On 9 July 2024, the Institute of Singapore Chartered Accountants (ISCA) signed a Memorandum of Understanding (MOU) with the Shanghai Institute of Certified Public Accountants (SHICPA) to enhance collaboration between both professional accountancy bodies.
The signing took place during the 5th Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) meeting, with Mr. Teo Ser Luck, President of ISCA, and Mr. Gu Hongxiang, President of SHICPA, as signatories. The MOU aims to establish platforms for information exchange, international visits, and collaborative training programs, helping members upskill and gain additional professional credentials. Members will also stay informed on the latest policies, industry trends, and technological innovations, while expanding their professional networks. This agreement will benefit over 36,000 ISCA members and over 8,000 SHICPA members.
A key component of the MOU is to provide guidance and support for the development of small and medium-sized practices (SMPs) in both Shanghai and Singapore. This includes insights into international market laws and regulations, industry development trends, accounting-related technological innovations, and practice management models. SMPs will also have opportunities to participate in exchange activities, gaining a better understanding of critical success factors for operating in different business environments, and enhancing their capabilities.
The MOU is part of ISCA’s ongoing efforts to expand its global footprint and foster collaborations with other professional accountancy bodies. Earlier this 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 Mr 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.”
Mr 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.”
