ISCA and SMU Forge Strategic Partnership to deepen engagement and collaboration

24 Oct 2023

Singapore Management University (SMU) and Singapore's national accounting body, Institute of Singapore Chartered Accountants (ISCA), are committed to working together to advance the skills and knowledge of accounting professionals in Singapore, as well as to enhance the appeal of the accountancy profession.

A memorandum of understanding was inked on 19 October 2023 between SMU Provost, Professor Timothy Clark, and ISCA President, Mr Teo Ser Luck, to mark the strategic partnership.

Under the agreement, both organisations will work towards enhancing the attractiveness of the accountancy profession through student engagement, research, and professional education. ISCA has shared plans to extend support to SMU Bachelor of Accountancy undergraduates in their pursuit of the Singapore Chartered Accountant Qualification (SCAQ) by waiving the SCAQ programme fees for the top 5% of the graduating cohort. ISCA and SMU will also collaboratively develop training courses for ISCA members and non-accounting professionals. Furthermore, subject matter experts from ISCA and SMU's School of Accountancy (SOA) faculty members will explore opportunities to conduct joint research and to publish international research papers.

SMU Provost Professor Timothy Clark remarked, "Our relationship with ISCA has been both rewarding and enriching. ISCA has generously supported the SMU community in various ways in past years, such as the provision of the ISCA Cares Bursary which provides financial assistance to undergraduates at the SMU School of Accountancy, the awarding of research grants to our world-class faculty, and sponsorship for activities organised by the SMU Accounting Society. These have significantly enhanced the learning experience of our students and supported the development of research insights that have impacted on the profession. This MOU now elevates our partnership - one where our shared vision and collaborative efforts bring forth innovative educational programmes, ground-breaking impactful research, and create a nurturing and enriching environment for our students and the professional accounting community."

ISCA President Teo Ser Luck said, "We want to ensure that we can provide the environment for every student in accountancy or business in SMU to be nurtured, through to Singapore Chartered Accountant Qualification so that they are on the path towards a promising career."

These efforts are significant and timely, especially in light of the challenges facing the sector, as highlighted by Deputy Prime Minister Lawrence Wong in June 2023. He shared that there has been a falling number of accounting degree students at local universities, and among those who do enrol to study accountancy, there has been a reducing proportion who go on to pursue accounting-related careers. This is despite the positive outlook in demand for new accounting jobs - an estimate in 2022 projected that by 2025, demand for new accounting jobs would reach about 6,000 to 7,000, adding to the current workforce of over 100,000 employees.

Given today's complex business environment, characterised by global trends in technological advancements and ever-changing regulations, accounting professionals must continually upskill to stay competitive and relevant in the field.

For a start, SMU Academy, the University's professional training arm, will introduce an innovative programme - Practical Application of ChatGPT in Risk Management and Internal Audit. This one-day programme, specific to the accounting sector, offers participants a concise yet comprehensive exploration of ChatGPT and its application in enhancing risk management and internal audit processes. Key topics covered will include ChatGPT fundamentals, benefits, and limitations, ethical considerations, integrating ChatGPT into risk identification and assessment, and leveraging ChatGPT for risk mitigation, control design, and internal audit documentation. The programme would be offered from the first quarter of 2024.

Through a dynamic learning environment comprising interactive discussions, real-world case studies, and practical exercises, participants will acquire the knowledge and skills necessary to seamlessly integrate ChatGPT into their risk management and internal audit functions. This integration promises to significantly enhance overall work effectiveness and efficiency for finance professionals.

To that end, the Academy has also been offering cutting-edge courses to meet the evolving needs of finance and accounting professionals. They include the Certificate in Accounting Data Analytics and Visual Analytics with Tableau for Accounting and Finance Professionals, introduced in 2018 and 2019 respectively. Both courses are taught by SMU faculty members from SOA and School of Computing and Information Systems and have collectively benefitted more than 200 finance professionals to-date.

Programmes such as the above-mentioned not only equip and empower professionals with the latest tools and expertise required to excel in today's dynamic financial landscape, but also provide opportunities for them to network with industry peers and experts, fostering collaboration and growth within the finance community.

Yvonne Chan, Chief Financial Officer and Vice President, SMU and former Vice President of ISCA says "ISCA and SMU are dedicated to fostering professional growth and excellence within the finance and accounting sector. As the workforce and digital transformation gather momentum and impact the professional, this collaboration will further enhance skillsets to upgrade the knowledge base and rise a network of community to help one another to share best practices to solve new issues along the way. I am personally very heartened to see ISCA and SMU coming together. This is the start of the journey to explore the many opportunities."

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