Professional Conversion Programme

 

PROFESSIONAL CONVERSION PROGRAMME FOR INTERNAL AUDIT


The Professional Conversion Programme for Internal Auditors reskills local Professionals, Managers, Executives, and Technicians (PMETs), including mid-career switchers, for a new career in Internal Audit.


Internal Audit is taking on a more strategic role within the organisation. Beyond enhancing overall corporate governance and reporting on past performance, the Internal Auditor must also provide strategic insights for future-planning in areas such as Risk Management. The Internal Audit profession will continue to grow prominently in Singapore and beyond as businesses and organisations recognise the critical role of Internal Audit.


Professional Conversion Programmes are under Workforce Singapore’s (WSG) Adapt and Grow initiative.

 

For Employees

To participate in the programme, you must fulfil the following criteria:

•    Singapore Citizen or Permanent Resident aged 21 years and above; 
•    A newly hired PMET for not more than three months, and nominated by an eligible company for the PCP; 
•    Graduated or completed National Service, whichever is later, for at least two years prior to the point of application; and;
•    No prior working experience in a similar job role in internal audit related functions.

Application for the PCP is subjected to the employer’s hiring and selection process. 

Individuals who are shortlisted for interviews will be notified by participating companies.


For Employers

All participating companies must fulfil the following criteria:
•    Registered, incorporated and based in Singapore with a Unique Entity Number (UEN) registered with Accounting and Corporate Regulatory Authority (ACRA); 
•    New hires cannot be immediate ex-employees of companies related to the applicant company;
•    Offer a full-time PMET position directly related to an internal audit job function with at least a 12-month employment contract; 
•    Provide a structured training plan and a supervisor to guide the new hire; and 
•    Be committed to work with Workforce Singapore (WSG) and the Institute of Internal Auditors Singapore (IIA) on the necessary administrative matters related to the PCP. 
 

Participants are required to complete the following 10 modules:
 

Modules Training Duration (incl assessment)
Tools and Techniques I: New Internal Auditor 3 days
Client & Business Environment 1 day
Audit Report Writing 2 days
Interviewing Skills for Auditors 1 day
Introduction to Data Analytics 1 day
Tools & Techniques II: Lead Auditor 3 days
Managing Difficult Auditees 2 days
Critical Thinking in Internal Audit 1 day
Fundamentals of Risk-based Auditing 2 days
Technology Audit Foundation 4 days

 

 

 

 

 

 

 

 

Participating companies will receive the following funding support:
 

Salary Support
 

Trainee Funding Support
Singapore Citizens Aged below 40 and currently unemployed The employer will receive a salary subsidy of up to 70% of the trainee’s monthly gross salary, capped at S$ 4,000 per trainee per month, for up to 6 months.
• Aged 40 and above; or
• Unemployed and actively seeking employment for more than 6 months
The employer will receive a salary subsidy of up to 90% of the trainee’s monthly gross salary, capped at S$ 6,000 per trainee per month, for up to 6 months. 
Singapore Perrmanent Residents The employer will receive a salary subsidy of up to 70% of the trainee’s monthly gross salary, capped at S$ 4,000 per trainee per month, for up to 6 months.



Course Fee Subsidy
 

Trainee Funding Support
Singapore Citizens Aged below 40  The employer will receive a standard course fee subsidy of up to 70% of the course fee.
• Aged 40 and above; or
• Small and Medium-sized Enterprise (SME) sponsored trainees
The employer will receive an enhanced course fee subsidy of up to 90% of the course fee.
Singapore Permanent Residents Non-SME sponsored trainees The employer will receive a standard course fee subsidy of up to 70% of the course fee.
SME sponsored trainees The employer will receive a standard course fee subsidy of up to 90% of the course fee.


 

Total course fees before subsidy S$ 13,320.00 
(excluding GST)
Nett course fees payable after subsidy at standard rate S$ 3,996.00 
(excluding GST)
Nett course fees payable after subsidy at enhanced rate* S$ 1,332.00
(excluding GST)
 

 

*Enhanced funding available under Enhanced Training Support for SMEs and SkillsFuture Mid-Career Enhanced Subsidy will be claimed via SSG’s SkillsConnect Portal (or equivalent) by participating companies.  Participating companies will need to pay S$ 3,996 at first instance.



