If you think commercial accountants don't required ISCA SCAQ CA, let me quote this from The Accountancy Workforce Review Committee (AWRC) article:
"With accounting standards and business transactions becoming increasingly complex,
accountants in in-house finance and accounting functions of companies need to be well equipped to produce accurate and high-quality financial reports and deliver valuable
financial insights to the organisation. The SCAQ, and the access it offers into the
professional accountancy body ISCA and the wealth of professional development,
networking and other resources available, ensure that accountants have the
necessary professional development to meet these needs.
Regulators should emphasise to companies the importance of employing professionally qualified accountants in their key finance functions. This is particularly crucial in companies with high public interest such as listed companies, where accountants play a key role in assisting the company directors to discharge their fiduciary duties over their financial statements and protect the public interest."
Look at this paragraph suggested by some smart alec "Regulators should emphasise to companies the importance of employing professionally qualified accountants in their key finance functions. This is particularly crucial in companies with high public interest such as listed companies, where accountants play a key role in assisting the company directors to discharge their fiduciary duties over their financial statements and protect the public interest."
Seem like this person or committee is saying or implying if a person did not take SCAQ, the
SGX Listed Companies' commercial accounting department should not hire that person.
The folks in commercial accounting or finance departments of listed companies don't bother much with the Singapore Chartered Accountant Qualification (SCAQ). Their thinking goes like this, "Why bother with CA Singapore? I'm just doing commercial accounting lah! I don't need that ISCA CA (Singapore) title or go through the hassle of getting SCAQ. Only auditors aiming to become PA care about CA."
Then this person is saying, "Okay, never mind, lor. I will tell ACRA, the regulator to mandate a law, that
SGX listed companies must hire accountants who have ISCA CA membership to handle their accounts. Let's see if you all commercial accountants still think CA isn't necessary then!! In the future, you guys better have CA SG if you wanna touch listed company accounts."
Truly, this person who suggested such ideas can be quite the troublemaker, eh?
Is this person unbalanced? I guess he is Guy A below.
Imagine two individuals working in a Singapore Exchange (
SGX) listed company. Guy A, who holds the designation of SCAQ CA and a degree from
NTU, is responsible for overseeing 10 subsidiaries.
Meanwhile, Guy B, with only a degree from a private university, is also tasked with overseeing 10 subsidiaries.
Guy A, however, strongly believes that only individuals with the SCAQ CA qualification should handle the accounts of
SGX listed companies.
Guy A feels a sense of imbalance, questioning how Guy B, with only a degree from a private university and lacking the SCAQ CA qualification, can manage accounting responsibilities for an
SGX listed company.
In this context, Guy A equates being professionally qualified with holding the SCAQ CA designation.
Consequently, individuals like Guy A will advocate for regulators to stress the importance of employing professionally qualified accountants, particularly those with the SCAQ CA designation, in critical finance roles.
In essence, Guy A's perspective implies a division among accountants based on qualifications, fostering a potential environment of animosity where SCAQ CA holders may look down upon those without the qualification.