isca aug lowres binder · choosing the right accountant is34 chartered a ccountant choosing the...
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VIEWPOINTCHOOSING THE RIGHT ACCOUNTANT
IS Chartered Accountant 34
CHOOSING THE RIGHT ACCOUNTANT
BY
TITUS KUAN AND TAN CHIU PING, SHARON
Based on Scope and Complexity of Engagement
B
DIFFERENT PLAYERS IN
THE MARKET
s... if the engagement is for a
statutory audit that requires the issuance of an audit report,
then the individual assigned must be a Chartered Accountant of Singapore, and also a Public
Accountant (PA) registered with Accounting and Corporate Regulatory Authority (ACRA). To be a PA, it is mandatory to be a member of the Institute
of Singapore Chartered Accountants (ISCA).
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August 2016 35
1 Extracted from the “Accounting Entities Census 2015”, conducted by Singapore Accountancy Commission; www.sac.gov.sg/sites/default/files/%23AECensus%20Report.pdf
Profile of
Accounting Entities in Singapore
*Estimated
AE Size Number of AEs
Big 4 ( 1000 staff) 4
Large (101-999 staff) 7
Medium (31-100 staff) 33*
Small (10-30 staff) 174*
Micro ( 10 staff) 483*
Total 701
PHOTO SHUTTERSTOCK
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VIEWPOINTCHOOSING THE RIGHT ACCOUNTANT
IS Chartered Accountant 36
THE CHOICE OF ACCOUNTANT
sThe accounting entity
(AE) should have a robust infrastructure already in place to execute its
duties, with ready access to technical resources. It is crucial that processes
are streamlined and procedures are well
established in the AE for it to deliver the tasks with confidence and efficiency.
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August 2016 37
PHOTO SHUTTERSTOCK
Titus Kuan is Director of Technical Advisory, Professional Standards, and Learning & Development, ISCA, and Tan Chiu Ping, Sharon is Senior Manager, Quality Assurance, ISCA. An edited version of this article was first published in The Business Times on 17 June 2016.
THE RIGHT FIT
ISCA
FACTORS TO CONSIDER