KPMG to raise pay of auditors with S'pore qualification

KPMG Singapore auditors who obtain the Singapore Chartered Accountant (SCA) qualification by July 1 next year will receive a 20 per cent pay rise.

The move, the first among the Big Four professional services firms in Singapore, will lift their pay significantly above the industry benchmark, the firm said in a statement on Thursday.

KPMG Singapore believes that the higher pay will help improve audit quality to benefit capital markets and the profession as a whole.

Its managing partner Ong Pang Thye also said the boost ensures that the firm's salaries lead the market, so that it attracts and retains the best talent.

The pay increment "represents one of our largest investments in audit quality to date, and the importance we place on recognising accreditation in line with the global profession", he added.

Mr Ong also said that the "focus on audit quality is intrinsically linked to our commitment to promote public trust".

In addition to the pay rise, the auditors will receive 10 days of study leave per sitting to pursue the qualification.

The SCA is the national chartered accountant qualification, developed by the Singapore Accountancy Commission and administered by the Institute of Singapore Chartered Accountants.

It is a post-graduate accountancy programme designed to develop future business leaders, said the commission's website.

A version of this article appeared in the print edition of The Straits Times on August 03, 2019, with the headline 'KPMG to raise pay of auditors with S'pore qualification'. Print Edition | Subscribe