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Institute news
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National Day Honours 2008 Last Update - 08/09/2008
| ICPAS would like to extend its congratulations to the following members for having been conferred the National Day Honours 2008 awards by the Singapore Government.
The Public Administration Medal (Bronze)
[Pingat Pentabiran Awam (Gangsa)]
Mrs Tan Lee Fong May
Bursar, Anglo-Chinese School (Independent), Ministry of Education
Ms Ee Yuen Hui
Senior Manager, Finance, Singapore Examinations and Assessment Board
The Public Administration Medal (Bronze)
[Pingat Pentabiran Awam (Gangsa)]
Mdm Tee Poh Lian
Deputy Director, Government Collections & Refunds, Government Collections & Refunds Division, Land Transport Authority
Miss Low Yin Fong
Director, Banking Supervision Department, Monetary Authority of Singapore
The Commendation Medal
[Pingat Kepujian]
Ms Lou Wai Ling
Group Tax Specialist (Banking), Corporate Tax Division, Inland Revenue Authority of Singapore
The Public Service Medal
[Pingat Bakti Masyarakat]
Mr Teo Choon Kow, William
Chairman, Anchorvale CCMC
Dr Kan Yaw Kiong, Ernest
Chairman, Punggol North CCC
Mr Ho Nai Chuen
Chairman, Tanjong Pagar CCC
Mr Willie Cheng Jue Hiang
Board Member, SPRING Singapore
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84% of accountants think an affiliation with a professional body will help in their career progression Last Update - 18/07/2008
| According to a recently concluded study commissioned by Institute Certified Public Accountants of Singapore, a high 84% think that an affiliation with a professional body will help in their career progression.
Fresh entries are more enthusiastic on affiliation with a professional body probably due to the reason that this will help in their career progression.
This is evident in the data comparing the job level of ICPAS members to non-members. 57% of ICPAS members hold managerial positions or are senior executives compared to 46% of non-members, a difference of 11%.
The study also showed that accountants could develop a career quickly in three years. On average, accountants have been in the field for 6 years. However the level of experience and age gaps between the more junior staff and more senior staff is not that great, on average about 3 years. This demonstrates that upward mobility is achievable in a fairly short period if young accountants are willing and able to apply themselves. The study also revealed that 21% holds managerial positions within 5 years of joining the profession.
Keep a lookout for the full report of the study, which also covers career expectations, views on current employer, role of the employer as well as career progression of accountants.
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Recruiting and Retaining Staff is the Top Challenge for Public Accounting Firms Last Update - 11/07/2008
| Public accounting firms indicated that their top challenge is in recruiting and retaining staff, revealed Institute of Certified Public Accountants of Singapore (ICPAS) in its latest survey.
On audit staff alone, 73% of the firms are operating below the ideal capacity. On the average, the firms are operating at 24% below capacity.
To make up for the shortfall, the firms are looking overseas. Indeed, 67% of the firms indicated that they are sourcing for audit staff from overseas. Their sources for audit professionals are mainly from Malaysia (34%), China (21%), Philippines (16%), Indonesia (9%) and others (20%) like Australia, Hong Kong, India, etc.
Even then, firms point to difficulties in hiring professionals from overseas. The reasons cited are difficulty in getting good quality (37%), language and cultural barrier (33%), wage level is too high (16%), poor responses / no take-ups (8%) and quota contraints set by Ministry of Manpower (7%).
In the next 12 months, 45% of the firms are looking at expanding headcount while 54% of them are looking at maintaining it.
Getting more staff (31%) is currently the second most important initiative to the practice, after increasing number of clients (32%) and increasing service to existing clients (26%).
“The shortage of accountants is not a current phenomenon. The competition for talent will not only be from other sectors but from overseas as well. As it is, some firms are using non-traditional recruiting means by targeting non-accounting graduates. We expect this practice to continue,” says Dr Ernest Kan, Vice-President of ICPAS.
