- In addition to accountancy and finance graduates, the programme is also open to professionals currently working in financial forensic related fields, such as law enforcement and financial crime compliance and investigation. - It includes a module in digital forensics to equip professionals with fundamentals in cyber investigation and forensic data analytics. - The financial crime module provides practical knowledge on financial crimes, law and regulations and investigation approaches in the banking and finance sector.
28 September, 2017 – As a global financial centre, Singapore has to be especially vigilant against financial crime, which has grown in complexity and scale in tandem with technological advancement and globalisation. In combating financial crime, financial forensic professionals, with their specialised skills and training, play a key role. To develop the talent pool for such professionals, the Institute of Singapore Chartered Accountants will launch the ISCA Financial Forensic Accounting (FFA) Qualification, the first financial forensic accounting qualification in Southeast Asia. Applications for the Qualification will commence 1 March 2018.
This was announced at the inaugural ISCA Financial Forensic Conference, which was officiated by Deputy Prime Minister and Co-ordinating Minister for National Security Mr Teo Chee Hean, on 28 September, 2017. The event drew close to 500 attendees from both public and private sectors, including forensic accountants, financial crime compliance specialists and investigators, law enforcement officers, and legal specialists.
Mr Lee Fook Chiew, Chief Executive Officer of ISCA, said, “As the national accountancy body, ISCA is preparing the profession for the future economy. This includes offering specialisation pathways which enable accountancy professionals to deepen their area of expertise in specialised areas that are in high demand. The ISCA FFA Qualification is one such pathway for existing and aspiring financial forensic professionals to further their professional development.”
ISCA developed this programme with inputs from leading financial forensic professionals from public and private sectors to ensure it is market-relevant and practical. They include financial and regulatory compliance leaders from financial institutions to meet the market’s needs for qualified financial forensic professionals.
Currently, there are about 1,000 financial forensic professionals working in the public and private sectors, including law enforcement agencies, the Monetary Authority of Singapore, banks, insurance companies as well as accounting and advisory firms that offer financial forensic-related services.
Qualification Entry Requirements
The ISCA FFA Qualification is not just open to those with a degree in accountancy or finance but also to those who have a degree or equivalent in other disciplines and are currently working in financial forensic fields, such as law enforcement, financial and regulatory compliance and forensic advisory. Applicants who hold a degree or equivalent in other disciplines are required to have at least one year of recent work experience in financial forensics-related fields.
The applied learning programme, which can be reasonably completed in 12 months, comprises four modules that cover forensic accounting methodology and investigation approaches; digital forensics investigation, data analytics and cyber response; financial crime compliance and investigation in banking and finance sector. It will also cover professional requirements on the code of professional conduct and ethics as well as anti-money laundering and countering the financing of terrorism guidelines. KPMG Singapore will be providing practical workshops, including a mock investigation, for three of the modules.
Upon completion of all four modules and acquiring at least three years of recent and relevant work experience in financial forensic related fields, ISCA FFA Qualification graduates who are ISCA members will be conferred the ISCA Financial Forensic Professional, or ISCA FFP credential.
The ISCA FFP credential can be conferred to ISCA members who are financial forensic professionals with at least 6 years of work experience. Eligible applicants are required to have a minimum of 3 years work experience in financial forensics, with the remaining years in accounting or finance.
Please refer to Annexe A for quotes from the Industry about the ISCA FFA Qualification.
Please refer to Annexe B for quick facts about the ISCA FFA Qualification.
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Notes to Editor 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 a member 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.