2014 YEAR IN REVIEW 1
2O14
YEAR IN
REVIEW
CPA AUSTRALIA
SINGAPORE
2 HONG KONG
2014 YEAR IN REVIEW 2
2014 YEAR IN REVIEW 3
ABOUT CPA AUSTRALIA
Founded in 1886, CPA Australia is one of the world’s largest
professional accounting bodies, representing more than
150,000 members working in 120 countries. We have operations
in markets throughout the world, including all Australian capital
cities, Hong Kong, Beijing, Shanghai, Guangzhou, Indonesia,
Malaysia, Singapore, Vietnam, New Zealand and the United
Kingdom.
CPA Australia advances its members’ interests through
education and knowledge exchange, the development of
professional networks, advocacy in relation to policy, standards
and regulation and the promotion of value of CPA Australia
members to employers, government, regulators and the public.
The CPA Australia designation denotes strategic business
leadership and is recognised and valued throughout the world.
The Singapore Division currently has about 7800 members.
The local office organises more than 100 high-level networking
and professional development events each year for members
and prospective members.
60 YEARS IN SINGAPORE
2014 was a momentous and proud occasion for CPA Australia
as we celebrated 60 Years of operations in the Singapore
market. CPA Australia arrived in Singapore in 1954 under the
auspices of the Colombo Plan. Our Singapore journey over
the years has been a story of entrepreneurship, shared values,
innovation, service and team work. The celebrations throughout
the year were anchored by a number of major initiatives.
4 SINGAPORE
CELEBRATING 60 YEARS IN SINGAPORE
A commemorative book CPA Australia: Our Singapore Story
was launched at the 60th Anniversary Gala Dinner by Guest
of Honour Josephine Teo, Singapore Senior Minister of
State for Finance, and other VIPs.
L-R: Philip Yuen, Divisional Deputy President, CPA Australia;
Graeme Wade, President and Chairman of the Board,
The signature CPA Congress 2014
caps our year of major conferences
with deep insights on leadership,
business and strategy.
CPA Australia; Josephine Teo, Singapore Senior Minister
of State for Finance; Philip Green, Australian High
Commissioner to Singapore; Alex Malley, Chief Executive,
CPA Australia; Assoc Prof Themin Suwardy, Divisional
President, CPA Australia.
CPA Australia shares views on
training and upgrading accounting
professionals in a media feature
commemorating our rich history
in the Singapore market.
Singapore Division starts a series of
Student Ambassador Networking
Evenings to enhance our engagement
with tertiary undergraduates.
2014 YEAR IN REVIEW 5
CPA Australia’s Singapore divisional presidents and global president share their insights on video to showcase our
achievements over six decades in the local market.
Loh Hoon Sun,
Divisional President 1997-2005
Soh Yew Hock,
Divisional President 2005-2006
Steven Lim,
Divisional President 2006-2008
Deborah Ong,
Divisional President 2011-2012
Themin Suwardy,
Divisional President 2013-2014
Low Weng Keong,
Global President and
Board Chairman 2010-2011
Chaly Mah,
Divisional President 2008-2010
6 SINGAPORE
CPA AUSTRALIA: OUR SINGAPORE STORY
CPA Australia published a 60th
anniversary commemoration
book entitled CPA Australia: Our
Singapore Story. This milestone
publication documents our
rich Singapore story since 1954
and the critical milestones
and contributions of the many
volunteers and stakeholders,
whose commitment and support
have made us who we are today.
The book thematically recounts
CPA Australia’s distinguished
early years in Singapore,
chronicles our current dynamic
growth, and anticipates how we
may embrace the next lap. The
book, authored by Singapore
General Manager Melvin Yong,
was launched at the 60th
Anniversary Gala Dinner in
October.
60TH ANNIVERSARY GALA DINNER
More than 200 key stakeholders, strategic partners, the
Singapore Divisional Council and committee members
joined the celebrations, together with Mrs Josephine Teo,
Singapore Senior Minister of State for Finance, who was
the Guest of Honour.
Lo Hock Ling,
Former Councillor
Song Chwee Him, Former
Councillor
During the dinner, we paid special tribute to the pioneer
generation of CPA Australia members and staff who
worked against the odds in the early years to lay the
foundations for our presence in Singapore today. These
individuals demonstrated excellent leadership in seizing
the opportunities to advance and support our members
over the years.
Lily Lim, Administrative officer,
1958-1989
Chan Lai-Koon, Divisional General
Manager 1996-2010
Jim Dickson, Former International
Director
Pioneer generation members and former management staff of CPA Australia are recognised for their commitment and contributions which have helped to
shape the present Singapore Division.
