FYI, for Singapore-based companies, all the Singapore-based head hunting firms always prefer to hire Singaporean accountants for all levels of accounting positions. This is because Singaporean accountants are known to be honest and dependable in doing their jobs.
The MNC's are full of foreign accountants whose accommodation allowances alone are more than the gross package of the average Singaporean accountant. You could argue that the MNC's are stupid to pay so much for the foreign accountants but, maybe, you should also wonder if the MNC's got to be big and profitable by being stupid. Surely, they wouldn't want to overpay for something that they could get cheaper locally.
The answer is the lack of adequate analytical skills in the locally-produced variety. I am sorry if "bean counter" found this offensive but that doesn't make it any less true.