National accountancy body, the Institute of Singapore Chartered Accountants (Isca), signed two agreements on Thursday, including one that will see it working with the Accounting and Corporate Regulatory Authority (Acra) on a review of financial statements.
The move aims to remove overlaps and allows the two bodies to pool sources and expertise to raise the quality of financial reporting in Singapore.
"The review and feedback process will be streamlined into a single channel where both agencies can reach out to auditors and directors at the same time," said Isca president Ernest Kan at the official opening of Isca House, which moved to Cecil Street.
In the past, Isca's committee focused on auditors while Acra's programme focused mainly on directors.
Dr Kan said that it also promotes good quality financial reporting, as the onus to be responsible is not just on auditors, but directors as well.
Isca also signed a memorandum of understanding with the Institute of Chartered Accountants in England and Wales(ICAEW) to establish a scheme known as ICAEW-ISCA Pathways to Membership.
The scheme runs for two years and will allow ISCA members, with the necessary entry requirements, to become an ICAEW Chartered Accountant.