Singapore Boosts Research Capabilities of Accounting Sector

The Singapore Management University's School of Accountancy Research (SOAR) and the Institute of Certified Public Accountants of Singapore (ICPAS) have inked a memorandum of understanding (MOU) to collaborate on accounting, business, professional and thought-leadership research and activities to contribute to Singapore's vision of becoming a leading global accountancy hub for the Asia-Pacific region.  Signed on the sidelines of the inaugural SMU Accounting Symposium 2010, which brought together leading accounting researchers from Asia, Europe and North America, the agreement is among the action plans in response to recommendations made by CDAS in April 2010 and accepted by the Ministry of Finance in May this year.


Under the terms of the MOU, SMU SOAR will work closely with ICPAS Research, the research arm of ICPAS, on a number of research initiatives. Among them  is the launch of a poll of CEOs from next year to tap the business leaders' pulse on the industry and on the economy. For a start, they will be surveyed on their views on regional and global emerging challenges and opportunities. This will culminate in a CEO Forum in the second quarter of next year which will discuss issues such as business strategies, corporate governance, risk management and assurance. Key stakeholders, such as regulators, auditors and CFOs, will also be invited to lend their perspectives at the annual Forum.Under the collaboration, the partners will also work together in two other areas. In the aspect of thought-leadership research, SMU SOAR researchers and ICPAS Research will be embarking on a study of the audit market in Singapore for a start. ICPAS Research and SMU SOAR will also look into the implications of the European Commission's Green Paper on Audit Policy in the Asia Pacific region. More projects will be identified for further exploration and research. The research focus would be on issues relevant to Singapore and the Asia Pacific and providing thought-leadership on business, professional and related issues. A third prong of the collaboration is an eminent speaker series. It will serve as a platform for faculty and ICPAS members to stay connected with business and professional developments, and also network with leading business and professional leaders.


"Since its inception, the SMU School of Accountancy has pursued wholeheartedly meaningful research, which impacts the academic community while being market-relevant. We are fortunate to have been recognised internationally for the quality of our research vis-a-vis other universities. Riding on this track record and our collaborations with industry players, government agencies and professional bodies, we are excited to be entering into this partnership with ICPAS. It will be an important enterprise to play our part in positioning the Singapore accountancy sector for new and emerging opportunities," says Professor Pang Yang Hoong, Dean of the SMU School of Accountancy.


Dr Ernest Kan, President of the Institute of Certified Public Accountants of Singapore, says the collaboration with SMU SOAR underscores ICPAS' commitment to promoting and developing quality research.  "In the light of Singapore's plan to be a global accountancy hub by 2020, the partnership comes at the right time, as developing strong research capabilities will be a key focus area for the sector," says Dr. Kan.




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