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CATERING TO DIVERSE DIVER SEGMENTS
SMP Programme and Virtual SMP Centre
Pushing forward to build digital capabilities has become even more critical in the current pandemic, as technology plays a key role in business continuity and successful post-crisis recovery. With the support of Enterprise Singapore’s Local Enterprise and Association Development (LEAD) Programme, ISCA launched the SMP Programme in 2020 to drive digitalisation, upskilling and diversification, and internationalisation among small and medium-sized audit practices (SMPs) in Singapore.
The programme complements ISCA’s existing initiatives to support the audit profession, such as the virtual SMP Centre, which supports SMPs on their digitalisation journey. In addition to the existing funding schemes, ISCA also works closely with government agencies to help SMPs defray costs in their adoption of digital solutions. Under the SMP Programme and virtual SMP Centre, other initiatives to promote digital transformation of firms to increase agility and innovation, and to open up opportunities for SMPs to venture into new markets will be launched over the next two years.
The Tech Talk series, organised under the SMP programme, invited technology firms to discuss how sector-specific tools can address pain points that the profession faces. The talks also shared how these technologies can lead to more efficient and effective work processes, enhance audit quality and service delivery to companies, and facilitate greater collaboration and engagement within teams and with clients. Topics under the Tech Talk series included new trends and developments in AML/CFT, data automation and analytics-driven audit solutions.
Ongoing Initiatives to Enhance Audit Quality
Quality Assurance Review
ISCA’s Quality Assurance Review (QAR) is a voluntary programme that aims to help public accountants raise the quality of their audit practices and audit engagements. The programme involves a review of signed-off engagement files, firm-level quality control system and/or policies, procedures and controls on anti-money laundering and countering the financing of terrorism (AML/CFT). The programme also suggests recommendations on improvement areas and shares good practices. Tailored training sessions on the key findings and/or recurring findings from the review are also covered under the programme.
Customised training
Since 2016, ISCA has offered customised technical training to help SMPs meet specific learning needs. The objective of offering such services is to bridge the knowledge gap and help audit staff relate what they have learnt to their work. The scope of training includes ISCA Audit Manuals, Ethics Pronouncement 200, and other audit-related topics.
Practitioner’s Package
The Institute’s Practitioner’s Package (PP) facilitates professional development in public accounting firms and provides technical support through ISCA’s quality assurance initiatives. The PP comprises three components, professional development for practitioners and their staff, a Quality Assurance (QA) Diagnostic session, and Technical Call Helpdesk. The professional development for public accounting firms component enables practitioners to send their staff to attend CPD courses at a discounted price which will help to enhance the professional knowledge and skills of the audit professionals. The QA Diagnostic session is an one-off high-level assessment aimed at helping public accounting firms identify gaps in their firm-level processes that may affect their audit quality, while the Technical Call Helpdesk offers an alternative avenue to practitioners where they can seek technical clarification over the phone on financial reporting, auditing and ethical matters.
The third instalment of ISCA’s Mentoring Programme, which started in September 2019, concluded in May 2020. Over the nine-month programme, Chief Financial Officer (CFO) aspirants were paired with experienced C-suite executives to learn, network and grow, while picking up valuable tips on career growth, leadership management skills and stakeholder communication from their mentors. A networking workshop was held in January before the Covid-19 pandemic impacted Singapore. The programme ended with a virtual workshop among the 19 pairs of mentors and mentees on Zoom.
Despite challenges posed by the pandemic, ISCA continued to organise knowledge-sharing events for ISCA Youth Associates – our undergraduate student members – to encourage and motivate them to hone their skill sets to become versatile individuals who are prepared for the workforce of the future.
These virtual events and activities held over the past year included sessions to develop technical and transferable soft skills. Youth Associates were also able to learn about various career pathways by engaging with industry professionals through events such as the virtual Career Insights Talk, which shed light on their career journeys as well as their take on the pandemic’s implications on businesses for accountancy and finance professionals in the future.
The Career Pathway Talk for ISCA’s young members and undergraduates, held virtually via Zoom, explored the changing expectations among employers due to the pandemic and provided tips to succeed in a virtual interview with potential employers.
To enhance our student outreach efforts and raise awareness of the ISCA brand among accountancy undergraduates, we had ISCA Youth Ambassadors – student influencers at local universities – sharing their personal experiences as ISCA Youth Associates in a video. The video, which showcased the value of the ISCA student membership and how the activities supplement the students’ university academic education, will be aired during outreach events at various tertiary institutions.
