Taking On Tomorrow’s Challenges

Taking the Lead

In an environment where businesses are evolving constantly, what does the future hold for accountancy professionals? Two ISCA Council members offer their insights on how the profession can evolve to take the lead.

Even as the world grows bigger with new inventions and business models being created at breakneck speed, it also grows smaller in that the lines between industries become more indistinct.

Accountancy is one of the oldest professions in the world and an essential part of every organisation and business that turns in a profit or makes a loss. But with the advancement of technology, the traditional roles of the accountant and auditor are being challenged in different ways. New developments in business, from cryptocurrency to environmental, social and governance (ESG) considerations, require new parameters in accounting.

It is apparent to leaders in the profession that accountancy needs to evolve quickly – to not only meet the new needs that have arisen in this knowledge economy but also to find and stake its place in the businesses of the future. Two ISCA Council members – Lim Yeong Seng, FCA (Singapore), Managing Partner, KLP LLP, and Christopher Wong, FCA (Singapore), Head and Partner, Assurance, Ernst & Young LLP – share their perspectives about the future of the profession.


  • With digitalisation and the emergence of new industries, opportunities abound for accountancy professionals.
  • The future of the accountancy profession could lie in specialisation, where there are specialists who only focus on certain areas of work; people are then able to refer specific jobs to those trained in that particular area.
  • Creative/Innovative solutions are needed to solve business problems, and accountants are best placed to step up as advisors to the top management.

This article was first published by ISCA at the following URL: https://journal.isca.org.sg/2022/11/23/inclusive-leadership-to-drive-dei-efforts/pugpig_index.html