To strengthen Singapore's accountancy talent pool in Singapore, the Institute of Chartered Accountants in England and Wales (ICAEW) and the Pro-Tem Singapore Accountancy Council (SAC) have signed a Letter of Intent (LoI) signalling the establishment of a closer relationship between the two bodies.
The island nation intends to become the leading global accountancy hub for the Asia Pacific region by 2020.
The letter is the first step towards potential reciprocity for members of ICAEW and the entity designated by the Singapore Accountancy Commission under the Singapore Accountancy Commission Act. A reciprocity agreement would mean that members of one body would more easily be able to become a member of the other.
Under the Singapore Accountancy Commission Act, the Singapore Accountancy Commission will oversee the strategic direction for, promote and facilitate the growth and development of the accountancy sector in Singapore. The SAC Act also introduces and protects the use of the Chartered Accountants of Singapore or CA (Singapore) designation and sets out the provisions relating to the registration of CA (Singapore) holders.
“Our collaboration will have a positive impact on the accountancy sector and, through this, the wider business community in Singapore and the region,” says Michael Lim, Pro-Tem SAC Chairman.
“The profession will play a key role as Singapore’s economy continues to drive forward and there will be great demand for highly-qualified finance professionals who are recognised internationally for their expertise," says Mark Billington, ICAEW SEA Regional Director.
Billington adds that chartered accountants hold a wide range of positions, across all types of organisations all over the world.
"Exploring routes for reciprocity between ICAEW Chartered Accountants and Chartered Accountants of Singapore could further enhance the career and development prospects of members of both bodies as well as encouraging exchange of expertise and experiences,” notes Billington.
Both ICAEW’s ACA (Associate Chartered Accountant) qualification and the new Singapore Qualification Programme (QP) consist of a combination of exams and practical experience with an accredited training organisation, focusing on ethics and professionalism.
ICAEW has reciprocal agreements with Australia (ICAA), Canada (CICA), New Zealand (NZICA), South Africa (SAICA), Zimbabwe (ICAZ), Scotland (ICAS), Ireland (ICAI) and Hong Kong (HKICPA).
In Singapore, ICAEW has been working with Pro-Tem SAC on a number of initiatives and recently launched the F-TEN business leadership programme for CFOs in partnership with INSEAD.