ISCA and ICAS Sign Agreement to Establish Reciprocal Membership for Chartered Accountants

Singapore - 4 April, 2017 - The Institute of Singapore Chartered Accountants (ISCA), and Chartered Accountancy Body, ICAS have signed a Reciprocal Membership Agreement (RMA) today for members of both professional bodies. The RMA enhances the international portability 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.

The RMA was signed at “Our Future Together: Future of Professional Learning and Entrepreneurship” event organised by ISCA and ICAEW this morning, officiated by Ms Indranee Rajah, Senior Minister of State for Law and Finance.      

Under this RMA, ISCA members can pursue 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, an ICAS Chartered Accountant can apply for full membership with ISCA, and attain the CA (Singapore) designation, a recognised mark of excellence in business and a pre-requisite for being a public accountant in Singapore.

A stringent assessment process was undertaken by ISCA and ICAS to review the qualifying requirements in education, examination, practical experience, professional standards and regulations of both institutes to reach the reciprocity agreement.

ISCA and ICAS also signed a Memorandum of Understanding (MoU) today. With this MoU, ISCA and ICAS will explore further collaboration on, member services and professional development for their members around the world. These include granting their members mutual access to each institute’s events and continuous professional education (CPE) courses.

The RMA and MoU were signed today by Mr Gerard Ee, President of ISCA and Professor Mark Allison, Executive Director of Education, ICAS.

Gerard Ee, ISCA President, said “The RMA and MoU with ICAS represents a significant step forward towards our vision to be a globally recognised professional accountancy body, and supports Singapore’s vision to be a global accountancy hub. We are delighted to be able to provide our members who have completed the Singapore CA Qualification the opportunity to attain ICAS’s CA designation, paving the way for our members to pursue greater career opportunities in key financial and business centres around the world. We believe our enduring relationship with ICAS will continue to bring more value to members of both institutes, who will now enjoy a wider range of technical resources, networking events and professional development courses.”

 Professor Mark Allison, Executive Director of Education, ICAS, said:  “I am delighted to be in Singapore today to sign this RMA on behalf of ICAS. Providing reciprocal membership of ISCA for ICAS CAs creates opportunities for our members to work in one of the world’s most vibrant cities. It also cements ICAS’ position as a truly global institute and helps strengthen ties with our colleagues in Singapore. Both ICAS and ISCA recognise the importance of mutual recognition of qualifications in this dynamic, global business environment.”

Mr Chaly Mah, Chairman, Singapore Accountancy Commission, said, “The Singapore Accountancy Commission (SAC) congratulates ISCA on the Reciprocal Membership Agreement and MoU signed with ICAS. As the developer of the accountancy sector in Singapore, SAC is happy that a reputable professional body like ICAS has made its Chartered Accountancy qualification mutually recognised with our national accountancy body. As we learn from ICAS’ 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. We look forward to this mutually beneficial collaboration which will see a reciprocal deepening of skills and flow of talent between our countries.”

ISCA is the designated entity to confer the Chartered Accountant of Singapore, or CA (Singapore) professional designation. Today, ISCA has over 32,000 members. ICAS is a leading professional body for Chartered Accountants, with more than 21,000 members worldwide. Both ISCA and ICAS are members of Chartered Accountants Worldwide (CAW). CAW brings together 11 chartered accountancy bodies connecting and representing the interests of over 1.6 billion members and students globally.

-END-

For media queries, please contact:

Institute of Singapore Chartered Accountants

Eileen Khoo, Communications Executive

Tel: 6597 5609 / 9221 9820 Email: eileen.khoo@isca.org.sg

Betsy Tan, Senior Communications Manager

Tel: 6597 5608 / 9641 6920 Email: betsy.tan@isca.org.sg

ICAS

Hannah Downie, ICAS Senior Digital Editor and Media Manager

Tel:+ 44 (0)131 347 0126/07799 583 409 Email: hdownie@icas.com

Notes to editors:

About the Singapore CA Qualification

The Singapore CA Qualification (formerly known as Singapore QP) is a post-tertiary studies professional accountancy qualification. The successful completion of the Singapore CA Qualification will lead to the conferment of the Chartered Accountant of Singapore designation by ISCA.

For more information, visit, http://isca.org.sg/become-a-member/qp/sg-scaq/applicants/

About the Institute of Singapore Chartered Accountants

The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ISCA’s vision is to be a globally recognised professional accountancy body, bringing value to our members, the profession and wider community. There are over 32,000 ISCA members making their stride in businesses across industries in Singapore and around the world.

Established in 1963, ISCA is an advocate of the interests of the profession. Possessing a Global Mindset, with Asian Insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards Singapore’s transformation into a global accountancy hub.

ISCA is the Administrator of the Singapore CA Qualification and the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation.

ISCA is an Associate of Chartered Accountants Worldwide (CAW). CAW brings together 11 chartered accountancy bodies connecting and representing the interests of over 1.6 million members and students globally.

For more information, visit www.isca.org.sg

About ICAS

ICAS is a professional body for more than 21,000 world class business men and women who work in the UK and in more than 100 countries around the world. Members have all achieved the internationally recognised and respected CA qualification (Chartered Accountant). ICAS is an educator, examiner, regulator and thought leader. Almost two thirds of ICAS' working membership are in business; many leading some of the UK's and the world's great companies. The others work in accountancy practices ranging from the Big Four in The City to the small practitioner in rural areas.