2013 - July
Speech by ISCA Advisor Teo Ser Luck, Minister of State for Trade and Industry, at the Institute’s 50th Anniversary Golden Jubilee Dinner at Marina Bay Sands Ballroom on 2 July 2013
02 Jul 2013 Category: Speeches
President Tony Tan Keng Yam
My parliamentary colleagues from Pasir-Ris Punggol GRC, Mr Gan Thiam Poh,
Ms Penny Low and Mr Zainal Sapari
Ladies and Gentlemen
1. I am pleased to be here, celebrating the Institute’s 50th anniversary with all of you here. Today is indeed cause for celebration. Not only is the national accountancy body celebrating its 50th birthday, it is also getting a makeover with a new name and logo.
The ISCA Brand
2. I believe many of you were at the convention earlier, where Deputy Prime Minister and Finance Minister Tharman officially launched the new name of the Institute. This evening, we are very honoured to have President Tony Tan officially unveil the new ISCA (pronounced IS-CA) logo. The new logo symbolises the Institute’s move into the next phase of its transformation. The Institute has laid the groundwork by expanding its infrastructure and amending its Constitution to be in line with that of a global body. It is now ready to ramp up efforts towards its vision to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community.
3. The ISCA brand identity thus retains the Institute’s heritage while moving the brand forward, in line with Singapore’s development into a global accountancy hub. The ISCA brand essence “Global Mindset, Asian Insights” is aligned with ISCA’s vision to be a globally recognised accountancy body, bringing value to its members, the profession and wider community. It also encapsulates ISCA’s goal to propel the profession towards attaining international standing while bringing a unique Asian perspective to the global accountancy arena.
A Member-Centric Organisation
4. From an accountancy body that began with 226 members back in 1963, ISCA is now the largest professional body in Singapore, with over 26,000 members. From four full time staff in the initial years, it has today a well-structured infrastructure, with teams in Industry Development, Research, Technical Standards Development and Advisory, Quality Assurance and Examinations and Qualification Department, just to name a few.
5. Over the years, the Institute has moved with the times to advance the profession. In the 1980s, when there was a lack of supply of qualified accountants to meet the growing needs of businesses, the Institute established a Joint Examinations Scheme. The scheme provided a pathway for aspiring accountants to gain accounting knowledge, membership to both bodies and thus professional recognition. The Institute further boosted the talent pipeline with its own Professional Examination Scheme in 2004, providing overseas accountancy graduates an avenue to achieve a professional accountancy qualification.
6. Now, as the administrator of the Singapore QP, ISCA will work in collaboration with the Singapore Accountancy Commission to promote the programme as the educational route of choice for accounting professionals. The role dovetails with ISCA’s position as a Designated Entity to confer the Chartered Accountant of Singapore designation, as the Singapore QP provides a pathway for aspiring accountants to attain the CA (Singapore) designation.
7. Through the decades, ISCA has retained its focus on offering value to members, evolving to meet rising expectations and changing needs. In recent years, the Institute has enhanced technical support to members through initiatives such as the Quality Assurance Review, SSQC1 support framework and technical clinics. The Institute’s regular Breakfast Talks and ISCA Mingles sessions, which provide an avenue for members to increase their knowledge and expand their network of contacts, have proven to be very popular. These platforms also help members identify with the Institute and foster camaraderie.
Bringing Value with Life Membership and New Office Building
8. In keeping with our goal to bring value to our members, on the occasion of the Institute’s 50th anniversary, I would like to announce that ISCA will be offering Life Membership to eligible members. This is to recognise and reward members who have been with the Institute for 50 years and above. In recognition of their unwavering support of the Institute, these members will be automatically entitled to have their annual membership subscription waived, while retaining the original membership benefits.
9. I am pleased to announce that not only does ISCA have a new name, it will have a new home, come end of the year. The Institute has made plans to move into a six-storey building in Cecil Street, in the Central Business District, and acquired naming rights for it. The move is designed to better serve the needs of its members, many of whom work in the CBD. With its prime location in the heart of the CBD, the new ISCA building, also signals ISCA’s importance to the growth of the accountancy sector and Singapore’s continued success as a financial and business hub.
Appreciation and Thanks to all Stakeholders
10. As ISCA Advisor, it has been gratifying seeing ISCA grow from strength to strength. The new initiatives and fresh ideas coming from the leadership team and talent pool have contributed to a culture of dynamism and drive at the Institute.
11. Within the audience, I can see people of different age groups, diverse organisations, including leaders from the Big Four firms, SMPs, commerce, academia, and the government agencies. All are gathered here to celebrate ISCA’s Golden Jubilee and to witness the launch of the ISCA visual identity. This is a testament to the impact the Institute has made over the years across all segments of the profession, and the support from these diverse groups. President Tony Tan’s presence here today at the Institute’s 50th anniversary celebration also underscores ISCA’s vital role as the national accountancy body.
12. I would like to thank Mr President for gracing the occasion and celebrating the Institute’s Golden Jubilee with us. I would like to thank ISCA members, our government stakeholders and industry partners, who have all played a part in the Institute’s continued success. We look forward to your continued support as we continue to strive towards the vision to make Singapore a global accountancy hub.