In addressing the shortage, ICPAS has rolled out initiatives to help grow the profession. It’s latest being the offering of Institute of Chartered Accountants in England and Wales’ (ICAEW) internationally recognised Associated Chartered Accountant (ACA) qualification in Singapore. As part of ICPAS strategy to enhance the talent pool in Singapore, ICPAS is pleased to be able to offer this pathway to the accountancy profession. ICPAS will start ACA training from September 2008.
The survey is conducted amongst members of the Institute of Certified Public Accountants of Singapore who are partners or sole proprietors working in public accounting firms.
To help accounting firms in the steps forward, ICPAS is currently doing a survey on Young Accountants’ Career Intentions to help firms better understand the career expectations of the young accounting professionals. Since one of their top priorities is in recruiting and retaining staff, ICPAS trusts the results of the survey would point them to the areas in which they could work on.
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ICPAS Partners Robert Half International in Global Salary Guide 2008 Last Update - 12/05/2008
| The Institute of Certified Public Accountants of Singapore (ICPAS) and Robert Half are pleased to present the Singapore edition of the Global Financial Salary Guide 2008.
The guide provides comprehensive data on average starting salaries for accounting and finance professionals in 18 countries: Australia, Belgium, Canada, Czech Republic, France, Germany, Hong Kong, Italy, Ireland, Japan, Luxembourg, New Zealand, Singapore, Spain, Switzerland, the Netherlands, United Kingdom and the United States.
ICPAS is pleased to partner Robert Half International in the Salary Guide, which serves as a useful guide for employers and employees on the employment conditions, business confidence levels and recruitment trends.
Robert Half has the largest global network of business contacts in the industry. Its Global Financial Salary Guide 2008 is one of many informational resources Robert Half offers the businesses and professionals it serves. Robert Half assists organisations with temporary, permanent and project staffing needs through more than 360 locations worldwide.
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CPA Singapore Roundtable Series Last Update - 14/08/2008
| CPA Singapore Roundtable, organised by the Institute of Certified Public Accountants of Singapore (ICPAS), presents a platform for CPAs Singapore and industry players to discuss topical issues concerning the accounting and business community. In this white paper is the discussion amongst nine C-levels, Directors and senior executives on "Cutting the F-word in Accounting”. Participants shared their perspectives on how accounting professionals can help to detect and prevent fraud in the workplace.
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CPAs Singapore and Accounting Professionals’ Economic Outlook Dims: ICPAS Last Update - 13/08/2008
| CPAs Singapore and accounting professionals are not so confident about the economic outlook for the rest of 2008. The economic outlook expressed by 64% of the respondents ranged from neutral to pessimistic and this lack of enthusiasm for the state of the economy echoes the general business and consumers sentiments. More than half of them (62%) are feeling less confident of the economy compared to the previous quarter.
The reasons for the dim outlook are many. Amongst them, inflationary pressures, the credit market turmoil and the cost of labour are the most worrying factors weighing on the minds of CPAs Singapore and accounting professionals. Evidence of inflationary pressures is clear. 9 out of 10 respondents rank inflationary pressures as the top challenge for the economy, followed by credit market turmoil at 49%. Third on the list is the cost of labour with 39% of respondents choosing this as an impediment towards economy growth.
All of the respondents think that the local economy would be affected by the credit market turmoil and probable U.S. recession, to varying degrees – 15% of them think it would be substantial, 65% of them think it would be moderate and 20% of them think the impact would be slight.
The outlook for the hotels and restaurants, construction, healthcare as well as business services sectors remains strong. However, confidence slips in manufacturing, wholesale and retail trade as well as transport and storage sectors.
Respondents do not expect much growth in employment either. 69% of the respondents expect no change in employment or less employment while the remaining 31% expect more employment.
Commenting on the results, Dr Ernest Kan, ICPAS Vice-President said, ”The lukewarm sentiments are due to the uncertainty and worries ahead – mainly on the inflationary pressures and how badly would we be hit by the US downturn. I think the economy will slowdown undoubtedly. However, the impact on the different sectors will vary. Sectors like hotels and restaurants and construction are still expecting growth. These sectors are not as exposed to the US economy as sectors like manufacturing, wholesale and retail sectors, which are looking less upbeat. Hence the varying outlooks as reflected in the survey.”
