Singapore’s national accountancy body, the Institute of Singapore Chartered Accountants (ISCA), has been admitted as a full member of Chartered Accountants Worldwide (CAW), a global body of leading chartered accountancy bodies around the world.
ISCA is the first professional accountancy body in Asia Pacific, and the only body other than the founding members of CAW to be accorded full membership status.
While ISCA became an associate member of CAW in 2015, full membership status is only accorded to accountancy bodies which have reciprocal membership agreements (RMA) in place with at least two of CAW founding members.
ISCA signed RMAs with Institute of Chartered Accountants in England and Wales (ICAEW) and Institute of Chartered Accountants of Scotland (ICAS) respectively in April this year.
Within the CAW network, there are Chartered Accountants working in over 180 countries globally. With ISCA, the national accountancy body now a full member of CAW, Chartered Accountants of Singapore will be connected to a global network, enhancing their professional stature and employability in a globalized business world.
In April this year, ISCA raised its global profile when it signed Reciprocal Membership Agreements with ICAEW and ICAS, two internationally recognised professional accountancy bodies. The RMAs enable eligible ISCA members to pursue ICAEW’s Associate Chartered Accountant (ACA) designation or ICAS’ CA designation without having to fulfill additional professional or educational requirements.
To be eligible, the ISCA member must be a Chartered Accountant of Singapore, or CA (Singapore), and has completed the Singapore CA Qualification. Similarly, members of ICAEW and ICAS can apply to become a full member of ISCA and be conferred the CA (Singapore) designation.
Lee Fook Chiew, Chief Executive Officer of ISCA, said “Our being conferred full membership status by this prestigious global body is an endorsement by Chartered Accountants Worldwide that ISCA fulfills the highest professional, technical and ethical standards required of a professional accountancy body, bringing us on par with other leading chartered accountancy bodies around the world. This accolade enhances our prominence in the global accountancy arena, thereby bringing more international opportunities for Chartered Accountants in Singapore.”
“We are also delighted to be able to open more doors for ISCA members by providing greater career mobility and international recognition through collaboration with other leading institutes of Chartered Accountants. The recent signing of the RMAs with ICAEW and ICAS is one example. We look forward to working more closely with the other Chartered Accountants Worldwide members to support, develop and promote Chartered Accountants in Asia, and the rest of the world,” he added.
Pat Costello, Chairman of Chartered Accountants Worldwide, said: “We are delighted ISCA has become a full Member of Chartered Accountants Worldwide. This is an important development for ISCA and marks a significant milestone for the profession. ISCA has set a great example in promoting the prestige of Chartered Accountants and the value they can offer to their organizations, and is one which we hope other Chartered Accountancy institutes will follow in due course.”
Chartered Accountants Worldwide was founded in 2013 by a group of globally recognized Chartered Accountancy bodies committed to promoting the reputation and value of Chartered Accountants as world leaders in accountancy, finance and business.
Its five founding members are Chartered Accountants Australia and New Zealand, the Institute of Chartered Accountants in England and Wales, Chartered Accountants Ireland, the Institute of Chartered Accountants of Scotland, and the South African Institute of Chartered Accountants.