SINGAPORE’S accounting firms have been heavily recruiting offshore staff in lower-cost countries. But as clients grow used to being served remotely, this could mean fewer opportunities for the Republic’s own auditors in the future, warned industry players.

In such offshoring, accounting firms hire staff based overseas to serve Singapore clients. This was necessitated by an acute shortage of accountants when the Covid-19 pandemic hit in 2020, industry players told The Business Times (BT).

Many foreign accountants in Singapore – most of whom are Malaysians – left in the early days of the pandemic, and could not return when borders closed.