The Institute of Singapore Chartered Accountants (ISCA) signed a Memorandum of Understanding (MOU) with the Shanghai Institute of Certified Public Accountants (SHICPA) on July 9, 2024, to further areas of collaboration between both professional accountancy bodies.
Taking place at the 5th Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) meeting on the same day, the MOU was signed by Teo Ser Luck, President of ISCA, and Gu Hongxiang, President of SHICPA.
Under the MOU, both ISCA and SHICPA will establish platforms for information exchange and international visits, as well as collaborate on training programmes to help their members upskill and attain more professional credentials.
In addition, members will be able to stay updated on the latest policies, industry trends, technological innovations, and expand their professional network. Overall, the newly signed MOU will benefit over 36,000 ISCA members, and over 8,000 SHICPA members.
Another key component of the MOU lies in providing guidance and support to the development of small and medium-sized practices (SMPs) in both Shanghai and Singapore, in areas such as international market laws and regulations, industry development trends, accounting-related technology innovations, and practice management models.
By tapping on the MOU, SMPs will also enjoy opportunities to participate in exchange activities, better understand the critical success factors to operate in different business environments and jointly enhance the development of their capabilities.
The MOU is part of a series of efforts by ISCA to further its global footprint and collaborations with other professional accountancy bodies worldwide. Earlier in the year, ISCA signed MOUs with the Hong Kong Institute of Certified Public Accountants (HKICPA) and the Guangdong Institute of Certified Public Accountants (GDICPA).
ISCA President Teo Ser Luck said, “Through our partnership with SHICPA, we hope to facilitate professional exchanges and create opportunities for members from both Institutes. Our recently-inked MOUs with our counterparts from Hong Kong, Guangdong, and now Shanghai will enhance the international network of our accountancy profession.”
Gu Hongxiang, SHICPA President, said, “SHICPA is excited to partner with ISCA. We believe this partnership will not only enhance the professional growth of our members but also promote greater exchange of knowledge and expertise, and our members will benefit immensely, paving the way for future opportunities and advancements in the accountancy profession.”
