ICPAS Membership Prospectus - SAA-GE

Institute of Certified Public Accountants of Singapore
20 Aljunied Road #06-02 CPA House Singapore 389805
Tel: (65) 6749 8060 Fax: (65) 6749 8061
www.icpas.org.sg
Be part of the leading accountancy body that
embodies the Singapore brand promise of
Trust, Responsiveness and Innovation
CONTENTS
THE TRUE
PROFESSIONAL
CONGRATULATIONS.
01
The True
PROFESSIONAL
07
A Member’s
STORY
12
Frequently Asked
QUESTIONS
02
08
14
03
10
16
04
11
About
ICPAS
About
CPA SINGAPORE
BENEFITS
& Privileges
06
PATHWAY
to CPA Singapore
QUOTATIONS
from CPAs Singapore
INTERVIEW
with an Employer
THE EMPLOYERS’
Takes
YOUNG PROFESSIONALS
GROUP Committee
MEMBERSHIP FEES
& Categories
As an accountancy-trained graduate or
undergraduate, you’ve made a good choice. There
are few if any other professions that open doors
to so many industries. You could find yourself
working in IT, banking, retail, entertainment,
education, hospitality or even aeronautics.
01
Being an accountancy graduate, you have the
privilege of being a professional degree holder.
There are but only a handful of qualifications that
qualifies the holder to be deemed as a professional
but what exactly does ‘being a professional’ mean?
A professional can be defined as “one engaged in
one of the learned professions characterised by or
conforming to the high technical and/or ethical
standards expected of the profession”.
As such, there is a need for an accounting
professional to be regularly updated with regulatory
changes and industrial movements, to have ready
access to proper training and to have a national
code of ethics to guide him / her in the discharge
of duties.
With such expectations, how then does one go
about meeting them? Where and how should one
seek accreditation and support? And as a
professional in demand, how does one capitalise
on one’s rising market value?
The simplest way to fulfill these
needs is to join a professional
accountancy body.
“In every project or work and more so in
running companies, the accountancy
knowledge gave me a good sense of their
financial health, helps me to look beyond
form and to focus on the core. Like a
doctor, trained accountants are equipped
with the knowledge to diagnose the
health of the business.”
Mr Teo Ser Luck
ICPAS Advisor and
Senior Parliamentary Secretary
for Ministry of Community Development,
Youth and Sports, and Ministry of Transport
INSTITUTE OF CERTIFIED
PUBLIC ACCOUNTANTS
OF SINGAPORE (ICPAS)
ICPAS’s international outlook and
connections are reflected in its
membership of regional and
international professional
organisations like the ASEAN
Federation of Accountants (AFA),
the Asia-Oceania Tax Consultants’
Association (AOTCA) and the
International Federation of
Accountants (IFAC).
02
In Singapore, the natural choice is a professional membership with the
national accountancy body – the Institute of Certified Public Accountants
of Singapore (ICPAS).
Established in 1963, ICPAS aims to develop, support and enhance the
integrity, status and interests of the profession.
ICPAS vision, mission and goal are set out as follow:
VISION
• A leading accountancy body that embodies the Singapore
brand promise of Trust, Responsiveness and Innovation.
MISSION
• To lead, develop and support accountancy professionals so that
they will excel in their role and contribute to building Singapore as
a strategic business hub and a key player in the global economy.
• To uphold the public interest.
GOAL
• To be the ‘Go To’ body and reference point for all accountancy and
related professionals, working in or who have dealings in Singapore.
The Institute also caters for the
training and professional
development of its members
through regular courses conducted
by its training arm, the Singapore
Accountancy Academy (SAA). The
Academy was established in 1985
with a vision to service and foster
the training needs of the
accountancy industry.
Building on our hard work and
successes of the past 46 years,
ICPAS strives to meet the everchanging needs of the accounting
and business sectors. To this end,
ICPAS’s strategic plan for the future
focuses on its three pillars of
development namely Accountancy
Excellence, Industry Growth as well
as Member and Human Capital
Development.
