Speech by Ms Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and National Development, at the ISCA Annual Dinner 2024, 1 August 2024

ISCA President Mr Teo Ser Luck,

ISCA CEO Ms Fann Kor,

Distinguished guests,

Ladies and Gentlemen,

A very good evening.

Introduction

1.   It is my great pleasure to join all of you at the Institute of Singapore Chartered Accountants (ISCA) annual dinner. 

2.   Last year, I attended the ISCA 60th Anniversary Dinner with then-DPM Wong and we had a lot of meaningful conversations with various industry partners, and it is really nice to see so many of you here again this evening. 

The evolving role of the accountancy profession

3.   Accountants are crucial to business success. You help to ensure the accuracy of financial reporting, you are the ones who provide insights that support business goals, and this forms the backbone of trust and transparency in our corporate landscape. This in turn, instils confidence in investors, it fosters business growth, and it enhances Singapore’s economic competitiveness. When we talk about a global accountancy hub, that makes a lot of sense, given that Singapore is a hub for so many industry sectors, and accountancy is an integral part of that.

4.   While the fundamental role of accountants in upholding public interest will remain, the dynamic nature of our business environment means that accountants will have to consistently adapt to meet complex business needs, and that is the growth mindset that was referred to earlier.

5.   So, a part of ISCA’s job and what the government would like to help you is to facilitate this process by equipping our accountancy talent of today with the necessary skills and expertise, and by growing our accountancy talent of tomorrow through various measures to attract and retain talent. 

Equipping our Accountancy talent of today

Building Capabilities through Digitalisation 

6.   At the same time, we have to deal with digitalisation. Technology advancements have been a game-changer for accountants. With automation tools and Artificial Intelligence (AI), routine tasks such as journal entries and financial statement consolidations can now be automated. These productivity gains enable accountants to analyse anomalies detected by digital tools and provide higher-value services like advisory and risk management.

7.   So, we really want accountants to be able to climb up the value chain and to leave the run-of-the-mill tasks either to digitalisation, to automation, or to AI. That will enable you to give the value-add and do more as a result. So, embracing digitalisation and staying current with technology trends is crucial for accountants to remain competitive, it is crucial to future-proof your careers, and to deliver ongoing value to stakeholders.

8.   And I do want to commend ISCA for investing $2 million in the “Artificial Intelligence for the Accountancy Industry (AI for AI)” initiative, to encourage the adoption of AI by accountants. 

a.   The initiative has embarked on a series of research studies. In May earlier this year, ISCA launched its first AI white paper titled, “Artificial Intelligence for the Accountancy Industry – What Lies Ahead”. I encourage everyone to take some time to read this paper to better understand the potential of AI to transform the way we work.

9.   The government will also support businesses in redesigning the job roles of accounting professionals following technology adoption. The Accountancy Job Redesign Initiative helps to defray up to 50% of the job redesign consultancy costs for SMEs, and we hope that this would encourage more businesses to embark on your transformation plans. 

a.   For example, this initiative has encouraged Precursor Group and HLB Atrede to implement Robotic Process Automation and other digital tools. As manual processes have been streamlined, auditors now have the resources to concentrate on higher value-added tasks, such as using analytics to detect fraudulent transactions.

Building Capabilities in Sustainability 

10.   Beyond digital capabilities, it is critical for accountants to build sustainability-related capability. Businesses are increasingly compelled by regulators, investors, and other stakeholders to transparently disclose their environmental impact and sustainability initiatives, and accountants can capture opportunities in this “green wave”.

11.   To help our accountants stay ahead of the curve, ISCA has been actively rolling out various initiatives in collaboration with ACRA to help accountants acquire sustainability-related competencies.

a.   For example, ISCA has introduced Professional Certifications in Sustainability to equip accountants with the necessary expertise to support organisations in kickstarting their sustainability journey.  

b.   Since its launch in November last year, the ISCA Sustainability Professional Certification (ISPC) and Sustainability Assurance Professional Certification (ISAPC) programmes have garnered over 450 sign-ups, and more than 40 individuals have already completed the certification.

I encourage all of you who have not done so to expand your skills in this area, and play a role in contributing to the sustainability agenda. 

Growing our Accountancy Talent for tomorrow 

12.   As demand for accountants is expected to increase, we must double down on our efforts to grow our accountancy talent for tomorrow.  

13.   Earlier in May, the Accountancy Workforce Review Committee (AWRC) released a report which sets out various recommendations to strengthen the attractiveness of the accountancy sector. 

a.   For this, I would like to thank Chaly Mah, who worked very hard on this together with former Second Permanent Secretary (Finance) Wei Lin from MOF and the rest of the committee. Because they really put in a lot of thought and effort to understand both the accountant industry that Chaly knows inside out, as well as your clients, businesses and how the students would approach it. This resulted in a very thoughtful report. 

b.   Also, I would like to thank our industry partners for their support in implementing these recommendations. It’s very encouraging to see accounting firms like Deloitte, EY, KPMG and PWC, step forward to redesign the reward structures, to offer better recognition and progression for our accountants. In addition, they are offering employees training in emerging areas such as generative AI, analytics, and ESG, thereby enhancing the career value proposition.   

14.   I would also like to thank ISCA for their dedication in uplifting perceptions of the accountancy profession, and in attracting talent to join the sector. 

a.   Earlier in March, ISCA released its first resource pack titled ‘Snippets Revelation #1’. This helps students, educators, and parents gain a better understanding of a career in accountancy through the sharing of accountancy pathways, progression, and long-term salary prospects. 

b.   We look forward to ISCA’s upcoming efforts, including the next edition of the Snippets Revelation, which will focus on occupational wage trends for accountancy roles across industries, and feature accomplished accountants with diverse backgrounds.

15.   ACRA and ISCA have also been working closely to expand pathways and improve access to careers in accountancy.

a.   We have broadened the SCAQ entry pathways to include polytechnic and non-accountancy degree graduates, and have streamlined the programme structure to facilitate a faster qualification process. 

b.   ISCA has also recently launched the SCAQ Academy, in partnership with the London School of Business and Finance (LSBF), to provide learning support for SCAQ candidates. The academy offers a hybrid learning format, which provides accessibility and flexibility for SCAQ candidates. 

16.   We are beginning to see these efforts bear fruit. Compared to last year, the number of new candidates entering the SCAQ programme has more than doubled. ISCA has done a tremendous job under this and we hope to make accountancy the profession of choice.

Global Partnership

17.   As we develop our accountancy sector in Singapore, we must also look internationally. In today's interconnected global economy, the sector plays a crucial role in guiding businesses through the complex web of international accounting standards, regulatory frameworks, and professional practices.

18.   ISCA has been proactive in building international relationships, signing six MOUs with foreign national accountancy bodies. These partnerships facilitate information exchange and training, helping members stay abreast of the latest regional regulations, market trends, and technological innovations.

19.   The inaugural World Accountancy Forum in November 2025 will be a new and significant milestone for Singapore’s accountancy sector. I am delighted that ISCA is organising this three-day event to bring together global business and accountancy leaders, positioning Singapore as a leader in the global accountancy landscape.

Conclusion 

20.   In conclusion, let us press on to nurture our accountants today, and grow our accountancy talents for tomorrow. With our collective efforts to strengthen our local talent and global partnerships, and look forward to a bright future for Singapore’s accountancy sector.

21.   Thank you very much.