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SAC And CA ANZ Reach Significant Milestone

SAC And CA ANZ Reach Significant Milestone with Signing of New MoU

The Singapore Accountancy Commission (SAC) and Chartered Accountants Australia and New Zealand (CA ANZ) signed a Memorandum of Understanding (MoU) on Tuesday for mutual credit recognition between SAC’s Singapore Qualification Programme (Singapore QP) and CA ANZ’s Chartered Accountants (CA) Program. This agreement relates to two professional level modules on the subjects of financial reporting and assurance, which will allow the Singapore QP and CA Program Candidates these specific exemptions from each other’s qualifications.

Mutual credit recognition involves a rigorous process which includes a syllabus mapping, review of assessment examples, and consideration of competency levels of the modules.

The mutual credit recognition applies to the following modules:-

• Financial Reporting (FR) module of the Singapore QP and the Financial Accounting and Reporting (FIN) module of the 2015 or later CA ANZ CA Qualification;

• Assurance (AS) module of the Singapore QP and the Audit and Assurance (AAA) module of the 2015 or later CA ANZ CA Qualification.

The signing of the MoU with CA ANZ is the latest in a series of MoUs SAC has signed with professional accountancy bodies to boost the international portability of the Chartered Accountant of Singapore professional designation.

“Since its amalgamation in 2014, CA ANZ has come to signify a combination of both Australia and New Zealand’s unique qualities, rigour and high standards of technical expertise, as reflected in their CA qualifications. We are honoured to be able to reach this momentous milestone in view of Singapore QP’s relatively short history,” said Mr Michael Lim, Chairman of SAC. “This mutual credit recognition is a testament of the robustness of the Singapore QP and will serve as a strong foundation from which the CA Program and Singapore QP candidates can leverage on, in their journey towards attaining their professional qualifications.”

“This agreement with the Singapore Accountancy Commission is an important step for our two organisations and for the CA designation. The more we collaborate and share the more everyone will benefit from our unique learning program,” said Mr Fred Hutchings, President of Chartered Accountants Australia and New Zealand. “We look forward to a long and successful relationship with the SAC as we facilitate the growth of Chartered Accountants in Australia, New Zealand and Singapore to benefit the industries and markets that Chartered Accountants work in around the world.”

Mr Michael Lim, representing the SAC and Mr Fred Hutchings, representing CA ANZ, signed the MoU.

The MoU will run on a three-year renewable term and retrospective credits will be available to CA ANZ and SAC candidates and members who have successfully completed the recognised financial reporting and assurance modules from 2015 onwards.

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