Singapore – 2 June 2015 – The Institute of Singapore Chartered Accountants (ISCA), the Singapore Accountancy Commission (SAC) and the South African Institute of Chartered Accountants (SAICA) have signed an Expression of Intent (EOI) to improve cooperation between the three organizations. A reciprocity agreement sets the framework for members of one body to become members of the other, provided the members meet the terms of the agreement. ISCA is the notified body, pursuant to the Singapore Accountancy Commission Act, which gives a professional name to the Chartered Accountant of Singapore or CA (Singapore). IsCA currently has more than 28,000 members and SAICA has more than 39,000 members. The EOI was signed today (June 2, 2015) by Lee Fook Chiew, CHIEF Executive Officer of ISCA, Uantchern Loh, Chief Executive Executive of SAC and Chantyl Mulder, Executive Director at SAICA Nation Building. Lee Fook Chiew, Director General of ISCA, said: „As the national accounting authority in Singapore, we strive to strengthen the international recognition of our members and lay the groundwork for them to explore greater opportunities beyond our borders. This EOI continues to defend our goal of adding value to the auditing firm profession and making Singapore a leading global audit centre. We both take this opportunity to work with SAICA, a well-established international professional audit organization. Uantchern Loh, Chief Executive of SAC, said: „With ISCA, SAC is pleased to work with SAICA on the possible reciprocity of members. SAICA is widely known as an influential professional accounting body that cultivates groundbreaking innovations in areas such as corporate governance and integrated reporting. With this EOI, we hope to take advantage of SAICA`s history and know-how to improve the status of accountants in both South Africa and Singapore.
This EOI also marks Singapore`s fifth (and final) collaboration with a member of Chartered Accountants Worldwide, an encouraging sign that we are moving in the right direction to create global opportunities for those who want or are already Singapore accountants. Dr Terence Nombembe, Managing Director of SAICA, said: „The signing of the Memorandum of Understanding between ISCA, SAC and SAICA offers CAs (SA) better opportunities and credibility in cooperation with or for organisations in Singapore.