional accountants in business, practice and academia to study, discuss and recommend enhancements to the SCAQ.

As Chairperson of the SCAQ Advisory Panel and Chair of the Practical Experience and Outreach Subgroup, Ms Lai’s role was instrumental in the final submission of the “Recommendation Paper for Enhancements to the Singapore Chartered Accountant Qualification” to the Ministry of Finance (MOF) in March 2023. The recommendations, aimed at enhancing the relevance and the experience of the qualification, have been thoroughly explored by MOF, ACRA and ISCA. This has led to many new initiatives, and several of the recommendations such as expanded pathways to the SCAQ and fee revisions have been implemented since.

Accountancy Workforce Review Committee represented by Mr Chaly Mah

The Accountancy Workforce Review Committee (AWRC) was set up in October 2022, with the support of the Ministry of Finance and the Accounting and Corporate Regulatory Authority, to address the manpower challenges of the accountancy sector and recommend strategies to ensure a robust pool of accountancy talents to meet industry needs.

As Co-Chairs of the AWRC, Mr Chaly Mah and former Second Permanent Secretary (Finance) Ms Lai Wei Lin led the committee to issue a comprehensive report that outlined the key strategies to strengthen the attractiveness of the accountancy sector and grow Singapore’s pool of skilled accounting professionals to meet industry needs. They engaged industry leaders and worked closely with key stakeholders for a deeper understanding of the challenges faced by the profession. The committee’s collaborative efforts have been instrumental in addressing manpower challenges in the accountancy sector, enhancing its attractiveness, and ensuring a steady pipeline of young accountants for the future. They have played a pivotal role in shaping the future of the accounting profession in Singapore, ensuring its alignment with the evolving business and technological landscape.