The Institute of Singapore Chartered Accountants (ISCA) and CPA Australia have signed a mutual recognition agreement (MRA). The MRA provides a pathway for ISCA members to be members of CPA Australia, and vice versa.

Professional accountants are highly regarded by businesses and are in high demand worldwide. As businesses globalise, organisations frequently transfer their senior finance and accounting staff members to helm key positions across regions. This MRA thus facilitates talent mobility within the global accountancy profession.

The MRA was signed by ISCA chief executive, Fann Kor, CPA Australia CEO Andrew Hunter, and CPA Australia outgoing president and chair of the board, Merran Kelsall.

Under the MRA, ISCA members can apply to be a CPA Australia member without having to fulfil additional professional or educational requirements. To be eligible, the ISCA member must be a CA (Singapore), have completed the Singapore CA Qualification, and held ISCA membership for five consecutive years.

CPA Australia members seeking ISCA membership must have completed the Certified Practising Accountant (CPA) Program, the Singapore Chartered Accountant Qualification (SCAQ) Programme’s Integrative Business Solutions module and other applicable qualifications and experience requirements to qualify under the MRA.

To reach this agreement, ISCA, CPA Australia and the Accounting and Corporate Regulatory Authority (ACRA) conducted a review of the qualifying requirements in education, examination, practical experience, professional standards and regulations of both professional accountancy bodies. This was to assess the equivalence between the Singapore Chartered Accountant Qualification (SCAQ) and the CPA Program, as well as the membership requirements of ISCA and CPA Australia for the purpose of entering the MRA.

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Accounting and Corporate Regulatory Authority chief executive, Ong Khiaw Hong, said: “We congratulate ISCA and CPA Australia for signing the Mutual Recognition Agreement. We look forward to this mutually beneficial collaboration which will enhance the flow of accountancy talent between our countries.”

Kor added: “We are pleased to sign this agreement with CPA Australia. This agreement reflects our commitment to enhancing the global mobility of our members and reinforces ISCA’s position as a globally recognised professional accountancy body. Together with CPA Australia, we aim to create new opportunities for our members, promote knowledge sharing, and contribute to the continued growth and success of the global accountancy profession.”

Hunter concluded: “We are delighted to partner with ISCA through this Mutual Recognition Agreement as it brings immense benefits to members from both organisations on their professional journeys. This marks a significant milestone in our dedication to forging a path towards greater opportunities and fostering professional growth, all driven by our commitment to excellence in the accounting profession.”