KPMG to pay auditors 20% more if they get SCA qualification by next July

Singapore

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, in a bid to improve the quality of audits for its clients and benefit the capital markets.

An estimated 840 auditors - or 70 per cent of its existing 1,200 auditors - are expected to receive the pay bump, a spokesman told The Business Times (BT) on Friday. This payscale revision also signals the firm's commitment to invest in the development of its staff, while ensuring that their salaries are leading the market, said Ong Pang Thye, managing partner of KPMG in Singapore.

Lee Sze Yeng, head of quality and risk management at the firm, told BT: "We expect (the salary increase) to help with the retention of more experienced staff, which will lead to better quality of our work, as well as to attract the best undergraduates to pursue accountancy as a profession and join KPMG."

Furthermore, the pay review is consistent with the recognition of chartered-accountant qualifications in other developed markets such as Australia and the UK, Ms Lee pointed out.

KPMG said it is the first among the Big Four professional services firms in Singapore to do this, and that its auditors will be paid "significantly" above the industry benchmark after the salary increments.

In addition to the pay raise, KPMG 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," he added.

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.