RECOMMENDATIONS to boost Singapore’s local accountancy workforce will be released in the coming months as a review committee finishes its work, Second Minister for Finance Indranee Rajah said in Parliament on Wednesday (Feb 28).

The Accountancy Workforce Review Committee (AWRC) was set up in 2022 to find ways to build “a sustainable pipeline of local accountancy talent”, she said during the Committee of Supply debate on her ministry’s budget.

In line with the committee’s work, requirements for the Singapore Chartered Accountant Qualification have been relaxed, allowing more polytechnic graduates to become professional accountants.

Such moves aim to strengthen the accounting sector, which is a key enabler of Singapore’s role as a “reliable and trusted hub for business and trade”, said Indranee.

“Another key competitive advantage of our business hub is our pro-business, pro-trade stance,” she added. On this front, the Ministry of Finance (MOF) enhances trade processes to facilitate the flow of goods and reduce regulatory costs.

Under an Asean Mutual Recognition Arrangement (MRA), companies recognised by each member state as “authorised economic operators” will enjoy faster documentary and cargo clearance within Asean.

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This will save time and money, as well as reduce the time for goods to reach the market, Indranee said.

A six-month pilot has started with six Asean member states, with full implementation planned for the third quarter of 2024. This will be Singapore’s first multilateral MRA for authorised economic operators, joining 12 bilateral MRAs with other jurisdictions.

Asean accounts for 28 per cent of Singapore’s trade in goods, Indranee noted. “By improving and streamlining our trade processes, we are also strengthening Singapore’s position as a global trade node.”

She also spoke on the effective and prudent use of public resources, with Singapore seeking to achieve prudent spending with good outcomes, or “value for money”.

As spending needs increase, spending growth will be carefully managed, she said. “Aside from prudent spending at the macro level, we also constantly strive to optimise our spending.”

MOF “applies additional scrutiny” when evaluating the worthiness and cost-effectiveness of large expenditure items such as major infrastructure projects. For such projects submitted for approval in 2023, MOF avoided around S$1.6 billion in costs in total, or 7.6 per cent of their capital cost.

This was achieved by using more cost-effective solutions and alternatives, and sizing the scope and budget of the projects “judiciously”.