Singapore’s national accounting body makes S$3 million push to set up overseas learning centres

THE Institute of Singapore Chartered Accountants (Isca) is investing S$3 million in the next three years to set up overseas learning centres, as part of a wider internationalisation push.

The national accounting body has 12 overseas chapters in 10 markets, and aims to have overseas learning centres in at least six of these by end-2024.

Being qualified in Singapore’s accounting standards will enable such foreign trainees to work in the Republic – or provide offshored services to Singapore-based firms.

“I hope that many of them will have an interest in getting themselves qualified, but that doesn’t mean that they will be working in Singapore,” Isca president Teo Ser Luck told The Business Times.

The hope is that Singapore companies and accounting firms looking to offshore processes will have a ready pool of chartered accountants overseas, who are trained and qualified in the Republic’s accounting standards.

“They will be very helpful in operating within their own countries, and enable our companies to offshore,” Teo said.

The S$3 million will fund overseas staff and office-related functions, training expenses, in-market publicity and marketing activities, and overseas events.

By the end of 2024, Isca aims to have 200 overseas enrollees in its Singapore Chartered Accountant Qualification (SCAQ) programme through the learning centres.

It aims to treble this “over the next few years”, said Teo.

Isca took over the administration of the SCAQ – the only pathway to obtain the Chartered Accountant (Singapore) qualification – in January this year.

While foreigners can already enrol in the SCAQ programme remotely, the overseas learning centres will provide in-person learning resources for those who prefer such arrangements.

The centres will also solidify the industry body’s regional presence, said Teo.

Isca began its internationalisation journey in January last year with the setting up of its overseas chapters.

As part of Isca’s internationalisation efforts, Teo on Tuesday (Mar 5) led a delegation to ink a memorandum of understanding (MOU) with the Philippine Institute of Certified Public Accountants.

Under the agreement, the two national accounting bodies will collaborate on developing accountancy talent and providing upskilling opportunities for accountancy professionals in the Philippines.

“This agreement will bring the SCAQ and other Isca programmes further, not only opening doors for accountants in the Philippines to gain internationally recognised credentials, but also growing and strengthening the accounting profession and businesses in both countries,” said Isca Philippines chapter chairperson Gladeys Santos.

Tuesday’s trip to the Philippines follows a previous trip to Indonesia in January, where similar MOUs were inked with key accounting institutes within the archipelago.

Beyond gaining SCAQ trainees, the broader aim of venturing overseas is to set up physical “repositories of knowledge” that Isca’s overseas members can tap, Teo said.

“I hope to have almost a full-fledged Isca House (replicated) overseas at some point,” he said, referring to the organisation’s headquarters on Cecil Street in Singapore.

“What does Isca House have? We have a place for members to come together, and we have a network – a network for people who aspire to be accountants, and then a network for our accountants.”