ISCA and CPA Australia Sign Mutual Recognition Agreement
- Written by Viw Magazine
SINGAPORE - Media OutReach - 6 October 2023 - The Institute of Singapore Chartered Accountants (ISCA) and CPA Australia have signed a Mutual Recognition Agreement (MRA). The MRA provides a pathway for ISCA members to be members of CPA Australia, and vice versa.
Professional accountants are highly regarded by businesses and are in high demand worldwide. As businesses globalise, organisations frequently transfer their senior finance and accounting staff members to helm key positions across regions. This MRA thus facilitates talent mobility within the global accountancy profession.
The MRA was signed by Ms Fann Kor, Chief Executive Officer of ISCA, and Mr Andrew Hunter, Chief Executive Officer of CPA Australia. It was witnessed by Mr Teo Ser Luck, President of ISCA, and Ms Merran Kelsall, outgoing President and Chair of the Board of CPA Australia.
Under the MRA, ISCA members can apply to be a CPA Australia member without having to fulfil additional professional or educational requirements. To be eligible, the ISCA member must be a CA (Singapore), have completed the Singapore CA Qualification, and held ISCA membership for five consecutive years.
CPA Australia members seeking ISCA membership must have completed the Certified Practising Accountant (CPA) Program, the Singapore Chartered Accountant Qualification (SCAQ) Programme's Integrative Business Solutions module and other applicable qualifications and experience requirements to qualify under the MRA.
To reach this agreement, ISCA, CPA Australia and the Accounting and Corporate Regulatory Authority (ACRA) conducted a review of the qualifying requirements in education, examination, practical experience, professional standards and regulations of both professional accountancy bodies. This was to assess the equivalence between the Singapore Chartered Accountant Qualification (SCAQ) and the CPA Program, as well as the membership requirements of ISCA and CPA Australia for the purpose of entering the MRA.
Mr Ong Khiaw Hong, Chief Executive, Accounting and Corporate Regulatory Authority (ACRA) said: "We congratulate ISCA and CPA Australia for signing the Mutual Recognition Agreement. We look forward to this mutually beneficial collaboration which will enhance the flow of accountancy talent between our countries."
Ms Kor said: "We are pleased to sign this agreement with CPA Australia. This agreement reflects our commitment to enhancing the global mobility of our members and reinforces ISCA's position as a globally recognised professional accountancy body. Together with CPA Australia, we aim to create new opportunities for our members, promote knowledge sharing, and contribute to the continued growth and success of the global accountancy profession."
Mr Hunter added: "We are delighted to partner with ISCA through this Mutual Recognition Agreement as it brings immense benefits to members from both organisations on their professional journeys. This marks a significant milestone in our dedication to forging a path towards greater opportunities and fostering professional growth, all driven by our commitment to excellence in the accounting profession."
For more information and to apply for membership under the MRA, ISCA members and CPA Australia members can visit the following websites https://isca.org.sg/membership/become-a-member/individual-membership/chartered-accountant-pathway/ca-(singapore)-via-reciprocity-agreement and https://www.cpaaustralia.com.au/become-a-cpa/starting-the-cpa-program/membership-pathways-and-arrangements/institute-of-singapore-chartered-accountants respectively.
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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 world-class accountancy body of trusted professionals, contributing towards an innovative and sustainable economy. There are over 33,000 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. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession.
ISCA is the Designated Entity to confer the Chartered Accountant of Singapore - CA (Singapore) - designation.
ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.
For more information, please visit www.isca.org.sg.
About CPA Australia
CPA Australia is one of the largest professional accounting bodies in the world, with more than 172,000 members in over 100 countries and regions, including more than 8,600 members in Singapore. CPA Australia has been operating in Singapore since 1954 and opened our Singapore office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au