CERTIFIED PUBLIC
ACCOUNTANT SINGAPORE
(CPA SINGAPORE)
A Certified Public Accountant Singapore (CPA
SINGAPORE) is a professional in accountancy, finance
and business who has the relevant work experience
in addition to a recognised accountancy qualification.
03
This valuable credential is also a testament to their
well-grounded knowledge, integrity and commitment.
The experience and high standards of professionalism
of CPA SINGAPORE makes a difference when it comes
to the interest of business, employer and/or client.
CPAs SINGAPORE are supported and regulated by
the Institute of Certified Public Accountants of
Singapore (ICPAS) and currently have over 21,000
CPAs SINGAPORE and accounting professionals as
its members.
CPAs SINGAPORE are sought after by employers of
local and international organisations across all
industries.They work in diverse roles across commerce
and industry, academia, government and public
practice in Singapore and around the world, many of
whom helm some of the most prominent local and
international companies.
“ICPAS serves as a vital catalyst for the
development of the accounting services
sector, being the principal champion of the
accountancy profession in Singapore.”
Mrs Lim Hwee Hua
Minister, Prime Minister's Office and
Second Minister for Finance and Transport
BENEFITS &
PRIVILEGES
04
REPRESENTING THE PROFESSION
As a member of the Institute, you
represent the profession both
locally and regionally.
MEMBERS’ SUPPORT SCHEME
At ICPAS, members get access to
various professional development
platforms such as:
Provisional members will wear the
ASSOCIATE (ICPAS) designation
while full members will be
recognised by their CPA
SINGAPORE designation.
• ICPAS organised professional
events including partnership/
networking events with
Chartered Financial Analysts
Singapore (CFAS), The Law
Society of Singapore etc
The Institute, too, via its affiliations
with other regional and
international accountancy bodies
such as AFA, AOTCA & IFAC,
represents you as well as the
interests of the local accountants
in a broader scope that goes
beyond the shores of Singapore.
GUIDANCE ON PROFESSIONAL &
PRACTICE ISSUES
Through ICPAS, members can
leverage on the Institute’s
providence of technical support
pertaining to accounting issues as
well as having a recognised and
accepted code of ethics to guide
you in your discharge of duties. In
addition, ICPAS also actively acts
as a recognised feedback avenue
for members to comment on
exposure drafts and changes to
accounting regulations.
ICPAS members attending a DSLR
photography workshop conducted by
renowned local photographer, Julian W.
• Invaluable support from the
Young Professionals Group
(YPG) Committee
• Continuing Professional
Education (CPE) training
assistance package to offset
members’ CPE training costs
• Tapping on the Institute’s strong
partnership ties with specialist
accountancy and finance
recruitment firms to provide
career guidance and opportunities
A Dale Carnegie workshop on ‘How to
Win Cooperation and Influence People’
- an initiative put together by the Young
Professionals Group Committee.
CONTINUING PROFESSIONAL
DEVELOPMENT
Singapore Accountancy Academy
(SAA), training arm of ICPAS,
provides members with affordable
and relevant professional
education training in areas such as
accounting, auditing, banking &
finance, IT, legal, taxation,
management among others.
MEMBERSHIP PRIVILEGES
Members get to enjoy a wide array
of specially arranged privileges
such as merchant tie-ups for
exclusive ICPAS members’ treats,
ICPAS-UOB Professionals Platinum
Card as well as exclusive discounts
for accountancy related books &
publications.
Throughout the year, members
also get to participate in numerous
social events that cater to various
interest groups, personal
development and the family. There
is also an annual CPA Games which
is similar to the ‘Olympics’
involving teams from audit and
commercial firms.
PUBLICATIONS
The Institute keeps its members
updated with the latest
developments through our CPA
SINGAPORE WIRE - a weekly
members’ e-newsletter, as well as
our exclusive bi-monthly magazine,
SINGAPORE ACCOUNTANT.
05
Members can also look forward to
podcasts, vodcasts and internet
downloads to keep themselves in
touch with the Institute and the
industry.
From time to time, the Institute also
publishes white papers that look at
current issues and such publications
are made available to members via
the ICPAS website.
CPA Forum 2008 looked at Risk & Return
in Volatile Times.
