The Institute of Singapore Chartered Accountants (ISCA), and the Institute of Chartered Accountants in England and Wales (ICAEW) have signed a Reciprocal Membership Agreement (RMA) to establish reciprocal membership for members of both professional bodies.
The RMA enhances the global stature of the Chartered Accountant of Singapore or CA (Singapore) designation, a professional designation conferred upon completion of the Singapore CA Qualification (formerly known as Singapore QP).
The Singapore CA Qualification is a post-tertiary studies professional accountancy qualification.
Without having to fulfill additional professional or educational requirements, eligible ISCA members can attain ICAEW’s Associate Chartered Accountant (ACA) designation.
To be eligible, the ISCA member must be a Chartered Accountant of Singapore, or CA (Singapore), and has completed the Singapore CA Qualification.
Similarly, an ICAEW member can apply to become a full member of ISCA and be conferred the CA (Singapore) designation, which is recognized as a mark of professional excellence and a pre-requisite for being a public accountant in Singapore.
Rigorous assessment process
A rigorous assessment process was undertaken by both parties, to review the qualifying education, examination and practical experience requirements, professional standards and regulations of each Institute, to arrive at the reciprocity agreement.
ISCA and ICAEW also signed a Memorandum of Understanding (MoU) today. The two- year agreement sets out a framework for future collaboration on members’ activities. These include granting their members mutual access to each institute’s events and continuous professional education (CPE) courses that are relevant to Singapore and ASEAN.
“Our collaboration with ICAEW demonstrates our shared commitment to work together towards supporting and advancing the interests of the accountancy profession,” says Gerard Ee, ISCA President.
“The RMA with ICAEW represent a significant endorsement of ISCA’s professional and ethical standards. This will further enhance the international standing of the Institute and our members. With this RMA, we are also providing the opportunity for members who have completed the Singapore CA Qualification to become members of ICAEW.”
“In the current business landscape where organizations are increasingly internationalized, having credentials that are recognized in Singapore and other key financial and business centers will put Singapore chartered accountants in good stead to achieve their career aspirations, wherever they are,” he added.
Dr Hilary Lindsay, President of ICAEW, shared, “This marks a momentous milestone for us in Singapore and ASEAN as we share our knowledge, insight and technical expertise to help propel growth in the accounting profession.”
Chaly Mah, Chairman, Singapore Accountancy Commission, said, “As we learn from ICAEW’s world-renowned programmes, we feel that Singapore too has much to offer our European counterparts as we draw knowledge and expertise from our position as a prominent business and financial hub in this region to offer an Asian perspective.”
The collaboration is another milestone in ISCA and ICAEW’s longstanding partnership. In 2015, ISCA and ICAEW signed an MoU to deepen their collaboration on research and technical updates that will support the accountancy sector in Singapore and the ASEAN region.
In January 2014, both bodies signed an MoU to establish a pathway to membership scheme, which ended its run in December 2015.