Pro-Tem Singapore Accountancy Council Established to Implement Recommendations of the Committee to Develop the Accountancy Sector (CDAS)

   The Minister for Finance has appointed 11 members to the Pro-Tem Singapore Accountancy Council ("Pro-Tem SAC") to drive the implementation of the recommendations of the Committee to Develop the Accountancy Sector ("CDAS"). To be chaired by Mr Bobby Chin, the Pro-Tem SAC represents different stakeholder groups such as the accountancy profession, the business and financial sectors, academia and the government. (See Appendix (14 KB) for the composition of the Pro-Tem SAC). The appointments will take effect from 1 September 2010.

2   The Pro-Tem SAC will implement the recommendations made by CDAS to promote and develop the accountancy sector, prior to the formation of the Singapore Accountancy Council ("SAC"). The Pro-Tem SAC will set up the governing framework and implementation roadmap for the following CDAS recommendations:

(a) the Accountancy Sector Development Fund and the Accountancy Services Research Centre;
(b) the Singapore-branded professional accountancy qualification and the necessary accreditation processes; and
(c) the specialisation pathways in business valuation, internal audit and risk management, and the professional development of CFOs.

3   "The CDAS has set out an exciting vision to transform Singapore into a leading global accountancy hub. The members of the newly appointed Pro-Tem SAC comprise a good mix of leaders in their respective fields, and we are committed to build on the work done by the CDAS. Together with all stakeholders from the accountancy profession and business community, we will set the implementation framework for the development of the accountancy sector," said Mr Bobby Chin.