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KPMG to give 20% pay bump to auditors for chartered accountant qualification

KPMG in Singapore will raise salaries by 20 per cent for its auditors who obtain the Singapore Chartered Accountant (SCA) qualification by July 1, 2020.

This is meant to enhance audit quality so as to benefit the capital markets and the audit profession, KPMG said in a media statement on Thursday evening.

Ong Pang Thye, managing partner of KPMG in Singapore, said it also signals the firm’s commitment to invest in staff development, while ensuring that their salaries are leading the market in order to attract and retain the best talent.

This is the first such move among the Big Four professional services firms in Singapore, KPMG noted.

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KPMG said its auditors will be paid “significantly” above the industry benchmark after these salary increments.

In addition to the pay raise, its auditors also receive 10 days of study leave per sitting to pursue the SCA qualification.

“Our focus on audit quality is intrinsically linked to our commitment to promote public trust,” Mr Ong said.

“This move to peg pay to enhanced qualification represents one of our largest investments in audit quality to date, and the importance we place in recognising accreditation in line with the global profession,” he added.

The SCA is the national chartered-accountant qualification developed by the Singapore Accountancy Commission (SAC) and administered by the Institute of Singapore Chartered Accountants. It is a post-graduate accountancy programme designed to develop future business leaders, according to the SAC website.