SERVING THE COMMUNITY
ICPAS actively engages in year
round corporate social
responsibility initiatives such as
hosting festive dinners for welfare
organisations, organising charity
runs, participating in Boys’ Brigade
Sharity Box programme as part of
our commitment to develop and
return to the community. Members
are also roped in as volunteer
tutors to underprivileged children.
PricewaterhouseCoopers emerged as
the overall winner at the 2008 CPA Games.
PATHWAY
A MEMBER’S STORY
TO CPA SINGAPORE
The first step in earning the CPA
SINGAPORE badge is to first
qualify as an ICPAS Provisional
Member. All provisional members
are entitled to wear the Associate
(ICPAS) designation.
06
Upon accumulating the minimum
3 years of relevant work experience
and undergoing a 5-day
Pre-Admission Course (PAC),
provisional members can then
apply for full membership that is
the Certified Public Accountant
Singapore (CPA SINGAPORE).
INTRODUCING MS ALLYSIA LING, CPA SINGAPORE
A MEMBER WHO STRETCHED THE POSSIBILITIES
JUST A LITTLE BIT MORE…
CPA SINGAPORE
5-day
Pre-Admission
Course
Relevant Work
Experience
Proficiency in
Local Laws
ASSOCIATE (ICPAS)
Nanyang
Singapore
Technological Management
University
University
National
University of
Singapore
ICPAS/ACCA
MBA
Master of
(Accountancy) Professional
Accounting
Bachelor of
Accountancy Bachelor of
Accountancy
Bachelor of
Business
Administration
(Accountancy)
Joint
Professional
Examination
Scheme*
ICPAS
Professional
Examination**
Other Overseas
Recognised
Accountancy
Degrees
* Optional module P7 Advance Audit & Assurance (AAA) is a compulsory requirement
for applicants seeking to practise.
** ICPAS Professional Examination (PE)
This entry route is applicable for recognised overseas degree holders whose admission
for PE enrolment has to be assessed and approved by a Board of Examiners.
The PE involves a 5-module course that would have to be fulfilled before submitting
an ICPAS official membership application. The 5 modules include Audit & Assurance,
Advanced Taxation, Financial Reporting & Disclosure, Company Law & Corporate
Governance, and Corporate & Business Strategy.
More information on ICPAS Professional Examination can be found at
www.icpas.org.sg/pe.asp
“CPA Singapore has
definitely helped me a lot.
With this qualification,
people will perceive you as
a professional with integrity
and someone who has the
right skill sets to help them
along the way. I will strongly
recommend the ICPAS
membership.”
“If I were to hire a person
one day, I will definitely hire
a person who is a member
of ICPAS because it gives
me the assurance that this
person has the right skill sets
and the integrity.”
“My clients are proud that
I’m a CPA Singapore and
they feel more secure and
confident in me whenever I
speak to them with my
recommendations.”
07
Ms Allysia Ling
CPA Singapore
Business Analyst
Nokia
Starting out as an accounts clerk at a bank, Allysia has progressed rapidly
from leading project teams in SAP to her current role as a business
analyst with Nokia. Her job scope knows no boundaries and revolves
around analysing business operations and acting in anticipation of
changing business requirements. Allysia also gets to travel frequently
to various Nokia offices within China and the Asia-Pacific region.
Being in a finance and control role, she was determined to attain her
CPA Singapore designation, and now that she has achieved one of her
goals, she has discovered that her customers and overseas counterparts
feel more assured placing their trust and confidence in her whenever
she speaks to them about her recommendations.
Allysia has been a member of ICPAS since 2006 and has gone on and
attained her full CPA Singapore membership in 2007.
QUOTATIONS
FROM CPAs SINGAPORE
08
09
“As a finance individual in Singapore,
I felt that it is important to be part of the
premier professional accountancy body
as I want to be kept abreast of the latest
statutes and accounting standards.
The ICPAS network of members also
gives me the opportunity to network
with the other professionals in the field.”
Ms Emily Tan
CPA Singapore
Consultant
Kerry Consulting
“I chose CPA Singapore
as it is widely recognised
by many international
accounting bodies and
being a member means
I can tap into the network
and stay abreast of the
latest news and
developments in the
accounting profession
via CPA Singapore’s
newsletter and electronic
mailers.
