ISCA Conference 2023: Meeting AI And Sustainability Challenges Head On
Artificial intelligence (AI) was the main talking point at the ISCA Conference 2023, themed “Artificial Intelligence for the Accountancy Industry” or “AI for AI”. “Artificial Intelligence, if applied well, can be a force multiplier in modern accounting, helping to analyse financial data to identify insights and detect anomalies,” said Guest-of-Honour Indranee Rajah, Minister in the […]
ISCA Conference 2023: Improving Audit Quality In 2024
In the afternoon segment of the ISCA Conference 2023, two separate tracks ran concurrently, highlighting the different aspects that accounting and audit professionals will be focusing on in 2024. One of these tracks centred on audit quality, fraud, mergers & acquisitions (M&A) challenges, and issues to look out for in 2024. The first of five […]
ISCA Conference 2023: Building Trust Through Sustainability Assurance
The afternoon session of ISCA Conference 2023 cast the spotlight on a hot-button topic – sustainability assurance. Tackling it at the event was Lee Bing Yi, Partner, Sustainability & Climate Change, Financial Services Assurance, PwC Singapore, who spoke about the “trust deficit” among investors when it comes to sustainability reporting. Referring to a PwC study, […]
ISCA Conference 2023: Driving Forces In M&A
An interesting topic of discussion came up in a fireside chat between moderator Marian Joraschkewitz, Managing Director and Corporate & Commercial Segment Leader for Asia for Marsh, and Paul Tan, Chairman of Nexia Singapore PAC. The session centred on mergers & acquisitions (M&As), which occur frequently in the region. The merger of two large practices […]
GST Missing Trader Fraud
TAKEAWAYS Businesses should understand their obligations and undertake the necessary due diligence to safeguard their own business transactions. The recent Goods and Services Tax (GST) Board of Review’s (the “Board”) decision in GHY v the Comptroller of GST [2023] SGGST 1 (“GHY”) relates to the disallowance of input tax claims for supplies that allegedly took […]
ISCA Mini Conference Series: Insights Into The Review Of Financial Statements
ISCA completed the last instalment of the ISCA Mini Conference Series on 8 November 2023. Organised by the ISCA Financial Statements Review Advisory Panel (FSRAP), more than 250 participants attended this two-hour virtual conference, gaining valuable insights into the review of financial statements. James Xu, Chairman of ISCA FSRAP and Partner, Deloitte & Touche LLP, […]
Impact Of Prompt Engineering On Accountants And Auditors
TAKEAWAYS Artificial intelligence is having a profound impact on the accounting and finance industry and is also revolutionising how products and services are being built and implemented. In accounting and finance, labour-intensive and time-consuming tasks such as audits, banking, tax preparation, bookkeeping, reporting, and payroll have been successfully automated. With the integration of emerging technologies […]
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AiCCOUNTANTS®: Accounting With AI, Not By AI
TAKEAWAYS Imagine you are in the year 2030. Artificial intelligence (AI) has fully invaded every piece of software accountants use. Your clients take it for granted that you are an expert in leveraging AI for their benefit. In such a scenario, can you imagine what the work you are doing will be like? For starters, […]
MAS Publishes Code Of Conduct For Providers Of ESG Rating And Data Products
The Monetary Authority of Singapore (MAS) has published its finalised Code of Conduct for ESG (environmental, social and governance) Rating and Data Product Providers (CoC), and an accompanying Checklist for providers to self-attest their compliance to the CoC (Checklist), following a public consultation conducted from June to August 2023. The CoC aims to establish baseline […]