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PRESIDENTS’ INSIGHTS VIDEO SERIES
As part of the 60 Years in Singapore celebrations, our past
and present Singapore Divisional Presidents, along with
our global Past President, shared their experiences and
memories of CPA Australia in Singapore.
Their insights were featured in a series of short video
interview clips, which were aired on CPA Australia’s YouTube
channel, and remain accessible to all members and
stakeholders today.
THOUGHT LEADERSHIP THROUGH MEDIA
CPA Australia produced a 12-part
media series in The Business Times
and its BT Invest online portal to
share our knowledge on topical
issues relevant to business, finance
and accounting. The topics included
innovative leadership, cyber risks,
analytics, shared services and
fraud. The media series, which
was published between August
and November, continued to raise
CPA Australia’s visibility and position
our organisation as a thought-leader
on the hottest issues affecting the
industries where our members work.
8 SINGAPORE
CPA CONGRESS – LEADERSHIP. STRATEGY. BUSINESS
More than 300 participants
joined the annual flagship CPA
Congress, where Mr Michael Lim,
Chairman, Singapore Accountancy
Commission, was the Guest of
Honour. This year’s conference
brought together the best minds
on the latest global trends and
issues that affect any business.
Attendees were given insights
into thought-leading issues such
as visionary leadership in finance
and business, balancing big data,
disruptive innovation and baseerosion and profit-shifting (BEPS).
Scott D. Anthony, Managing Partner,
Innosight, providing practical insights on
building a company’s DNA in innovation to
capitalise on market opportunities.
STUDENTS ENGAGEMENT AND CAREER DEVELOPMENT
CPA Australia launched a new series
of Student Ambassadors Networking
Evenings. The sessions, held at
our office at One Raffles Place,
are designed to engage tertiary
students from the business, finance
and accounting disciplines. Through
a suite of customised activities,
students get the opportunity to
meet and interact with their peers
from other institutions, be mentored
by qualified CPA Australia members,
as well as gain different perspectives
on career development.
Tertiary students get opportunities
to network and engage with qualified
CPA Australia members through regular
networking evenings.
Top business leaders from multinational
corporations and SMEs share views on
how businesses can best transform for
international expansion in the borderless
world.
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STRATEGIC ALLIANCES – ADVANCING THE PROFESSION
2014 also secured several important partnerships with
strategic stakeholders.
CPA Australia signed a landmark Co-operation
Agreement with the Singapore Accountancy Commission.
This agreement, inked at the CPA Congress in October,
paves the way for the two parties to collaborate to grow
and develop the accountancy sector and its related fields
in Singapore, as well as promote research and development
activities.
CPA Australia and Singapore Accountancy Commission sign an
agreement to collaborate and grow the Singapore accountancy sector.
L-R: Alex Malley, Chief Executive, CPA Australia; Graeme Wade,
President and Chairman of the Board, CPA Australia; Michael Lim,
Chairman, Singapore Accountancy Commission; and Uantchern Loh,
Chief Executive, Singapore Accountancy Commission.
CPA Australia renewed a Memorandum of Understanding
(MOU) with the Tax Academy of Singapore. This MOU
allows for the continued development and delivery of the
Singapore Tax Module, which is offered as a segment in
the CPA Program.
The agreement embodies the shared commitment towards
the development of professional and competent tax
practitioners in Singapore and the broader tax community.
CPA Australia and Tax Academy of Singapore renew a Memorandum
of Understanding for the Singapore Tax module of the CPA
Program. L-R: Fang Ai Lian, Chairman, Tax Academy of Singapore
and Associate Professor Themin Suwardy, Singapore Divisional
President, CPA Australia.
10 SINGAPORE
QUALITY GOVERNANCE – YOUR STRATEGIC EDGE
To help companies gain a strategic
edge through better governance
standards, CPA Australia organised the
CPA Forum – Governance conference
in partnership with NUS-CGIO and
The Business Times. The event
provided a platform to announce
the 6th ranking of the annual
Governance and Transparency Index
(GTI) sponsored by CPA Australia.
The GTI is a thought-leading initiative
that assesses the governance and
transparency practices of more than
700 companies listed on the Singapore
Exchange. The top ranked companies
of the GTI were given awards for
their efforts in upholding the highest
standards of governance.
The event also included a panel
discussion comprising corporate
leaders who debated the hottest
issues on corporate governance.
More than 100 participants from
multinational corporations, SMEs
and the media attended the session.
