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SINGAPORE: The Committee to Develop the Accountancy Sector (CDAS) has outlined three recommendations to help entrepreneurs and companies.
According to Second Finance Minister Lim Hwee Hua, who was speaking at the Ernst and Young Entrepreneur of the Year Awards Gala on Wednesday night, the initiatives will enhance the skills and capabilities of chief financial officers and accountants, as well as widen the talent pool.
One recommendation is to help non-accounting trained professionals pursue a second career in accountancy. This could be done by developing a post-graduate, practice-based professional accountancy qualification.
Another is to have a Chief Financial Officer (CFO) certification programme based outside of Singapore to help CFOs acquire skills and exchange insights among their peers.
The third is to set up an Accountancy Sector Development Fund to invest in human capital development, and build technical expertise.
The minister said: "Ultimately, we want to build up a body of accountancy professionals with the requisite breadth of relevant experience and skills, the dexterity to adapt to fast-changing business conditions, and the integrity to uphold the high standards that would be crucial to Singapore's reputation as a trusted hub."
To help transform Singapore into a leading global accountancy hub, the committee has also mapped out a vision with three strategic thrusts: First, to position Singapore as a leading centre for accountancy talent, education, thought leadership and professional development;
Second, to develop Singapore into a leading centre for high value-adding professional accountancy services; and third, to strengthen the Singapore accountancy sector's infrastructure and institutions.
The committee has launched a public consultation of its proposed vision and recommendations for the accountancy sector.
- CNA/yb
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