Achieving the CPA
Singapore designation
is a milestone in public
accounting. The
accreditation equates to
a higher level of
technical expertise and
a CPA Singapore would
also have to adhere to
a strict code of
professional conduct.
“Clients do ask for your qualifications
and background so, other than the work
experience, it adds credibility to a certain
extent if you say that you’re a CPA
Singapore.”
“Being a CPA Singapore has provided
me a valuable network to meet and
interact with other accountants. The
professional recognition that comes
with the title enables me to serve my
clients with confidence.
CPA Singapore also opens up the
gateway for me to work with
professionals from different disciplines
both in Singapore and overseas.”
I would say becoming a
CPA Singapore helps
increase the credibility
and social standing of a
tax consultant.”
Mr Chris Loh
CPA Singapore
Tax Consultant
Tax Financial Services
PricewaterhouseCoopers Services LLP
Ms Michelle Lau
CPA Singapore
Vice President
Global Wealth Structuring
Citi Global Wealth Management
Mr Lee Boon Teck
CPA Singapore
Senior Manager
Deloitte & Touche LLP
INTERVIEW
WITH AN EMPLOYER
THE EMPLOYERS’
TAKES
Founded in 1948, Robert Half International (NYSE symbol: RHI) is the
global leader in finance and accountancy recruitment and a member of
the S&P 500 index with more than 400 offices in Asia Pacific, Middle
East, Europe, South America and North America. RHI is a recognised
leader and operates around the world placing highly qualified professionals
on a temporary, permanent and contract basis.
10
Mr Tim Hird
Director-Singapore
Robert Half International
“Having a CPA Singapore in our organisation is an assurance of the
person’s knowledge and capability in handling accountancy documents.
It also shows commitment towards the profession.
Ms May Ko
Director, Human Resources
The Fullerton Hotel Singapore
“The CPA Singapore professional represents someone who has attained
a high level of proficiency in accounting with the skills and qualifications
relevant to KPMG's business. As a professional services firm providing
audit, tax and advisory services, KPMG hires people with academic
excellence and good communication skills. Aside from this, KPMG looks
for candidates who demonstrate drive and resilience and who fit the
profile of our globally accepted core values and integrity.”
As a specialist recruiter for the finance, banking and accountancy sectors in Singapore, how strongly would
you advise a potential client to take up the CPA Singapore membership?
We would highly recommend it. It’s an opportunity to stay connected to the industry, meet peers and attend
quality events. Membership also allows clients to meet potential recruits face to face, or meet with Robert
Half who can help with any career or staffing advice. ICPAS works with many industry experts including Robert
Half to create a range of thought leadership materials which is readily available to ICPAS members. This
includes CFO white papers, salary guides and presentations covering a range of career based topics.
How do companies, especially MNCs, generally rate CPAs Singapore?
Mr Philip Lee
Head of People,
Performance and Culture
KPMG LLP
Good candidates are still finding jobs with good companies despite the challenging economy. Employers are
using this opportunity to up-skill their teams with better quality talent. The CPA Singapore designation is one
such hallmark of quality, which creates opportunities for the accounting professional. Increasingly, our clients
are asking for candidates with the CPA designation for a wider range of roles. The current economy is giving
employers an opportunity to make the flight to quality and the CPA qualification is part of that shift.
“At Cerebos, we value integrity, responsibility and confidence when
recruiting someone into the organisation. We expect candidates to be
technically competent, with relevant experiences and soft skills. Candidates
for accountancy or finance role should also be updated on current
business and financial thinking.
From the perspective of an employer, what would you think the distinct advantages of a CPA Singapore are?
CPA Singapore’s globally recognised qualification allows employees to gain local and global experience which
will benefit any Singaporean employer. It gives an opportunity to maintain skill levels, learn new industry
trends and stay connected with the industry through ICPAS membership. ICPAS has a comprehensive training
and events program, many of which Robert Half has been invited to speak at and the caliber of the content is
very high. Ultimately, ICPAS is a recognised seal of quality in the accounting & finance profession.