[New] Adjustment in funding disbursements for new hires from 1 September 2020 to 30 September 2021

The Jobs Growth Incentive (JGI) was announced on 17 August 2020 to provide further support  to companies amidst the current economic downturn.  Under the JGI, the Government will co-pay up to 25% of salaries of new local hires  from September 2020 to February 2021 for one year, subject to a cap. For those aged 40 and above, the co-payment to employers will be up to 50%. 
 

As the JGI will also apply to jobseekers undergoing reskilling through PCPs, WSG will be making temporary funding adjustments during JGI to ensure that jobseekers continue to receive the necessary support they need to be placed into new opportunities in growth sectors. 
 

For individuals newly hired and put on PCP-IA for the period from 1 September 2020 to 30 September 2021, the Salary Support funding will be disbursed to participating employers over a longer period, comprising the PCP training duration and an additional period of retention equivalent to the training duration. 
 

Individuals who are keen to apply for the PCP may apply through the WSG website.
 

Individuals may also apply for Internal Audit related jobs that qualify under this PCP at MyCareersFuture.
 

New hires in Internal Audit 
If the individual is a new hire in the company for not more than three months, he/she should inform the company’s HR representative to contact the programme manager at the Institute of Internal Audit Singapore (IIA) at pcp@iia.org.sg
 

Documents required 
The following documents will be required for registration:
1.    Personal details of applicant (login via Singpass);
2.    Curriculum Vitae;
3.    Cover letter which indicates interest in Internal Audit Function and PCP IA; and
4.    Educational Certificates and/or Transcripts.
 

Outcome of application 
Individuals will be contacted by interested employers if they are shortlisted for interviews. If the individual is offered a position with one of the employers, the company will make the necessary arrangements to enrol the individual into PCP and inform the individual of the outcome.
 

Deadline for Application: 
Please apply by 30 June 2022.
 

Submission of Application:
Click here to apply for this programme.

What are Professional Conversion Programmes (PCPs)?  
PCPs are career conversion programmes targeted at local Professionals, Managers, Executives and Technicians (PMETs), including mid-career switchers, to undergo skills conversion and move into new occupations or sectors that have good prospects and opportunities for progression.

Individuals can look forward to structured On-the-Job Training (OJT) and classroom training to acquire the necessary skillsets for the new role. To support employers and encourage them to be open to mid-career switchers and displaced PMETs without the requisite experience or skills, Workforce Singapore (WSG) provides course fee support and salary support of up to 6 months for the PCP for Internal Auditors.
 

What are Internal Auditors? What does the job scope entail?
Internal Auditors provide assurance that:
•  internal controls in place are adequate to mitigate the risks;
•  governance processes are effective and efficient; and 
•  company goals and objectives are met.

Internal Auditors are expected to have an in-depth understanding of the business culture, systems, and processes, while having an independent reporting line to the highest governing body.

Having an independent and broad perspective of the company, the Internal Auditor is a valuable resource to executive management and the board of directors by ensuring that the company is held accountable to its stakeholders. In their role, Internal Auditors help to identify operating inefficiencies, wasteful spending, employee theft, fraud, and cases of non-compliance with laws or regulations. 

Get more information on the job role and competencies required of an Internal Auditor from the Skills Framework for Accountancy, here.
 

Will the courses be full-time or part-time? 
This is a full-time course, comprising a total of 10 modules, over 20 days across a period of 6 months. The programme includes facilitated training and On-the-Job-Training components. This means that the trainees would spend their working hours either at work or attending lessons with the Institute of Internal Auditors (“IIA”) Singapore. 
 

Is there a bond for the programme? What if the participant quits the programme halfway?
PCP Trainees may be required to sign a bond with their sponsoring employers before embarking on the programme, depending on the employers’ human resource policies. 
 

Why is there enhanced salary support for PCPs? 
The enhanced salary support of up to 90% of monthly salary (capped at $ 6,000) is provided to employers, to strengthen support for mature and long term unemployed PMETs, and to facilitate the hiring of more mid-career PMETs into jobs with good prospects.

For more information please contact:

The Institute of Internal Auditors Singapore 
Email: pcp@iia.org.sg

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