The Institute of Singapore Chartered Accountants has signed a memorandum of understanding with the Institute of Chartered Accountants in England and Wales to offer accountants in Singapore a pathway to the Associate Chartered Accountants designation.

The agreement would allow eligible members of the Singaporean group to become members of the English and Welsh organization.

The MoU to establish the ICAEW-ISCA Pathways to Membership scheme was sealed Thursday
by ISCA president Dr. Ernest Kan, and ICAEW deputy president Arthur Bailey at the opening of the ISCA House, with Singapore Senior Minister of State for Finance and Transport Josephine Teo officiating at the ceremony.

The deal will run for two years, between January 2014 and December 2015, enabling ISCA members who meet the entry requirements to become ICAEW Chartered Accountants. To be eligible, the accounting professional must be a full ISCA member of at least five years, be of good standing and possess relevant post-qualification experience in an accounting and/or business environment. 

Under the agreement, accounting professionals in Singapore would be able to attain ICAEW’s globally recognized Associate Chartered Accountant, or ACA, designation. ISCA noted that in the current environment where business operations are increasingly globalized, having a globally recognized accountancy qualification can boost Singapore accountants’ careers as well as provide access to thought leadership, technical updates and a range of career development programs.

“The scheme with ICAEW is in line with ISCA’s vision to be a globally recognized professional accountancy body, adding value to our members, the profession and wider community,” Kan said in a statement. “The prestigious Associate Chartered Accountant designation is globally recognized. Members who have both an ISCA and an ICAEW membership would have a strong competitive edge and greater career mobility worldwide.” 

Under the ICAEW-ISCA Pathways to Membership scheme, eligible ISCA members would need to pass an Examination of Experience to meet the ICAEW’s admission requirements. The Examination of Experience requires applicants to demonstrate their professional competence, skills and expertise by submitting an application addressing a series of questions equivalent in standard to the ACA’s final examination, in the form of a case study. The Examination of Experience is assessed and marked by ICAEW’s examiners. 

“The Pathways agreement between ICAEW and ISCA is a natural progression of the long-standing collaboration ICAEW has had with the Singapore accountancy profession,” said Bailey. “It not only provides eligible ISCA members with a great opportunity to obtain membership of ICAEW and the right to use the highly regarded ACA designation, but also gives them access to a wealth of resources, including thought leadership, updates on the latest standards and a vast library. This will help them continue their development and stay at the top of the profession.”

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