More than 100 participants from multinational corporations, SMEs and the media participate in the CPA Forum – Governance event.
CPA FORUM – FINANCIAL REPORTING
More than 200 participants attended the one-day
CPA Forum – Financial Reporting, which provided a
practical focus on financial reporting standards and how
to apply developing and upcoming changes to company
financial statements.
The event leveraged the technical resources of the
Accounting Standards Council, banking giant DBS,
and major accounting firms Deloitte, EY, KPMG and PwC.
The CPA Forum – Financial Reporting covered significant
changes in accounting standards and their implications
in the preparation and audit of financial statements.
More than 200 participants attended the CPA Forum where
they gained deeper insights into the before and after impact of
implementation issues and requirements of developing standards.
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RAISING THE BAR IN GOVERNANCE
CPA Australia published the third volume of the Corporate
Governance Case Studies series, in collaboration with
Assoc Prof Mak Yuen Teen of the NUS Business School.
The series promotes rich debate and discussion to raise
standards of corporate governance and transparency in
Singapore and international markets.
Another report, entitled Governance of Company Groups,
was also published to discuss major corporate governance
problems affecting company directors and individuals
arising from the establishment of group entities. The
report studied 150 of the largest companies by market
capitalisation listed on the Singapore Exchange, Bursa
Malaysia and the Australian Securities Exchange.
CPA Australia promotes rich discussion to raise corporate governance
standards through a series of thought-leading publications.
THE NAKED CEO
Mentoring students is an important mission for
CPA Australia as demonstrated by our Chief Executive,
Alex Malley, with his revolutionary online mentoring
series - The Naked CEO. The website offers a digital
platform for millions of young people around the world
to seek career advice from Alex. Following the success
of this award-winning platform, Alex furthered his mission
by publishing The Naked CEO book to share deeper
career and leadership insights with readers. The book is
sold around the world and is currently ranked as the top
bestseller in Australia.
Leveraging on The Naked CEO initiative, the Singapore
office organised a series of engaging career events to help
students in various institutions to enhance their competence
in leadership, team building and networking skills.
The Naked CEO, the truth you need to build a big life
by Alex Malley.
12 SINGAPORE
COMMITTED TO PROFESSIONAL DEVELOPMENT
As one of the world’s leading
professional accounting bodies,
CPA Australia places great emphasis
on delivering top-quality education
and training to enhance our
members’ professional development.
The Singapore office organised more
than 100 professional development
and networking events in 2014.
In July, CPA Australia also celebrated
the 30th anniversaries of our two
longest running CPD events: the
monthly Dinner Talk and Public
Practice Development Program
series.
Pioneer generation members mark the 30th
anniversary of the CPD Dinner Talk series over
dinner and cake. The talks, started in 1984,
now attract over 250 attendees on the first
Tuesday of every month. The series focuses
on current industry trends and challenges
faced by today’s business community.
Pioneer generation CPA Australia members
celebrate the 30th anniversary of the Public
Practice Development Program. This program
addresses topics and issues that affect those
in public practice.
FINANCE PROFESSIONALS DEVELOPMENT GUIDE
CPA Australia launched a new Finance Professionals
Development Guide early in the year. The guide provides
a comprehensive one-stop platform for professionals in
accounting and finance roles to enhance their technical
skills.
The guide provides a selection of learning resources
focusing on three technical knowledge areas (Business
Performance Management, Financial Management, Risk
Management) and four specialised knowledge areas
(Analytics, Tax, Treasury, Valuation). The offerings include
interactive online resources, learning manuals, webinars
and face-to-face workshops.
For more information, please visit cpaaustralia.com.au/
singaporefinance
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CFO CONNECT SYMPOSIUM
To engage those at the apex of the finance functions in
companies, CPA Australia partnered the Singapore CFO
Institute to organise the annual CFO Connect Symposium
in August. The event brought together more than 200
CFOs and other C-suite executives to discuss key issues on
predictive finance, integrated reporting, financial analytics
and corporate reporting. This event has become the
signature conference and networking platform for those
who head the finance functions in their companies.
Engaging finance leaders: More than 200 C-suite executives at the
annual CFO Connect Symposium.
EXTENDING THE BRAND: BROADENING OUR AUDIENCE
CPA Australia pioneered the Singapore Accountancy
Alliance (SAA) initiative, aimed at helping participating
small and medium-size accounting practices (SMPs)
find synergies for collaboration and efficiencies. In 2014,
efforts were focused on helping SMPs improve their
services, processes and staff development by leveraging
CPA Australia’s technical resources and economies of scale.
