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Accountants are the driving force to transform Singapore into a leading global accountancy hub

1 min read

DigitalCFO Asia Newsroom | 26 April 2022

According to the Jobs Transformation Maps launched in January 2022, the demand for accounting and other professionals will continue to grow at a projected demand of 6,000 to 7,000 new accounting jobs by 2025. With climate action risen to the top of the agenda for governments and organisations, the core responsibilities of accounting professionals are revaluated. They now play a salient role in helping organisations adapt to the sustainable practices required to prevent resource depletion, facilitate long term success, and construct a more sustainable future.

Ms Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and National Development, addressed participants at a fireside chat held during the ACCA (the Association of Chartered Certified Accountants) Virtual Conference 2022. She said that accountants are well-positioned to accelerate sustainability practices and ensure the quality of sustainable reporting. She also shared that they can assess environmental considerations and risks that affect organisations’ finances in the long run, with their experience and expertise. She also added that accountants guide companies on the right growth path and help business leaders identify ways to pivot their business models to become more sustainable. Watch the full video of the fireside chat here.

Building on the imperatives for the profession to upskill and deliver the sustainability initiatives, a recent study by ACCA and Singapore Accountancy Commission (SAC) titled, “Market demand for professional accountancy services in Singapore – FY 2021-2024” highlights that sustainability and CSR reporting has been ranked in the top five for future services demanded from the big four and smaller and medium practices (SMPs) in Singapore. 

The findings indicate that the demand for professional services has rocketed as organisations depend on external advice to supplement their internal expertise when tackling technological disruptions, pressures to expand overseas, rising costs, and intensifying competition.

Professional services providers diversify from providing traditional services such as audit, tax and other largely regulated or compliance-based services to mainly non-regulated services, such as IT Advisory and Risk Management and Governance (including Internal Audit). 

Another recent report by ACCA titled, “Accounting for a better world: priorities for a transforming profession”, outlines the prominence of the profession in establishing a more prosperous global economy and business environment.