The Institute of Singapore Chartered Accountants (ISCA) has launched a comprehensive strategy paper designed to bolster the future of Singapore’s Small and Medium-Sized Accounting Practices (SMPs). With SMPs making up 98% of the 761 accounting entities in Singapore, the initiative seeks to address the challenges these firms face, including competition, talent acquisition, and technological advancements.
The strategy, developed by ISCA’s Strengthening SMP Taskforce, outlines five key recommendations to ensure the sector’s growth and sustainability. These include encouraging collaboration among firms to share resources, introducing a digital badge system to enhance visibility, piloting new technology solutions, expanding into global markets, and launching talent development programmes with universities.
Koh Wee Kwang, Co-Chair of the Taskforce, emphasised the importance of collaboration, stating, “This roadmap is about helping SMPs move from survival to strength through scale, collaboration, and a shared vision for the future.” Helmi Bin Ali Bin Talib, also Co-Chair, added, “Transformation starts with a change in mindset. Consolidation and collaboration are pathways to relevance.”
The paper also suggests revisiting firm ownership rules and leveraging shared services to maintain quality whilst expanding capabilities. Tan Fang Yi from the Accounting and Corporate Regulatory Authority (ACRA) expressed support, noting, “Our shared goal is a sector underpinned by good audit quality and a skilled workforce.”
Looking forward, ISCA aims to create high-quality jobs and foster a robust talent pipeline, ensuring SMPs remain integral to Singapore’s professional services sector. The full strategy paper is available for download on ISCA’s website.