Eight SMPs are currently benefitting from the initiatives of
first SAA group that has been formed under this scheme.
Staff of member firms in the Singapore Accountancy Alliance attend
regular professional development training sessions at CPA Australia’s
Singapore office. The alliance has eight member firms that have come
together to explore joint initiatives.
14 SINGAPORE
ACCOUNTING JOB-SEEKERS THRONG CAREERS@SINGAPORE
More than 650 job-seekers seized the opportunity in
January to meet potential employers at the Careers@
Singapore jobs fair for the financial and accounting
services industry. They came in search of job
opportunities and career advice from 12 employers,
including Big 4 and mid-tier public accounting firms,
that participated in the event.
CPA Australia’s annual Careers@Singapore fair attracts hundreds of jobseekers looking for employment opportunities.
CHRISTMAS PARTY – SHARING THE HOLIDAY CHEER
CPA Australia’s widely-popular annual Christmas Party was
attended by more than 300 members and their families,
along with friends from our adopted charity, Children’s
Aid Society. The kids were entertained by Christmas
performances, based on the theme ‘Frozen’, and
participated in a range of indoor games and activities to
win attractive prizes.
Children enjoying the Christmas performance based
on the theme ‘Frozen’.
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MEMBERS’ ACHIEVEMENTS, CONTRIBUTIONS AND RECOGNITIONS
Members of CPA Australia in Singapore were recognised
for achieving their CPA and FCPA status at a Certificate
Presentation Ceremony in October. The event was wellattended by family and friends of the recipients, where 7
FCPAs and 58 CPAs received their certificates.
In other distinguished awards, several dedicated
individuals were also recognised for their service
excellence to CPA Australia, our members and the
profession over the years.
•Lifetime Achievement Award – Low Weng Keong
•Board of Directors Award for Outstanding Service –
Lisa Liew
•Divisional President’s Award of Excellence – Deborah
Ong
•Divisional President’s Award of Excellence – Dr Chew
Tong Gunn
65 members were recognised for achieving their CPA and FCPA status at
a Certificate Presentation Ceremony in October.
Low Weng Keong, Divisional Councillor and Past President and
Chairman of the Board
Lisa Liew, Divisional Councillor
Deborah Ong, Board Member and Divisional Councillor
Chew Tong Gunn, Divisional Councillor
16 SINGAPORE
ACCOUNTANTS ARE HOT!
CPA Australia jointly organised the third instalment of the
International Accountants Day celebrations on 6 November,
in partnership with the Singapore Accountancy Commission
and the local national body ISCA. The now annual event
saw more than 3,000 participants gather at the iconic
Marina Bay in downtown Singapore.
Accountants spiced things up with a successful effort to
secure a place in the Singapore Book of Records for the
Most Number Of People Eating Chillies Together. This is
the third record in as many years. The carnival atmosphere
boasted street games with charity organisations, as well as
band performances and lots of food. 14 charities also joined
in to raise awareness of their causes.
Accounting firms compete in friendly street games and eat chillies together to celebrate International Accountants Day 2014.
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SINGAPORE DIVISIONAL COUNCIL
Assoc Prof Themin Suwardy
FCPA (Aust.), President
Philip Yuen FCPA (Aust.),
Deputy President
Deborah Ong FCPA (Aust.),
Councillor and Board Member
Andrew Han FCPA (Aust.),
Councillor
Albert Ho FCPA (Aust.),
Councillor
Lee Wee Jean FCPA (Aust.),
Councillor
Lisa Liew FCPA (Aust.),
Councillor
Low Weng Keong FCPA (Aust.),
Councillor
Richard Teng FCPA (Aust.),
Councillor
Christopher Wong FCPA (Aust.),
Councillor
Chia-Tern Huey Min FCPA (Aust.),
Councillor
Ong Pang Thye FCPA (Aust.),
Councillor
18 SINGAPORE
SINGAPORE DIVISIONAL COMMITTEES
EDITORIAL
CORPORATE AND SME
PUBLIC SECTOR
CHAIRMAN
Dr Chew Tong Gunn FCPA (Aust.)
CHAIRMAN
Bill Bowman FCPA (Aust.)
CHAIRMAN
Irving Low FCPA (Aust.)
MEMBER
Vanessa Lim CPA (Aust.)
DEPUTY CHAIRMAN
Albert Ho FCPA (Aust.)
DEPUTY CHAIRMAN
Assoc Prof Joseph Wan FCPA (Aust.)
Tan Kay Kheng FCPA (Aust.)
