SINGAPORE  - 23 January 2024 - The Institute of Singapore Chartered Accountants (ISCA) announced the signing of three landmark Memoranda of Understanding (MOUs) with key stakeholders in Indonesia, strengthening international collaboration and fostering new opportunities for the accountancy profession in both countries.

With 26.7 million Indonesian companies, including 650 public accounting firms and 686 accounting services firms with over 40,000 members in Ikatan Akuntan Indonesia (IAI) and Institut Akuntan Publik Indonesia (IAPI), there are a lot of opportunities for competent and qualified accountants, and those who would like to carve out a career in accountancy. The strengthened working relationships between ISCA and the Indonesian accountancy bodies will better support the growth of the profession and businesses in the region.

Strengthening Ties with Indonesian Accountancy Bodies

1. Partnership with Ikatan Akuntan Indonesia (IAI)

ISCA and IAI have entered into a strategic alliance to explore establishing membership pathways for members of both Institutes. This initiative aims to enhance professional mobility and career progression for professional accountants who are working across diverse industries across both markets.

The two institutes will collaborate on joint outreach programs and initiatives to develop the next generation of accountancy talents and elevate the appeal of accounting and finance careers in the Indonesian market.

2. Broader Collaboration with Institut Akuntan Publik Indonesia (IAPI)

ISCA and IAPI have partnered to explore membership pathways, facilitate knowledge and resource sharing, and develop and adapt training programs to meet the evolving needs of the Indonesian and Singaporean markets. Both institutes will collaborate to strengthen support and foster mutual growth for small-and-medium-sized practices (SMPs) in Indonesia and Singapore.

With this MOU, ISCA will be sharing resources available for SMPs with IAPI on a complimentary basis. These resources, if adopted, will help to level up audit quality and enhance the technical competency of the Indonesia SMPs. ISCA and IAPI will collaborate on training initiatives, tailoring content to meet the unique needs of each market, and plan business development trips to Singapore and Indonesia for participating SMPs to explore business opportunities.

Elevating Professional Education with the London School of Accountancy & Finance (LSAF)

To bridge the skills gap and equip Indonesian accountants with in-demand expertise, ISCA has appointed the LSAF as its approved learning centre in Indonesia.

Learners who are keen to know about the Singapore Chartered Accountant Qualification and other programmes, including the ISCA Professional Business Accountant Programme, the ISCA Financial Forensic Accounting Qualification, and the ISCA Sustainability Professional Certification can reach out to LSAF to find out more. This collaboration empowers accounting professionals in Indonesia to access high-quality training and upskilling opportunities that are aligned with international standards.

Mr. Teo Ser Luck, President of ISCA, said, "These MOUs mark a significant milestone in ISCA's commitment to driving the development of the accountancy profession across the region. By collaborating with IAI, IAPI, and LSAF, we are creating a robust framework for knowledge exchange, professional development, and career advancement for accountants in both Singapore and Indonesia. This combined effort will not only benefit individual professionals but also strengthen the broader accountancy ecosystem and businesses in both countries."

Dr. Ardan Adiperdana, President of IAI, said, "We are cognizant of the profound impact our collaboration will have on the development of the accountancy profession in Indonesia and Singapore. This MOU signifies our commitment to fostering a learning and networking environment that will prepare our accountants to respond to future challenges in the region. IAI is committed to providing our members with opportunities to enhance their professional mobility and career progression through our collaboration with ISCA."

Mr Hendang Tanusdjaja, Chairperson of IAPI, said, "IAPI strongly supports the acceleration of accounting and financial education, along with the promotion of international professional standards for public accountants. This in turn, allows us to enhance public recognition of the role our members play in the economic development of our countries. Public accountants play a vital role in supporting the business ecosystem. Therefore, it is essential to nurture and strengthen our profession to ensure the sustained success of the financial sector as a whole.

Manish Gidwani, CEO and founder of LSAF said, "The set up of the ISCA learning centre in Indonesia means our students now have the same opportunities as students in Singapore to be part of a world-class organisation and start their journey to become chartered accountant Singapore in Indonesia."

These strategic collaborations underscore ISCA's dedication to fostering international partnerships, creating opportunities for professional development, and contributing to the global advancement of the accountancy profession.

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