DIVE LOG

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Divers keep a dive log so that they can look back on their memorable diving experiences. The dive log also enables them to track their progress over time. Here is ISCA’s “dive log” of significant moments in 2020.

In 2020, amid social distancing requirements, the conferences were brought to participants virtually. The borderless virtual platform was also an opportunity for ISCA to reach a wider audience and profile our conferences in the SAAC series internationally.

The Budget 2020 seminar had close to 700 sign-ups and featured discussions on the Singapore Budget and tax developments that would impact companies and individuals. The Professional Accountants in Business (PAIB) Conference, titled “Gearing Up to Reboot in a New World” drew more than 1,000 participants. Experts shared their views on rebounding from Covid-19 as well as reiterated the changing role of the accountancy profession amid digital transformation.

The ISCA Practitioners Conference attracted more than 800 participants. Themed “Strategising for a Resilient Tomorrow”, it focused on how audit firms could find clarity as the world navigates the challenges of the pandemic and faces an uncertain 2021. The conference covered the impact of Covid-19 on financial reporting and audit and how the profession could approach the upcoming audits with professional judgement, scepticism and vigilance. It also brought to the forefront other topics such as ACRA’s findings from its Practice Monitoring Programme, the new quality management standards, interest rate benchmark reform and the future of standard-setting in auditing.

Ms Indranne Rajah (PAIB)

ISCA introduced Compliance Certificates to enable finance and accountancy professionals who are involved with or are taking on compliance related processes to upgrade their skills in 2020. For a start, we have launched the ISCA PDPA Compliance Certificate. The certificate courses are modular and have been developed based on the job roles and competencies required. With the certificates, ISCA aims to bridge the skills gap of accountancy professionals and enable them to upskill in areas that are in demand. Future courses include Information Systems and Risk Management, which are expected to be ready in 2021.

In an increasingly digital world, there are significant changes in how learning is recognised, accredited and validated. Digital badges are a part of these changes. Many of our members have gained qualifications and credentials in fields that are in demand, through various ISCA Continuing Professional Education (CPE) certification courses and specialisation pathways. To enable our members to showcase their professional achievements, ISCA issued Professional Accomplishment digital badges in batches in 2020 to members who have completed the following Professional Qualification programmes and CPE certification courses: ISCA Financial Forensic Professional (FFP) credential, ISCA Financial Forensic Qualification, ISCA Infrastructure and Project Finance Professional (ISCA IPFP) credential, ISCA-SUSS Certificate in Business Analytics, and Practical Audit Workshop. Going forward, digital badges will be issued to more Professional Qualification programmes and CPE certification courses.

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ISCA collaborated with the Lee Kuan Yew Centre for Innovative Cities at the Singapore University of Technology and Design, and Ernst & Young on the report “Redefining the Finance Function with Job Redesign”, which aimed to raise awareness of the imminent impact of technological changes among finance professionals. The report also served as a guide for companies as they re-calibrated job roles in the finance function while undergoing business transformation to adapt to the changing business environment. The report, which was unveiled at the PAIB Conference in August 2020, was especially salient amid the Covid-19 global pandemic, which accelerated the pace of digital transformation.
The report mentioned that technologies like robotic process automation, artificial intelligence, advanced analytics/big data and blockchain would enhance decision making and effectiveness of finance functions at all levels within the next three to five years, during which more than half of the 11 job roles in the finance function would be moderately to highly changed by technology. And while those in the two most junior roles – Accounts Executive/Accounts Assistant in the Financial Accounting (FA) track and the Accounting Executive in the Management Accounting (MA) track – were likely to be displaced by technology, there were job transition pathways for them within and beyond the accountancy profession.

The IS Chartered Accountant Journal received international recognition at the 32nd Annual Awards for Publication Excellence (APEX 2020), where it won the Grand Award. APEX, which began in 1988, is a prestigious international competition open to communicators in corporate, non-profit and independent settings. While the IS Chartered Accountant Journal received the APEX Awards of Excellence in 2016 and 2017, this is the first time it has won the Grand Award. The win is a testament of the quality of the ISCA Journal and further elevates the ISCA brand.

The ISCA Ethics Committee (ISCA EC) had received feedback that there were diversities in interpretations and practices in applying certain Non-Assurance Services (NAS) and fee-related provisions in ISCA’s EP 100 Code of Professional Conduct and Ethics.

To consider inputs across all stakeholders, ISCA EC formed a working group (ISCA NAS WG) to look into the local concerns in applying NAS and fee-related provisions in ISCA’s EP 100 and to recommend practices that are relevant and practical to strengthen auditor independence. The recommendations, which were unveiled at ISCA’s Practitioners Conference on 22 October 2020, were broadly welcomed by audit committee members who responded to an online survey sent out by ISCA on the proposed practices.

One such recommendation is to obtain approval from those charged with governance before an audit firm can be appointed to carry out NAS. Another key recommendation is to develop a concept of “audit-related services” and that such “audit-related services” should be excluded from the computation of the proportion of NAS to audit fee, to better reflect the NAS that could potentially affect auditor independence.

The recommendations were also submitted to the International Ethics Standards Board for Accountants (IESBA) for consideration in its revision of the International Code of Ethics for Professional Accountants.

chairman ISCA ethics

ISCA’s Professional Business Accountant (PBA) programme, launched in late 2019, rolled out its full suite of 22 modules and a facilitated half-day workshop, comprising 31 CPE hours, in the third quarter of 2020. The programme’s online learning modules gives busy accountants and finance professionals the flexibility of attaining new skill sets at their own pace and to learn safely from home.

The programme, which is aligned to the ISCA PAIB framework and tailored for associate members focuses on five areas to help accountants succeed in the workforce of the future: Future Finance, Business Acumen, Professional Values and Ethics, Technical Excellence and Leadership and Personal Empowerment. Upon completion, participants will be awarded the Professional Certificate in Business Accounting, which leads to an enhanced Associate membership pathway. ISCA Associate members who have successfully completed the PBA Programme will be conferred the ISCA PBA designation, on fulfilling three years of post-qualification relevant working experience and other eligibility requirements.

To support our members affected by the Covid-19 pandemic, ISCA provided a support package valued at up to $3.6 million. This included a Continuing Professional Development (CPD) support scheme whereby each ISCA member received a $100 CPE voucher to offset their course fees. Members facing financial hardship could also apply for reduction or deferment of membership and training fees.

The Institute also rolled out a slew of initiatives in 2020 to support the profession. These initiatives are in three broad categories: Career Support, Resources and Virtual Learning Support.

The Institute launched a career microsite, which housed a career portal and relevant government career schemes for accountancy and finance professionals. We also collaborated with Workforce Singapore to co-organise a virtual career fair for accounting and finance professionals between 18 and 31 May 2020. Spanning two weeks, the fair attracted more than 11,000 visitors and more than 2,500 job applications.

We also created a virtual Covid-19 resource centre for accountancy and finance professionals. Under the Covid-19 resource centre, users can find a wealth of relevant information. An example is the Covid-19 Navigator, a summary of the assistance schemes and resources from the government and ISCA to support individuals and businesses affected by the Covid-19 pandemic. The resource centre includes technical guidance and Frequently Asked Questions (FAQs) on accounting and auditing issues arising from the Covid-19 situation, as well as government announcements and news on the economy. It also includes links to e-learning resources and assistance schemes for ISCA members.

To ensure members have access to professional development resources during the period of social distancing, ISCA curated live webinars and e-learning modules under its eLearning Space. In 2020, there were more than 500 webinars in various topics, in addition to more than 400 courses in ISCA’s eLearning library. In addition, there were more than 50 free webinars for ISCA members.