Welcome Address by ISCA Vice President, Ms Yvonne Chan at ISCA PAIB Conference on 17 July 2019 at Marina Bay Sands Expo and Convention Centre

Ms. Indranee Rajah

Minister in the Prime Minister’s Office,

Second Minister for Finance and Education

Ms. Goh Soon Poh

Auditor-General, Auditor-General’s Office

Mr. Kevin Kwok

Chairman, Accounting Standards Council Singapore

Mr. Chaly Mah

Chairman, Singapore Accountancy Commission

Mr. Teo Ser Luck

ISCA Advisor

Distinguished guests

Ladies and Gentlemen,

It’s with great pleasure that I welcome you to the ISCA PAIB Conference. 

This is the second instalment of ISCA’s four-part Singapore Accountancy and Audit Conference (SAAC) series for the year. Through such conferences, we bring together experts and like-minded professionals (like all of you here today) to discuss topics and issues concerning the accountancy profession.

The theme of today’s conference is “Opportunities Amidst Transformations”.

In this Digital Age, businesses must be agile and adapt to changes in the environment. As Singapore transforms its economy for Industry 4.0, businesses are seeing the benefits that come with digitalisation and automation. At ISCA, we recognise that the accountancy profession is in a prime position to seize the opportunities in this rapidly changing business landscape.

Let me elaborate on two such programmes today.

ISCA Infrastructure & Project Finance Qualification

I am pleased to announce the launch of the ISCA Infrastructure & Project Finance Qualification.

This is developed in collaboration with EY Singapore, the Qualification was created to support infrastructure development in the region. According to the Report of the Committee on the Future Economy, the demand for urban infrastructure and services is expected to grow strongly. Infrastructure investment in developing Asia is projected to be worth S$28.5 trillion from 2016 to 2030.

With such demand, the need for accounting professionals is expected to grow in tandem. The Qualification is also in line with ISCA’s goal to equip our members with specialised skills in areas that are in high demand. It comprises three modules, with six days of practical workshops. Those who complete the modules and obtain at least three years of relevant work experience can be conferred the ISCA Infrastructure & Project Finance Professional (ISCA IPFP) Credential.

This is the first of such Qualification in Asia which leads to the conferment of a Credential by a professional body. The Qualification is suitable for entry-level professionals who are interested in infrastructure & project finance.

Later this morning, Ms Lynn Tho, ASEAN Infrastructure Advisory Partner at EY Singapore will be speaking about this qualification in more details.

ISCA Professional Business Accountant (PBA) Programme

The PBA is an enhanced Associate membership pathway, where eligible accountancy professionals can be conferred the professional designation that validates the expertise, knowledge and experience of accountancy professionals in business and finance that is valued by employers and the industry.

To attain this, accountancy professionals must complete a 30-hour e-learning programme. The training hours earned from the PBA programme can be counted towards meeting the CPE requirements.

The PBA programme is aligned with the ISCA PAIB Framework, and aims to enhance the competencies of professional accountants in business, covering topics in the areas of Professional Values and Ethics, Technical Excellence, Leadership & Personal Empowerment, Business Acumen, as well as Future Finance skills.

More details of the programme will be made available when it is launched in October this year. I encourage our members, especially our Associate members, to take up the programme so that they can continue to enhance their competencies and keep themselves updated with relevant skills and knowledge that are needed for the future economy.

Event Programme

Moving on to today’s programme line-up, we are privileged to have many experts and business leaders who will share with us timely topics that are impacting the profession, as well as growth areas for finance professionals in Singapore and the region. For instance, there will be a panel discussion on agile culture. Agile working goes beyond flexibility at work and focuses on removing boundaries in order to get work done as efficiently as possible. With the many benefits of agile working for both the employees and businesses, creating an agile culture is now or never. What can leaders do to ensure that this change is made assessible to everyone, especially the finance team? The panel seeks to discuss how CFOs, as the backbone of the corporation, can lead the evolution of agile culture.

In the afternoon, there will be two parallel tracks – one for accountants in the private sector, and another for those in the public sector. Each track features topics relevant to the respective audience segment. We have curated each track to equip participants for the digital age.

In the section for professional accountants in the private sector, participants will hear experts discuss a post-implementation review of FRS 115, including the teething issues and suggested resolutions. There will also be a panel discussion on how finance leaders can close the technology adoption gap in the corporate world.

In the track for professional accountants in the public sector, participants can learn from early adopters of automation on how it can improve productivity. Participants will also hear from government and technology leaders on how finance can contribute towards building trust through a panel discussion titled “Public Sector Finance: The Thrust of Trust”.

Our programme line-up today reflects how rapidly things are changing not just in the accountancy profession but across all spheres of business. As the national accountancy body, ISCA is also constantly evolving our service offerings to prepare the profession for Industry 4.0.

Conclusion

In conclusion, rather than view technology as disruption, we should see it as an enabler. With digitalisation transforming the world, the way we work, live and play will be radically different. The only way forward is to adapt, change along with the world and stay ahead of the curve.

May you find today’s conference to be insightful and meaningful. Thank you.