As part of our values and culture, the most important qualities that we
look for when hiring someone for a finance role within the organisation
are honesty, integrity and commitment. From a technical viewpoint,
logical thinking, analytical ability and strong business acumen are
required. Having a CPA Singapore is definitely a testament of quality
and a guarantee that the candidate meets this rigorous requirement.”
Mr Ramlee Bin Buang
Executive Vice President &
Chief Financial Officer
Cerebos Pacific Limited
At the entry level, we will favor someone with a basic accounting degree
and qualification as that will ensure the technical competency of a
candidate. A CPA Singapore certification provides additional assurance
of a strong foundation in local requirements and most importantly
understands the code of ethics and values required from a finance
professional.”
11
FREQUENTLY ASKED
QUESTIONS (FAQS)
WHAT ARE THE BASIC REQUIREMENTS TO PRACTISE AS A
PUBLIC ACCOUNTANT IN SINGAPORE?
To practise in Singapore, you must be a member of
ICPAS – this is one of the requirements for registration
as a public accountant with the Accounting & Corporate
Regulatory Authority (ACRA).
12
WHEN IS THE BEST TIME TO APPLY FOR AN ICPAS
MEMBERSHIP?
You are encouraged to apply for an ICPAS membership
immediately after graduating with an Accountancy
degree so that you can start working towards your
CPA Singapore membership as soon as possible.
At the same time, you will also have exclusive access
to resources, training and networking opportunities
as well as the credibility and recognition from the
industry from being part of a distinguished
professional body.
Being fully qualified for the CPA SINGAPORE
designation as early as possible will augment well
with your career advancement especially when you
are looking to move to managerial positions.
I NOTE THAT I NEED TO HAVE AT LEAST 3 YEARS OF
RELEVANT WORK EXPERIENCE BEFORE I CAN APPLY FOR
MY CPA SINGAPORE MEMBERSHIP. HOW DO I KNOW
WHAT IS RELEVANT? DOES THE 3 YEARS HAVE TO BE
WITH THE SAME COMPANY?
Firstly, the relevant work experience criterion to
obtaining your CPA Singapore membership is NOT
company-specific but job scope-specific.
As such, you can gain your experience in any sectors
and in any job capacity as long as your job scope
includes accounting functions.
I HOLD AN ACCOUNTANCY DEGREE AWARDED BY AN
OVERSEAS UNIVERSITY. HOW DO I GO ABOUT IN MY
APPLICATION FOR AN ICPAS MEMBERSHIP?
You must pass a professional examination that is
recognised for membership admission purposes; one
of which is the ICPAS Professional Examination (PE).
To find out your eligibility, you need to submit an
Initial Assessment Application (Form PE 1) which is
available at www.saa.org.sg/en/pdfs/pe1.doc.
You will be advised in writing of the next step of action
(see page 6). If you are accepted into the ICPAS PE
programme and have successfully completed the
examination, you can then apply to be an Associate
(ICPAS) member.
WHAT IS THE DIFFERENCE BETWEEN A CPA SINGAPORE
(PRACTISING) AND A CPA SINGAPORE (NON-PRACTISING)
MEMBERSHIP?
The key difference between a practising and a
non-practising member is the recognition of the law
where final signing off on audit papers is concerned.
In Singapore, only a CPA SINGAPORE (PRACTISING)
registered with ACRA is legally allowed to sign off on
audit papers.
In ICPAS, there are close to 900 CPA SINGAPORE
(PRACTISING) members who are mostly either
partners of the Big 4 audit firms or owners of small
& medium audit practices.
CPA SINGAPORE (NON-PRACTISING) members, on
the other hand, do not require this legality but yet
wish to enjoy the benefits of holding one of the most
recognised and accepted professional designations
locally. They are employed across a variety of positions
in almost all industries. There are close to 15,000 CPA
SINGAPORE (NON-PRACTISING) members representing
the Institute and profession in Singapore and
worldwide.
Within ICPAS membership, a CPA SINGAPORE
(NON-PRACTISING) member is able to request for a
membership reclassification to a CPA SINGAPORE
(PRACTISING) membership when the need arises
such as being nominated to a partnership level in an
audit firm. This reclassification can then allow the
member to fulfill partnership duties to the fullest.
