ISCA becomes full member of Chartered Accountants Worldwide

Singapore
By CA Today

27 June 2017

Singapore’s national accountancy body, the Institute of Singapore Chartered Accountants (ISCA), has been admitted as a full member of Chartered Accountants Worldwide (CAW).

ISCA is the first professional accountancy body in Asia Pacific, and the only body other than the founding members of CAW to be accorded full membership status.

While ISCA became an associate member of CAW in 2015, full membership status is only accorded to accountancy bodies which have reciprocal membership agreements (RMA) in place with at least two of CAW founding members.

ISCA signed RMAs with ICAS and the Institute of Chartered Accountants in England and Wales (ICAEW) respectively in April this year.

The RMAs enable eligible ISCA members to pursue ICAS’ CA designation without having to fulfill additional professional or educational requirements or ICAEW’s Associate Chartered Accountant (ACA) designation.

To be eligible, the ISCA member must be a Chartered Accountant of Singapore, or CA (Singapore), and has completed the Singapore CA Qualification. Similarly, members of ICAS and ICAEW can apply to become a full member of ISCA and be conferred the CA (Singapore) designation.

Lee Fook Chiew, Chief Executive Officer of ISCA, said “Our being conferred full membership status by this prestigious global body is an endorsement by Chartered Accountants Worldwide that ISCA fulfills the highest professional, technical and ethical standards required of a professional accountancy body, bringing us on par with other leading chartered accountancy bodies around the world. 

"This accolade enhances our prominence in the global accountancy arena, thereby bringing more international opportunities for Chartered Accountants in Singapore.”

“We are also delighted to be able to open more doors for ISCA members by providing greater career mobility and international recognition through collaboration with other leading institutes of Chartered Accountants. The recent signing of the RMAs with ICAEW and ICAS is one example. We look forward to working more closely with the other Chartered Accountants Worldwide members to support, develop and promote Chartered Accountants in Asia, and the rest of the world,” he added.

Anton Colella, ICAS CEO, said: “The RMA between ICAS and ISCA signed earlier this year not only strengthened ties between the two institutes, but helped set ISCA on the path to full membership of CAW.

"As a founding member of CAW, we welcome ISCA to the global family and look forward to a promising future working together.

"The addition of another professional body to the global Chartered Accountants family further emphasises the importance of chartered accountants around the globe.”

Pat Costello, Chairman of Chartered Accountants Worldwide, said: “We are delighted ISCA has become a full Member of Chartered Accountants Worldwide. This is an important development for ISCA and marks a significant milestone for the profession. ISCA has set a great example in promoting the prestige of Chartered Accountants and the value they can offer to their organisations, and is one which we hope other Chartered Accountancy institutes will follow in due course.”

ICAS is one of the five founding members of CAW, a group that also recently expanded to include the Institute of Chartered Accountants of Sri Lanka and the Institute of Chartered Accountants of India.

Topics

  • Development of the profession
  • CA life
  • Asia

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