KPMG and ACCA Launch Pioneering ESG Programme to Transform Accountancy for Future Business Needs
- Innovative programme addresses the urgent call for ESG skills in accountancy
- Equip non-accountants with ESG knowledge to explore relevant careers
- No-cost foundational ESG knowledge track available for a diverse range of participants
- Supports global sustainability efforts and ethical business standards, aligning with current industry expectations
- Responds to AWRC report, ensuring accountants remain pivotal in sustainable business advancement
SINGAPORE – Media OutReach Newswire - 25 October 2024 - KPMG in Singapore and ACCA (the Association of Chartered Certified Accountants) have announced the launch of a pioneering learning programme designed to address the future skills needed for the accountancy profession, as well as equip non-accountancy graduates and strengthen their professional capabilities to enter the field.
This initiative is a direct response to the recommendations of the Accountancy Workforce Review Committee (AWRC) report released in May 2024, which underscored the urgent need for enhanced ESG (environmental, social, and governance) capabilities among accountancy professionals.
In alignment with the AWRC report, the programme focuses on equipping accountants with future-ready ESG skills, ensuring the profession remains indispensable to advancing sustainable business practices. Moreover, it creates an inclusive pathway for those without a traditional accounting background, enabling them to transition into the profession through specialised ESG training. This dual focus addresses both the evolving skill requirements and the necessity of diversifying the talent pipeline within the accountancy sector.
Launched today at ACCA's Annual Conference 2024, this initiative highlights the evolving role of accountants beyond traditional audit and assurance functions. With sustainability reporting becoming increasingly critical, the demand for ESG expertise is surging with accountants now needing to lead the charge in advancing sustainable business practices across various industries.
Alex Koh, Partner and Head of Audit, KPMG in Singapore said: "To redesign the accountancy workforce, we must attract new talent by prioritising adaptability, collaboration and innovation. Today's accountants are not just guardians but strategic advisors, guiding businesses through complex challenges. Trust remains at the core of our profession, particularly in areas like ESG assurance and AI governance. Our collaboration with ACCA to introduce the ESG future skills programme is more than just providing access— it is about building on qualities and fundamentals that accountants already possess and applying these to emerging areas. This approach ensures that accountants can confidently navigate and address the practical challenges of a rapidly changing business environment, all while maintaining the essential trust that underpins our profession."
"Sustainability is a top priority for businesses, governments, and the public sector. Finance professionals play a crucial role in driving and implementing sustainable practices across a wide range of organisations," said Daniel Leung, Country Manager, ACCA Singapore. "ACCA is proud to partner with KPMG to launch this important programme, which will equip industry talents with the skills needed to shape a sustainable future. This initiative also aligns perfectly with our Annual Conference theme, 'Reinventing the Profession for a Changed World,' as we continue to foster the flexible skills necessary for the evolving profession."
The finance and accounting skillset remains highly valuable and versatile, extending beyond traditional roles to create value for organisations, such as advancing a company's sustainability agenda. Recommendations from the report released by AWRC highlighted that accountants need to be engaged in more diverse and purposeful work, and be recognised as crucial, valued business partners in an organisation.
Supporting these findings, ACCA's 2024 worldwide survey of employers revealed that some of the most sought-after skills by employers in Singapore include ESG-related skillsets such as ethics and leadership. Demand for skillsets in sustainability in green finance rose from 38 percent to 47 percent this year.
According to KPMG's research, more than half (56 per cent) of existing financial services job roles, representing more than 50,000 financial services professionals, will require upskilling on sustainability topics as these are increasingly incorporated into their critical work functions. For example, recent regulatory updates have enhanced Singapore listed companies' climate related disclosure requirements from FY2025, which will require accounting professionals within these companies to be well-versed in these sustainability related regulations to effectively incorporate these into their work tasks and responsibilities.
Those with expertise in ESG will experience higher demand and enjoy diverse career prospects in a landscape where sustainable and ethical practices are increasingly prioritised.
Forging sustainability in businesses of the future
The programme comprises free masterclasses structured into two tracks.
The first track, which focuses on foundational ESG knowledge in areas such as climate risk, reporting, and measurements, is currently offered at no cost to participants. This makes it accessible to new graduates and working adults from any background, including those eyeing a career shift to climate reporting. The content in this track prepares participants to eventually take on job roles such as climate and impact reporting accountants, as well as sustainability finance consultants. Eligible participants of this track will also have the chance to take part in industry attachment opportunities with KPMG to apply ESG into business transformation and corporate practice.
The second track offers advanced content for senior finance leaders, enhancing their strategic and technical expertise acquired from their accountancy qualification or relevant work experience, extending these to strategic planning, decision-making, reporting and assurance. The content in this track prepares participants to eventually take on job roles such as Chief Sustainability Officers, Chief Financial Officers, or heads of ESG audit and assurance.
Participants in both tracks also have the option to further pursue either ACCA's Certificate in Sustainability of Finance (CertSF) or the ACCA Professional Diploma in Sustainability (ProDipSust) separately, which will provide them with additional credentials to bolster their sustainability expertise.
Through collaborative knowledge-sharing and networking opportunities, participants will engage with industry experts from both KPMG and ACCA, gaining insights and practical skills. Both tracks will culminate in a joint certificate between KPMG and ACCA, validating the participants' proficiency in integrating sustainable and ethical strategies into their roles. More details on the learning programme can be found in the accompanying infographic.
KPMG has been actively collaborating with government agencies and businesses across the region to enable ESG transformation and design decarbonisation pathway needs. Initiatives such as the KPMG ASEAN Decarbonisation Hub and the recent ESG Playbook for Charities underscore KPMG's proactive and collaborative approach to helping businesses embrace ESG as a key business enabler. Furthermore, leveraging KPMG's strong foundation in audit and accountancy, coupled with robust data and assurance rigor is key to equipping professionals with essential skills necessary to drive sustainable business models. Coupled with ACCA, a globally recognised professional accountancy body providing forward-looking qualifications and renowned for making them accessible, this collaborative learning programme offers a unique approach to ESG training. In addition, the strong global presence of both KPMG and ACCA opens opportunities to expand the programme to other countries, broadening the reach and impact of ESG education.
Hashtag: #KPMG #ACCA
The issuer is solely responsible for the content of this announcement.
About KPMG in Singapore
KPMG in Singapore is part of a global organization of independent professional services firms providing Audit, Tax and Advisory services. We operate in 143 countries and territories with more than 273,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
For more detail about our structure, please visit kpmg.com/governance.
For more information, visit kpmg.com.sg
LinkedIn: linkedin.com/company/kpmg-singapore
About ACCA
We are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.
Founded in 1904 to widen access to the accountancy profession, we've long championed inclusion and today proudly support a diverse community of over 252,500 members and 526,000 future members in 180 countries.
Our forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organisations and economies.
Guided by our purpose and values, our ambition is to lead the accountancy profession for a changed world. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we're strengthening and building a profession that drives a sustainable future for all.
Find out more at: www.accaglobal.com