13
“I felt it was important that I belong to a
professional body so as to keep abreast of
pertinent issues in the accounting
profession, and also strengthen my
credentials.
The various seminars and networking
sessions organised by ICPAS have helped
me to expand my network of contacts and
gain new perspectives on accounting and
tax issues. These are important in giving me
an edge in my career.”
Ms Wan Qian Wen
CPA Singapore
Manager
Transaction Advisory Services
Ernst & Young Solutions LLP
YOUNG PROFESSIONALS GROUP
(YPG) COMMITTEE
14
“The challenge for the profession is how we can identify
the next generation of leaders to bring our profession to
the next level… There is an urgent need for the profession
to engage this group of accountants, and to identify and
develop talents early to serve and contribute to our
profession.”
Mr Jack Wang
CPA Singapore
Chairman
Young Professionals Group (YPG) Committee
Director
Lexico Advisory PL
ICPAS recognises that the younger members of the
Institute often have unique needs in areas of their
careers, professional education and lifestyles.
The Young Professionals Group (YPG) Committee
was therefore formed to create initiatives to engage
and provide young accountants in their 20s and 30s
with opportunities for professional and leadership
developments, and is tasked with the following:
• To provide a platform for young accountants in
their 20s and 30s with opportunities for professional
and leadership development
• To nurture talents and encourage leadership and
entrepreneurship among young accountants
• To promote the relevance of membership of ICPAS,
making it a premium institute, which every young
finance professional would aspire to be part of
• To encourage cross-industry interactions and
cross-learning with leaders and organisations in
other industries among young accountants
To date, the YPG Committee has successfully
partnered with various other bodies such as
Chartered Financial Analysts Singapore (CFAS) and
The Law Society of Singapore among others to
organise events that caters to the professional and
networking needs of the ICPAS member.
Being an ICPAS member also represents an
opportunity to serve with the YPG Committee as a
committee member and contribute to the
professional and leadership development of the
next generation of ICPAS members.
CPA SINGAPORE.
MAKING STRIDES
ACROSS INDUSTRIES
Certified Public Accountants Singapore (CPAs Singapore) serve
every corner of the world in every industry. Many of them helm
some of the most prominent local and international corporations.
Employers are looking for individuals who show dedication
and competence in the fields of accounting, finance and business
– trademarks of CPA Singapore - and are keen to add them to
high level teams. Join the ranks of CPAs Singapore and belong
to a network of the industry’s most powerful decision makers
to help propel your career forward.
Institute of Certified Public Accountants of Singapore (ICPAS)
accords the CPA Singapore designation. Working closely
alongside businesses, ICPAS connects its 21,000 strong
membership to an unmatched range of information resources,
events, professional development and networking opportunities.
15
MEMBERSHIP
FEES & CATEGORIES
MEMBERSHIP
CATEGORIES
APPLICATION
FEE
ANNUAL
SUBSCRIPTION FEE*
CPA Singapore (Practising)
o Held by ICPAS members who are
public accountants registered with ACRA
16
o Indicates a high level of professional
standard and competence
o Only ICPAS members who are registered
with ACRA can sign off on audited
financial statements
$400
$460
Applicant must be
an ICPAS member
CPA Singapore (Non-Practising)
o Held by ICPAS members who are not
public accountants
o Forms almost 70% of total membership
base
o Comprise members who are CFOs, CEOs,
MDs, Financial Controllers, Audit
Managers etc
$400
$140
Applicant must be
a provisional member
Provisional Membership
o Entitled to use the Associate (ICPAS)
designation
o Members who have yet to meet the
criteria for full membership
$100
$90
o Majority are fresh graduates who are
taking their first step towards the CPA
Singapore designation
Fees are exclusive of GST
* The annual subscription payable by a member who is admitted on or after the first day of July in any year shall be half
of the total annual subscription payable. The annual subscription shall be due on the first day of January in each year and
shall be payable within 30 days of the due date.
Fees are accurate as of 1st June 2009. Please check website at www.icpas.org.sg for any updates to membership fees.