Another key component of the MOU lies in providing guidance and support to the development of small and medium-sized practices (SMPs) in both Shanghai and Singapore, in areas such as international market laws and regulations, industry development trends, accounting-related technology innovations, and practice management models. By tapping on the MOU, SMPs will also enjoy opportunities to participate in exchange activities, better understand the critical success factors to operate in different business environments and to jointly enhance the development of their capabilities.

The MOU is part of a series of efforts by ISCA to further its global footprint and collaborations with other professional accountancy bodies worldwide. Earlier in the year, ISCA signed MOUs with the Hong Kong Institute of Certified Public Accountants (HKICPA) and the Guangdong Institute of Certified Public Accountants (GDICPA).

ISCA President Mr Teo Ser Luck said, "Through our partnership with SHICPA, we hope to facilitate professional exchanges and create opportunities for members from both Institutes. Our recently-inked MOUs with our counterparts from Hong Kong, Guangdong, and now Shanghai will enhance the international network of our accountancy profession."

Mr Gu Hongxiang, SHICPA President, said, “SHICPA is excited to partner with ISCA. We believe this partnership will not only enhance the professional growth of our members but also promote greater exchange of knowledge and expertise, and our members will benefit immensely, paving the way for future opportunities and advancements in the accountancy profession."