The ISCA was established in 1963 and is recognized under the Singapore Accountancy Commission Act. ISCA’s responsibilities include: setting auditing standards to be applied in Singapore, setting ethical requirements to be observed by its members, administering the Singapore Chartered Accountant Qualification, establishing CPD requirements for its members, and administering its investigative and disciplinary mechanism. ISCA also administers a voluntary quality assurance review mechanism that members are encouraged to participate in to ensure quality of work conducted. Membership with ISCA is mandatory to register as a public accountant and to practice as an auditor in Singapore. Membership is voluntary for all other professional accountants. In addition to being a Member of IFAC, ISCA is also a full member of the ASEAN Federation of Accountants.