“Overall, there is less confidence about the Singapore economic conditions as it is bracing itself for a slowdown this year. On the other hand, Singapore has strong fundamentals. This coupled with the government’s support, such as its direct assistance to the needy to cope with the rising food prices, we should be able to ride through the turbulence,” added Dr Kan.
The Business Confidence scoreboard is constructed from responses to a survey of CPAs Singapore and accounting professionals conducted between 12 March and 24 March 2008.
“The survey offers an insight into what CPAs Singapore and accounting professionals, who are significant players in the business community are thinking. To keep our members in the forefront of the business developments, ICPAS will continue to roll out thought leadership programmes and provide the much needed knowledge to keep them ahead,” commented Dr Kan.
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ICPAS and ICAEW To Offer ACA Qualification In Singapore Last Update - 13/08/2008
| The Institute of Certified Public Accountants of Singapore (ICPAS) and the Institute of Chartered Accountants in England and Wales (ICAEW) have signed a memorandum of understanding (MoU) to offer the ICAEW’s internationally recognised Associated Chartered Accountant (ACA) qualification in Singapore.
The ACA, regarded worldwide as a leading financial business qualification, provides relevant and non-accounting graduates a pathway to the accounting profession. It also allows mid-year career switch for those considering accountancy as a career. More importantly, the offering of this qualification will help to address the short supply of accountants in Singapore.
This agreement between the two accountancy bodies will for the first time enable ICAEW’s ACA students to study for the qualification in Singapore. The two organisations will share information and experiences, and work together to produce qualified accountants that will play an important role in the future growth of the local economy and the development of the accountancy profession internationally.
As part of the strategic partnership between the two institutes, ICPAS will start ACA training from September 2008.
Commenting on the MOU, Mr Tan Boen Eng, President of ICPAS said: ”As part of ICPAS strategy to enhance the talent pool in Singapore, ICPAS is pleased to be able to offer this pathway to the accountancy profession.”
“We believe the ACA will provide an all-rounded training and prepare our students for the more demanding role of accounting professionals today.”
Raymond Madden, Executive Director Learning and Professional Development of the ICAEW, said at the signing of the MOU in Singapore:
“Singapore is becoming an increasingly important international financial centre and thus the need for highly skilled accountancy professionals with knowledge of international practices is growing.
“The ACA is a challenging qualification that requires a combination of work experience and exams, producing key skills for the region’s future business growth.”
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ICPAS Joins Forces with Chinese Institute Of Certified Public Accountants and Taps on Opportunities in China Last Update - 13/08/2008
| The Institute of Certified Public Accountants of Singapore (ICPAS) signed an Agreement of Cooperation (AOC) with the Chinese Institute of Certified Public Accountants (CICPA) this morning in Beijing, People’s Republic of China.
The signing of the AOC is for the advancement of the accounting profession, especially in relation to the maintenance and strengthening of professional and educational standards, towards the recognition of each other, as well as internationalisation of the profession.
Commenting on the AOC, Mr Tan Boen Eng, President of ICPAS said, “The close relationship between ICPAS and CICPA goes as far back as 1980s. It has been a valuable relationship. We recognise that the common and strong interest both bodies shared in development of the accounting profession, should not only be maintained but enhanced.”
The two national accountancy bodies will cooperate in areas like training and professional development activities. Continuing Professional Education, run jointly or individually by either ICPAS or CICPA will be mutually recognised. This gives the accounting professional more options in terms of scope.
“China is now an economy super powerhouse. Being a big country with economy power, there are certainly many things one can learn from China’s success story. CICPA has played a significant role in the accounting world. As such, ICPAS looks forward to working closely with CICPA to map out concrete steps to see that this agreement bears fruits,” added Mr Tan.
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