New scheme opens doors in Asean for Singapore accountants

Singapore

SINGAPORE accountants will soon find it easier to operate in markets across the region, thanks to a new accreditation available to the profession here.

The Asean Chartered Professional Accountant (Asean CPA) title will allow those accredited to provide accountancy services in Asean without having to go through extensive re-training and re-qualification procedures - providing more opportunities for accounting professionals and firms in these markets, and facilitating trade in services in the region.

The first batch of 47 members of Singapore's national accountancy body Institute of Singapore Chartered Accountants (Isca) have been conferred the Asean CPA title, Isca announced yesterday.

The accreditation was awarded by the Asean Chartered Professional Accountant Coordinating Committee (ACPACC) whose members comprise representatives from government agencies, national accountancy bodies and regulators.

Isca president and ACPACC chair Gerard Ee said in the announcement: "As the Asean region continues to grow, so does the demand for quality accountancy services. By having the Asean CPA designation, it elevates the value of accounting professionals to new heights. New opportunities abound for those who are able to apply their skills not only on local shores, but overseas as well."

The scheme follows on from the Asean Mutual Recognition Arrangement on Accountancy Services (MRAA) signed by all Asean trade ministers in 2014 to liberalise trade in services among countries in the grouping.

The objectives of this arrangement are to facilitate mobility of accountancy services professionals across Asean member states, enhance the current regime for the provision of accountancy services in Asean, and exchange information to promote adoption of best practices on standards and qualifications.

As the ACPACC chair since September 2015, Isca was responsible for ensuring the successful implementation of the MRAA and promoting the acceptance of the Asean CPA across the region, its announcement said.

Singapore will hand over the ACPACC chairmanship to Thailand in October.

"The Asean CPA scheme also supports Singapore's Committee for the Future Economy's strategy to deepen and diversify Singapore's international connections, so as to build stronger economic connections within Asean and facilitate trade within the region," Mr Ee added.

Isca's announcement said that, in the absence of the MRAA previously, a chartered accountant of Singapore or associate member of Isca might have faced challenges in providing non-regulated accountancy services in Asean member states. They can now do so under the MRAA, with the exception of signing off the independent auditor's report and services which require domestic licensing.

Those with the Asean CPA title can apply to be a registered foreign professional accountant (RFPA) with any of the other Asean countries and provide accountancy services in those markets.

ACPACC is currently in discussion over the RFPA registration process, Isca said.