MEMBER
Cheung Pui Yuen FCPA (Aust.)
MEMBER
Yvonne Chan FCPA (Aust.)
EDUCATION
Assoc Prof Hooi Den Huan FCPA
(Aust.)
Chiang Hai Yin FCPA (Aust.)
CHAIRMAN
Assoc Prof Themin Suwardy FCPA
(Aust.)
Kok Moi Lre FCPA (Aust.)
Teo Chee Khiang FCPA (Aust.)
Barry Lee FCPA (Aust.)
Don Yeo
MEMBER
Dr Timothy Chan FCPA (Aust.)
Steven Lim FCPA (Aust.)
Prof Ho Yew Kee FCPA (Aust.)
Assoc Prof Jeanette Ng CPA (Aust.)
Dr Gary Pan FCPA (Aust.)
Assoc Prof Patricia Tan FCPA (Aust.)
Sng Hock Seng FCPA (Aust.)
Lee Wee Jean FCPA (Aust.)
Loh Hoon Sun FCPA (Aust.)
YOUNG PROFESSIONALS
NETWORK AND CSR
Joyce Tay CPA (Aust.)
PUBLIC PRACTICE
CHAIRMAN
Lisa Liew FCPA (Aust.)
DEPUTY CHAIRMAN
Tang Shiuh Ying CPA (Aust.)
MEMBER
Malcolm Heng CPA (Aust.)
CHAIRMAN
Andrew Han FCPA (Aust.)
DEPUTY CHAIRMAN
Melvin Gwee CPA (Aust.)
ADVISER
Steven Lim FCPA (Aust.)
MEMBER
Joanne Ang CPA (Aust.)
Jeanette Lui CPA (Aust.)
Ramchand N Jagtiani FCPA (Aust.)
Diana Pang CPA (Aust.)
Lo Wei Min FCPA (Aust.)
Tan Jun Hao CPA (Aust.)
Ng Liew Peng FCPA (Aust.)
Donald Tong CPA (Aust.)
Tang Shiuh Huei CPA (Aust.)
Wong Pei Xu CPA (Aust.)
Christopher Wong FCPA (Aust.)
Wong Tze Yau CPA (Aust.)
Yee Fook Hong FCPA (Aust.)
Yeow Ai Ling CPA (Aust.)
Jelene Zheng CPA (Aust.)
2014 YEAR IN REVIEW 19
NETWORKING
BANKING AND FINANCE
CHAIRMAN
Lee Wee Jean FCPA (Aust.)
CHAIRMAN
Philip Yuen FCPA (Aust.)
DEPUTY CHAIRMAN
Victor Heng FCPA (Aust.)
DEPUTY CHAIRMAN
Chen Voon Hoe FCPA (Aust.)
MEMBER
Dominic Chia FCPA (Aust.)
MEMBER
Steven Lim FCPA (Aust.)
Christina Goh CPA (Aust.)
Irving Low FCPA (Aust.)
Goh Ing Nee FCPA (Aust.)
Stanley Sia FCPA (Aust.)
Ng Lin-Di CPA (Aust.)
Gregory Thong CPA (Aust.)
Genevieve Ng CPA (Aust.)
Daryl Robert Pereira CPA (Aust.)
JOINT CPD
Mohana Rajoo CPA (Aust.)
Silas Tan FCPA (Aust.)
Eric Teo FCPA (Aust.)
CFO
CHAIRMAN
Christopher Wong FCPA (Aust.)
DEPUTY CHAIRMAN
Bill Bowman FCPA (Aust.)
MEMBER
Keng Pheng Aldridge FCPA (Aust.)
Chan Lai-Koon FCPA (Aust.)
Assoc Prof Cheng Nam Sang FCPA
(Aust.)
Agatha Chin FCPA (Aust.)
Dr Chng Chee Kiong FCPA (Aust.)
Alagappan Perianan FCPA (Aust.)
Dwi Prasetyo Suseno FCPA (Aust.)
Tan Thiam Hee FCPA (Aust.)
Tan Wee Ko FCPA (Aust.)
CHAIRMAN
Dr Chew Tong Gunn FCPA (Aust.)
MEMBER
Haryane Mustajab CPA (Aust.)
Tan Kay Kheng FCPA (Aust.)
Alan Tang
2014 YEAR IN REVIEW 20
CPA AUSTRALIA
CPAH1325_02/2015
1 Raffles Place
#31-01 One Raffles Place
Singapore 048616
+65 6671 6500
[email protected]
cpaaustralia.com.au