ISCA, SAC and CAI Sign Expression of Intent to Explore Routes to Reciprocal Membership

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1 MEDIA RELEASE For Immediate Release ISCA, SAC and CAI Sign Expression of Intent to Explore Routes to Reciprocal Membership Singapore 21 January, 2015 The Singapore Accountancy Commission (SAC), the Institute of Singapore Chartered Accountants (ISCA), and the Chartered Accountants Ireland (CAI) have signed an Expression of Intent (EOI) today, which signals the intent to foster closer ties among the three organisations. The EOI paves the way for the three organisations to explore reciprocity for members of ISCA and CAI. A reciprocity agreement sets out the framework for members of one body to become members of the other, subject to members meeting the conditions of the agreement. ISCA is the designated entity under the Singapore Accountancy Commission Act to confer the Chartered Accountant of Singapore, or CA (Singapore) professional designation. Today, ISCA has over 28,000 members and CAI has over 23,000 members. The EOI was signed by Mr Uantchern Loh, Chief Executive of SAC, Mr Lee Fook Chiew, Chief Executive Officer of ISCA, and Mr Pat Costello, Chief Executive Officer of CAI. Mr Uantchern Loh, Chief Executive of the SAC, said, We are pleased to start 2015 on a positive note with the signing of the EOI with CAI, Ireland s fast growing and largest accountancy body. The signing symbolises the SAC s as well as Singapore s interest to build closer ties with the professional accountancy bodies in the European region, having established ties with England and Wales as well as Scotland in 2013 and 2014 respectively.

2 This agreement towards eventual reciprocal recognition embodies the SAC s values of collaboration working with different stakeholders to develop Singapore into the global accountancy hub and insightful anticipating the needs of Chartered Accountants of Singapore by offering opportunities to expand their repertoire in Ireland and the surrounding region. Commenting on the collaboration, Mr Lee Fook Chiew, Chief Executive Officer of ISCA said, This EOI represents a progressive step towards enhancing global recognition of the CA (Singapore) designation and membership of ISCA. This is beneficial for our members who are Chartered Accountants of Singapore as it will boost the badge value of the accountancy profession in Singapore and enhance career and business opportunities. The collaboration is also in line with ISCA s vision to be a globally recognised professional accountancy body. It further cements our strong relationship with CAI, a leading professional accountancy body of international standing. Chartered Accountants Ireland Chief Executive Officer, Mr Pat Costello, said, We are delighted to take this important step towards exploring closer ties with SAC and ISCA. Bringing our respective Institutes closer would provide a platform for us to create greater global opportunities for members of Chartered Accountants Ireland, and for those seeking to train or employ them. We look forward to working with SAC and ISCA to explore reciprocity for our respective members. In 2014, SAC and ISCA signed an EOI with the Institute of Chartered Accountants of Scotland (ICAS) and separately, with the Institute of Chartered Accountants in Australia (ICAA) and the New Zealand Institute of Chartered Accountants (NZICA). SAC and ISCA also signed Memoranda of Understanding (MOU) with the Institute of Chartered Accountants in England and Wales (ICAEW), Association of Chartered Certified Accountants (ACCA) and, CPA Australia in 2013.

3 ISCA has also signed a MOU with ICAEW to establish the ICAEW-ISCA Pathways to Membership scheme, which runs till December The scheme provides a pathway for ISCA members to attain ICAEW s globally-recognised Associate Chartered Accountant (ACA) designation. -Ends- For media queries, please contact: Institute of Singapore Chartered Accountants Eileen Khoo, Communications Executive Tel: / eileen.khoo@isca.org.sg Betsy Tan, Communications Manager Tel: / betsy.tan@isca.org.sg Singapore Accountancy Commission Masie Ng-Dimopoulos, Director of Singapore Qualification Programme and Community Building Tel: masie_ng@sac.gov.sg Lin Shuzhen, Editor, Community Building Tel: lin_shuzhen@sac.gov.sg Chartered Accountants Ireland Brendan O Hora, Director of Communications and Marketing Tel: Brendan.ohora@charteredaccountants.ie

4 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. Established in 1963, ISCA shapes the regional accountancy landscape through advocating 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. Our stakeholders include government and industry bodies, employers, educators, and the public. ISCA is the Administrator of the Singapore Qualification Programme (Singapore QP) and the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation. It aims to raise the international profile of the Singapore QP, a post-university professional accountancy qualification programme and promote it as the educational pathway of choice for professional accountants seeking to achieve the CA (Singapore) designation, a prestigious title that is expected to attain global recognition and portability. There are over 28,000 ISCA members making their stride in businesses across industries in Singapore and around the world. For more information, please visit About the Singapore Accountancy Commission Established in April 2013 as a statutory body of the Singapore Government, the Singapore Accountancy Commission (SAC) is the lead agency in spearheading the development of the accountancy sector in Singapore.

5 The SAC s Vision is for Singapore to be the Leading Global Accountancy Hub. This will be achieved through developing for Singapore a vibrant accountancy sector that enables the economy to grow, businesses to thrive and talent to flourish. In fulfilling this mission, the SAC seeks to uphold the values of being relevant, insightful, collaborative and advocative. For more information, please visit About Chartered Accountants Ireland Chartered Accountants Ireland is a membership body representing 23,000 influential members throughout the globe. Our role is to educate, represent and support our members. Our members work in senior positions in practice and industry. We are committed to restoring confidence at every level of the economy. We work with governments and businesses to raise awareness of the importance of sound financial advice. Chartered Accountants Ireland was established as the Institute of Chartered Accountants in Ireland by Royal Charter in Chartered Accountants Ireland is a founding body of Chartered Accountants Worldwide.