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THE Singapore Accountancy Commission (SAC) and the Chartered Accountants Australia and New Zealand (CA ANZ) on Wednesday said they have signed a memorandum of understanding (MOU) for mutual credit recognition.
This would apply to SAC's Singapore Qualification Programme (Singapore QP) and CA ANZ's CA Programme.
The agreement, inked on Tuesday, relates to two professional-level modules on financial reporting and assurance, which will allow the Singapore QP and CA Prgramme candidates these specific exemptions from each other's qualifications.
The mutual credit recognition applies to the financial reporting module of the Singapore QP and the financial accounting and reporting module of the 2015 or later CA ANZ CA Qualification; assurance module of the Singapore QP and the audit and assurance module of the 2015 or later CA ANZ CA Qualification.
The agreement is the latest in a series of MOUs SAC has signed with professional accountancy bodies to boost the international portability of the Chartered Accountant of Singapore professional designation.
Michael Lim, chairman of SAC, said: "This mutual credit recognition is a testament of the robustness of the Singapore QP and will serve as a strong foundation from which the CA Program and Singapore QP candidates can leverage on, in their journey towards attaining their professional qualifications."
Fred Hutchings, president of CA ANZ, said the agreement is an important step for the two organisations and for the CA designation.
"The more we collaborate and share the more everyone will benefit from our unique learning programme," he added.
The MOU will run on a three-year renewable term and retrospective credits will be available to CA ANZ and SAC candidates and members who have successfully completed the recognised financial reporting and assurance modules from 2015 onwards.