2017 - April
ISCA and ICAEW Sign Agreement to Establish Reciprocal Membership for Chartered Accountants
04 Apr 2017 Category: Media Releases
Singapore - 4 April, 2017 - The Institute of Singapore Chartered Accountants (ISCA), and the Institute of Chartered Accountants in England and Wales (ICAEW) have signed a Reciprocal Membership Agreement (RMA) today to establish reciprocal membership for members of both professional bodies. The RMA enhances the global stature of the Chartered Accountant of Singapore or CA (Singapore) designation, a professional designation conferred upon completion of the Singapore CA Qualification (formerly known as Singapore QP). The Singapore CA Qualification is a post-tertiary studies professional accountancy qualification.
The RMA was signed at the “Our Future Together: Future of Professional Learning and Entrepreneurship” event organised by ISCA and ICAEW this morning. The event was officiated by Ms Indranee Rajah, Senior Minister of State for Law and Finance.
Without having to fulfill additional professional or educational requirements, eligible ISCA members can attain ICAEW’s Associate Chartered Accountant (ACA) designation. To be eligible, the ISCA member must be a Chartered Accountant of Singapore, or CA (Singapore), and has completed the Singapore CA Qualification. Similarly, an ICAEW member can apply to become a full member of ISCA and be conferred the CA (Singapore) designation, which is recognised as a mark of professional excellence and a pre-requisite for being a public accountant in Singapore.
A rigorous assessment process was undertaken by both parties, to review the qualifying education, examination and practical experience requirements, professional standards and regulations of each Institute, to arrive at the reciprocity agreement.
ISCA and ICAEW also signed a Memorandum of Understanding (MoU) today. The two-year agreement sets out a framework for future collaboration on members’ activities. These include granting their members mutual access to each institute’s events and continuous professional education (CPE) courses that are relevant to Singapore and ASEAN.
The RMA and MoU were signed today by Mr Gerard Ee, President of ISCA and Dr Hilary Lindsay, President of ICAEW.
Gerard Ee, ISCA President, said “Our collaboration with ICAEW demonstrates our shared commitment to work together towards supporting and advancing the interests of the accountancy profession. The RMA with ICAEW represent a significant endorsement of ISCA’s professional and ethical standards. This will further enhance the international standing of the Institute and our members. With this RMA, we are also providing the opportunity for members who have completed the Singapore CA Qualification to become members of ICAEW.”
“As the national accountancy body in Singapore, we aim to enhance international recognition and career portability for our members, enabling them to pursue international career opportunities. This is in line with our vision to be a globally recognised body, and supports the Committee for Future Economy’s internationalisation strategy. In the current business landscape where organisations are increasingly internationalised, having credentials that are recognised in Singapore and other key financial and business centres will put Singapore chartered accountants in good stead to achieve their career aspirations, wherever they are. ” he added.
Dr Hilary Lindsay, President of ICAEW, shared, “We’re delighted to be able to partner with ISCA to open up new opportunities for both ICAEW and ISCA members through a reciprocal membership and future collaboration on members’ activities. This marks a momentous milestone for us in Singapore and ASEAN as we share our knowledge, insight and technical expertise to help propel growth in the accounting profession.”
Mr Chaly Mah, Chairman, Singapore Accountancy Commission, said, “The Singapore Accountancy Commission (SAC) congratulates ISCA on the Reciprocal Membership Agreement and MoU signed with ICAEW. As the developer of the accountancy sector in Singapore, SAC is happy that a reputable professional body like ICAEW has made its Chartered Accountancy qualification mutually recognised with our national accountancy body. As we learn from ICAEW’s world-renowned programmes, we feel that Singapore too has much to offer our European counterparts as we draw knowledge and expertise from our position as a prominent business and financial hub in this region to offer an Asian perspective. We look forward to this mutually beneficial collaboration which will see a reciprocal deepening of skills and flow of talent between our countries.”
The collaboration is another milestone in ISCA and ICAEW’s longstanding partnership. In 2015, ISCA and ICAEW signed an MoU to deepen their collaboration on research and technical updates that will support the accountancy sector in Singapore and the ASEAN region. In January 2014, both bodies signed an MoU to establish a pathway to membership scheme, which ended its run in December 2015.
ISCA is the designated entity to confer the Chartered Accountant of Singapore, or CA (Singapore), professional designation. Today, ISCA has over 32,000 members. ICAEW is a leading professional membership organisation that promotes, develops and supports more than 147,000 members worldwide. Both ISCA and ICAEW are members of Chartered Accountants Worldwide (CAW). CAW brings together 11 chartered accountancy bodies connecting and representing the interests of over 1.6 billion members and students globally.
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Notes to editors:
About the Singapore CA Qualification
The Singapore CA Qualification (formerly known as Singapore QP) is a post-tertiary studies professional accountancy qualification. The successful completion of the Singapore CA Qualification will lead to the conferment of the Chartered Accountant of Singapore designation by ISCA.
For more information, visit, http://isca.org.sg/become-a-member/qp/sg-scaq/applicants/
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 globally recognised professional accountancy body, bringing value to our members, the profession and wider community. There are over 32,000 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. 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.
ISCA is the Administrator of the Singapore CA Qualification and the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation.
ISCA is an Associate of Chartered Accountants Worldwide (CAW). CAW brings together 11 chartered accountancy bodies connecting and representing the interests of over 1.6 million members and students globally.
For more information, visit www.isca.org.sg.
About the Institute of Chartered Accountants in England and Wales
ICAEW connects over 147,000 chartered accountants worldwide, providing this community of professionals with the power to build and sustain strong economies.
Training, developing and supporting accountants throughout their career, we ensure that they have the expertise and values to meet the needs of tomorrow’s businesses.
Our profession is right at the heart of the decisions that will define the future, and we contribute by sharing our knowledge, insight and capabilities with others. That way, we can be sure that we are building robust, accountable and fair economies across the globe.
ICAEW is a member of Chartered Accountants Worldwide (CAW), which brings together 11 chartered accountancy bodies, representing over 1.6m members and students globally.