[15 December 2010]
SMU and ICPAS ink MOU to benefit Accounting sector and the economy
Responding to recommendations made by the Committee to Develop the Accountancy Sector (CDAS), the collaboration will cover thought-leadership research, and in particular, tap the pulse of business leaders on their business outlook
Singapore, 15 Dec 2010 – The Singapore Management University's School of Accountancy Research (SOAR) and the Institute of Certified Public Accountants of Singapore (ICPAS) have inked a memorandum of understanding (MOU) to collaborate on accounting, business, professional and thought-leadership research and activities to contribute to Singapore's vision of becoming “a leading global accountancy hub for the Asia-Pacific region”. Signed on the sidelines of the inaugural SMU Accounting Symposium 2010, which brought together leading accounting researchers from Asia, Europe and North America, the agreement is among the action plans in response to recommendations made by CDAS in April 2010 and accepted by the Ministry of Finance in May this year.
Under the terms of the MOU, SMU SOAR will work closely with ICPAS Research, the research arm of ICPAS, on a number of research initiatives. Among them is the launch of a poll of CEOs from next year to tap the business leaders' pulse on the industry and on the economy. For a start, they will be surveyed on their views on regional and global emerging challenges and opportunities. This will culminate in a CEO Forum in the second quarter of next year which will discuss issues such as business strategies, corporate governance, risk management and assurance. Key stakeholders, such as regulators, auditors and CFOs, will also be invited to lend their perspectives at the annual Forum.
Under the collaboration, the partners will also work together in two other areas. In the aspect of thought-leadership research, SMU SOAR researchers and ICPAS Research will be embarking on a study of the audit market in Singapore for a start. ICPAS Research and SMU SOAR will also look into the implications of the European Commission's Green Paper on Audit Policy in the Asia Pacific region. More projects will be identified for further exploration and research. The research focus would be on issues relevant to Singapore and the Asia Pacific and providing thought-leadership on business, professional and related issues. A third prong of the collaboration is an eminent speaker series. It will serve as a platform for faculty and ICPAS members to stay connected with business and professional developments, and also network with leading business and professional leaders.
“Since its inception, the SMU School of Accountancy has pursued wholeheartedly meaningful research, which impacts the academic community while being market-relevant. We are fortunate to have been recognised internationally for the quality of our research vis-à-vis other universities. Riding on this track record and our collaborations with industry players, government agencies and professional bodies, we are excited to be entering into this partnership with ICPAS. It will be an important enterprise to play our part in positioning the Singapore accountancy sector for new and emerging opportunities,” says Professor Pang Yang Hoong, Dean of the SMU School of Accountancy.
The collaboration with SMU SOAR underscores ICPAS' commitment to promoting and developing quality research. Our dedicated ICPAS Research team has been driving the sector's research efforts in various areas, including organising thought leadership roundtables, producing whitepapers and providing research funding. This collaboration will be a boost to accounting research, and we will leverage on each other's strengths to maximise synergies. In the light of Singapore's plan to be a global accountancy hub by 2020, the partnership comes at the right time, as developing strong research capabilities will be a key focus area for the sector,” says Dr Ernest Kan, President of the Institute of Certified Public Accountants of Singapore.
About School of Accountancy Research
Launched on 15 December 2010, the School of Accountancy Research (SOAR) becomes the research arm of the school with the mission to facilitate academic and industry research and the dissemination of knowledge and expertise while providing interaction with government, businesses and professional bodies. Leveraging the core research competencies of the school in accounting, reporting and governance, SOAR will be a centre for the dissemination of knowledge; showcase and leverage faculty knowledge and thought-leadership on governance and reporting; be a depository for financial information in relation to SMEs in Singapore; and provide thought-leadership education and training on governance and reporting. Committed to research and knowledge creation, faculty of the School of Accountancy has published in top tier accounting and business journal. Research at the school achieved international recognition when SMU was ranked top university in Asia and 10th worldwide, based on the number of refereed articles accepted for publication in The Accounting Review in 2009. Faculty is also in active collaboration with the business community as well as professional and government bodies on many high pro?le industry research projects. The establishment of SOAR will elevate the school's position in the global arena of accounting research, contributing to the national vision of Singapore as a leading global accountancy hub.
About the Institute of Certified Public Accountants of Singapore
Established in 1963, Institute of Certified Public Accountants of Singapore (ICPAS) is the national accountancy body that develops, supports and enhances the integrity, status and interests of the profession.
The Certified Public Accountant Singapore (CPA Singapore) is a professional in accountancy, finance and business distinguished by their technical expertise, integrity and professionalism, in addition to a recognised accountancy qualification and relevant work experience. CPAs Singapore serve every corner of the world in every industry. Many of them helm some of the most prominent local and international corporations.
ICPAS accords the CPA Singapore designation. Working closely alongside businesses, ICPAS connects its membership to an unmatched range of information resources, events, professional development and networking opportunities. Presently, there are more than 22,000 members making their strides in businesses across all industries in Singapore and around the world.
ICPAS' international outlook and connections are reflected in its membership of regional and international professional organisations like the ASEAN Federation of Accountants (AFA), the Asia-Oceania Tax Consultants' Association (AOTCA), the International Federation of Accountants (IFAC) and International Innovation Network (IIN).
For more information, please visit www.icpas.org.sg
About ICPAS Research
ICPAS research identifies, explores and analyses the major issues driving today's business dynamics and shaping tomorrow's marketplace. We aim to closely monitor the accounting and auditing industry in order to provide an outlook for tomorrow.
ICPAS research is committed to supporting and encouraging high quality research which is focused, timely, relevant and useful to the accountancy profession, Asia Pacific or worldwide.
ICPAS research focuses our attention on continuously connecting with our practice members. Public practitioners have numerous concerns and issues on their day-to-day practice. These may range from technical understanding to practical applications or even operational issues. A part of ICPAS research is directed at engaging our members to examine these practice matters and exploring practical solutions with them. The various ways in which ICPAS shows its commitment to the research arena include sponsoring research projects, partnering with business partners or interested parties and organising thought leadership roundtables. There will also be conferences held to feature and showcase the results of our research with our members and the public.
We will continuously seek comments from ICPAS members through surveys to gather views from the CPA Singapore community. Do send your comments to research [at] icpas.org.sg (.)
