CDAS Public Consultation on “Transforming Singapore into a Leading Global Accountancy Hub”

1. The Committee to Develop the Accountancy Sector (CDAS) invites feedback on its exposure document for public consultation, titled “Transforming Singapore into a Leading Global Accountancy Hub”.

Background

2. The CDAS was appointed by the Minister for Finance to undertake a comprehensive review of the Singapore accountancy sector and profession. In carrying out a first of its kind holistic review of the sector, the CDAS held extensive consultations and deliberations to engage wide ranging groups of stakeholders from the accounting industry, professional bodies, institutions of higher learning, private education providers, chief financial officers and the business community.

Vision

3. The CDAS' vision is for Singapore to be a leading global accountancy hub. A global accountancy hub has the following characteristics:
   1. Profession with international outlook and high value-adding expertise;
   2. Professionals who have strong adherence to ethics and integrity; and
   3. Professional development environment that is vibrant with diversity of professional bodies, and with strong contribution in thought leadership.

Strategic Thrusts

4. This vision is anchored on three strategic thrusts:

   Strategic Thrust 1: Becoming a leading Centre for Accountancy Talent, Education, Thought Leadership & Professional Development;

   Strategic Thrust 2: Becoming a leading Centre for High Value-Adding Professional Accountancy Services; and

   Strategic Thrust 3: Strengthening the Singapore Accountancy Sector’s Infrastructure and Institutions.

Scope of Public Consultation

5. The CDAS welcomes views on its proposed vision, strategic thrusts and recommendations in shaping the future of the Singapore accountancy sector, before it submits its final report to the Ministry of Finance in the first half of 2010.

Guidelines for Feedback

6. To facilitate an effective and efficient feedback process, do specify which recommendation(s) you are responding to, and the background insights leading to your feedback. You are also encouraged to:

• Indicate your name as well as the organisation which you represent (where applicable);  and
• Be clear and concise in your feedback.

Public Consultation

7. The consultation document (PDF, 457KB) is available for public consultation from 18 November 2009 to 31 December 2009.

Feedback Channel

8. Feedback should preferably be submitted by e-mail to  acra_cdas@acra.gov.sg.