03/10/2017
Accountancy Sector Receives More Government Support With The Launch Of New Skills Framework And Sapphire Initiative
The initiatives were launched by Ms Indranee Rajah, Senior Minister of State for Law and Finance at the Singapore Accountancy and Audit Convention, 3 October 2017
Ms Indranee Rajah, Senior Minister of State for Law and Finance,
launched two initiatives – the Skills Framework for Accountancy; and
SAPPHIRE for the Accountancy sector today at the Singapore Accountancy
and Audit Convention 2017. These initiatives were launched to equip the
workforce with relevant and emerging skills to support the rapid
transformation of the Accountancy sector in today’s digital age.
Launch of the Skills Framework for Accountancy
The transformation of the Accountancy sector will bring about many
new job opportunities. By 2020, accounting firms are expected to employ
about 21,000 accountancy professionals. To support the growth and
manpower requirements of the sector, SkillsFuture Singapore (SSG),
Workforce Singapore (WSG) and the Singapore Accountancy Commission
(SAC), together with employers, industry associations, and education and
training institutions have developed the Skills Framework for
Accountancy. A total of 14 validation sessions were conducted, engaging
more than 100 accounting and finance leaders from accounting entities,
corporates, institutes of higher learning and government agencies to map
out the skills required.
The Skills Framework for Accountancy allows individuals to explore
career advancement opportunities along or across 6 identified tracks
within the sector, which cover 25 job roles. These tracks include
Assurance, Financial Accounting, Management Accounting, Internal Audit,
Business Valuation and Tax. The framework provides key information on
the sector, and identified a total of 84 current and emerging skills and
competencies required for each job role. Some of the emerging skills
and competencies include Data Analytics, Infocomm Technology Adoption
and Innovation, and Valuation Research and Analysis. It also informs
individuals on training programmes available to help them acquire these
skills and competencies. (See Annex 1).
Mr Ng Cher Pong, Chief Executive of SSG said, “Developed in partnership
with the industry, the Skills Framework for Accountancy serves as a
guide for individuals who wish to understand how they can stay relevant
and benefit from new opportunities in the sector. Across six tracks and
25 job roles, the Framework identifies emerging skills required in the
industry and the training programmes that are available to acquire these
competencies. SSG will continue to collaborate with strategic partners
across different industries to help Singaporeans stay relevant and be
prepared for the future economy.”
SAPPHIRE for the Accountancy Sector
The SAPPHIRE initiative helps accounting firms to adopt the Skills Framework and integrate technology at the workplace.
Companies can tap on the initiative to incorporate progressive HR and
Industrial Relations (IR) practices and the skills framework into their
HR function, helping them to improve talent attraction and development
capabilities. They can also integrate technology with the culture, work
processes and skills upgrading to enhance the company’s productivity and
growth. They will receive a 70% subsidy from WSG for up to 100 hours of
consultancy advice per project.
The initiative helps companies to transform into progressive and
manpower lean organisations with a strong human capital strategy to
enhance competitiveness and sustain business growth. It is particularly
helpful to Small and Medium-sized Practices (SMPs) to leverage
technology to build sustainable practices.
The SAPPHIRE initiative for the Accountancy Sector is a collaboration
between the Singapore National Employers Federation (SNEF) and SAC, and
supported by WSG.
From the Chief Executive, Singapore Accountancy Commission
“Our vision for Singapore’s accounting sector is to be a centre for
high value adding professional accountancy services. As such, our
professionals must have the right skills, and businesses must have the
ability to constantly innovate and adopt technology. The Skills
Framework and the SAPPHIRE programme are critical initiatives to prepare
accountants for the future economy, and help businesses to develop
their capabilities to capture growth opportunities both in Singapore and
the region. The two initiatives will play a significant role in helping
to transform the accountancy sector to develop Singapore into a leading
global accountancy hub,” said Mr Evan Law, Chief Executive, Singapore
Accountancy Commission.
About the Singapore Accountancy and Audit Convention 2017
The inaugural Singapore Accountancy and Audit Convention 2017, themed
‘Gearing Up for the Accountancy Futurescape’, focusses on how the
accountancy sector can capitalise on technological innovations to meet
the challenges of the digital world. The one-day Convention, held at
Marina Bay Sands Expo & Convention Centre, was attended by about
1,100 participants, who discussed the opportunities and growth
potentials in the accountancy sector in the face of rapid advances in
technology and digitalisation. It was organised by the Accounting and
Corporate Regulatory Authority (ACRA), the Institute of Singapore
Chartered Accountants (ISCA) and the Singapore Accountancy Commission
(SAC). (Please refer to www.isca.org.sg for more information).
Annex 1 – Factsheet on the Skills Framework for the Accountancy Sector
Annex 2 - Factsheet on SAPPHIRE for the Accountancy Sector
Back to Newsroom