The Institute of Singapore Chartered Accountants (ISCA) and Kampuchea Institute of CPAs and Auditors (KICPAA) have signed an Memorandum of Understanding (MoU) with the aim of advancing development of the accountancy profession in Singapore and Cambodia.

The MoU will allow for greater collaboration between ISCA and KICPAA through joint initiatives such as membership pathways, training programmes, knowledge exchange, and nurturing of the accountancy talent pipeline through exchange opportunities for youths in Singapore and Cambodia.

The MoU was signed by ISCA president Khun Darith and ISCA president Teo Ser Luck in Singapore as part of KICPAA’s study visit.

Commenting on the MoU, Teo Ser Luck said: “We are pleased to share our knowledge and strengthen our cooperation with KICPAA through this MOU. The MOU establishes a launch pad that will enable us to enhance training programmes for members, promote knowledge exchange, and nurture the accountancy talent pipeline through a global programme. As we enhance our profession, we will also assist in developing the accountancy sector in Cambodia. This cross-border collaboration is a vital part of ISCA’s internationalisation plan, as we expand our network in ASEAN to create more opportunities for our members, the business community and the accountancy profession.”

Khun Darith said: “We are confident that through strategic collaboration between ISCA and KICPAA, our accounting and auditing profession will become stronger, boosting our capabilities to strategically support our economies and ensure prosperity and growth for both countries.”

According to the Asian Development Bank (ADB), ASEAN’s economy is expected to grow, with Cambodia’s GDP forecasted to increase by 5.5 and 6.0% in 2023 and 2024 respectively. With growing business and economic activity, Cambodia will see increasing demand for professional accountants, providing an impetus for KICPAA to engage key stakeholders to advance the accountancy profession in Cambodia. The strengthened working relationship between ISCA and KICPAA will put both institutes in a better position to support the growth of the profession in the region.

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Last month, ISCA signed an MoU with the Hong Kong Police Force to advance the development of financial forensics and widen the talent pool of qualified financial forensic professionals in Hong Kong.