Singapore Government

Recommendation 10

Strategic Thrust 3: Strong Accountancy Sector’s Infrastructure and Institutions.

To establish a Singapore Accountancy Council (SAC), as the high-level council to take the lead in the transformation of Singapore into a leading global accountancy hub. The SAC should be appointed by the government and established via legislation to give it formal oversight responsibilities over the administration of the following:

(a) The Accountancy Sector Development Fund;

(b) The Accountancy Services Research Centre;

(c) The Singapore-branded professional accountancy qualification and the necessary accreditation processes, and

(d) The specialisation pathways for the accountancy sector.
 

The SAC should be set up comprising representatives from the public accountancy profession and sector, the business and financial community, the academia and the public sector. This high-level council should have the broad mandate to:

(a) Oversee the accountancy sector’s strategic direction through developmental efforts with the local and the international accountancy communities and relevant stakeholders;

(b) Promote value-creation in accountancy services through thought leadership, education and research activities for accountancy services and the related fields; and

(c) Ensure the efficient & effective use of incentive programmes to develop the accountancy sector.

Prior to the formal establishment of the SAC via the legislative process, a pro-tem SAC should be set up by the government to initiate the follow-up work from the CDAS’s recommendations.

Read CDAS’ 9th recommendation.
Download the complete CDAS final report.
Learn about the SAC.

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