Accountants and finance professionals are to play a bigger role in driving environmental sustainability in the manufacturing sector with new certifications to ensure that they have the skills to help firms with sustainability reporting and standards.
This is part of a slew of initiatives launched by the Institute of Singapore Chartered Accountants (ISCA) on Nov 29 at a conference held at Marina Bay Sands.
Adapting and translating global trends to accountancy work is important, said Second Minister for Finance Indranee Rajah at the conference.
“As the green momentum picks up, there will be increasing demand for accountants to provide assurance on sustainability disclosures and help companies to mitigate climate-related risks,” she said.
“Accountants are already well versed in reviewing finances of companies, so there is a natural progression to build new capabilities and expand your stewardship role to include sustainability issues.”
They will have their work cut out for them. According to the results of a study on the role of accountancy in the manufacturing sector launched on Nov 29, only 37 per cent of the manufacturing firms it looked at have implemented sustainability initiatives.
The joint study by ISCA, the Singapore Manufacturing Federation (SMF), Deloitte and the Singapore Management University (SMU) also found that only 21 per cent of the firms studied have done sustainability reporting.
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