2O13
Year in
Review
CPA Australia Singapore
2013 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 in 121 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 has operated in Singapore since 1954.
We will celebrate a major milestone – our 60th anniversary
in Singapore – in 2014. Currently, there are nearly 7500
members in Singapore. The local office organises over
80 high-level networking and professional development
events each year for members and prospective members.
CPA Australia advances its members’ interests through
its focus on 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.
2013 marked many milestones for CPA Australia in Singapore,
with several new initiatives and a wide range of activities
and achievements.
4 Singapore
Reciprocal membership
with SAC and ISCA
In October 2013, CPA Australia,
Institute of Singapore Chartered
Accountants (ISCA) and the
Singapore Accountancy Commission
(SAC) took another next step
towards a closer relationship among
the three bodies.
A Memorandum of Understanding
(MOU) was signed to affirm their
continuing commitment to explore
potential reciprocity for members
of CPA Australia and ISCA, the
entity designated by the Singapore
Accountancy Commission under
the Singapore Accountancy
Commission Act.
The MOU builds on a Letter
of Intent signed by the three
bodies in April 2013. A reciprocity
agreement sets out the framework
for members of one body to
become a member of the other,
subject to members meeting the
conditions of the agreement. The
initiative is aimed at strengthening
the accountancy talent pool in
Singapore, as the nation moves
closer to becoming the leading
global accountancy hub for the
Asia Pacific region by 2020.
From left to right: Dr Ernest Kan FCPA (Aust.),
President, ISCA; Michael Lim, Chairman, SAC;
and John Cahill FCPA (Aust.), President and
Chairman, CPA Australia signed a Letter of
Intent to pave the way to establish a closer
relationship among the three bodies.
Financial Reporting Standards
(FRS) Forum
CPA Australia organised the
inaugural Financial Reporting
Standards Forum in May this year
to provide a practical focus on IFRS
and insights into the before and after
impact of implementation issues
and requirements of developing
standards.
Partnering the Accounting Standards
Council and accounting firms BDO,
Deloitte, EY, KPMG and PwC, the
Forum covered significant changes
in accounting standards and their
implications in the preparation and
audit of financial statements.
Mr Kenneth Yap, Chief Executive
of the Accounting and Corporate
Regulatory Authority of Singapore
(ACRA), was the Guest of Honour
for the event that attracted more
than 300 participants.
Guest of Honour Kenneth Yap, Chief
Executive, ACRA, delivers the keynote
address at the Financial Reporting
Standards Forum.
2013 Year in Review 5
Accountants set record in book
donation for needy kids
CPA Australia worked with the SAC
and ISCA to organise and celebrate
International Accountants Day in
November through a mass outdoor
carnival at Marina Bay.
Left to right: Ong Eng Huat, Representative
from the Singapore Book of Records presents
certificates for sealing the record for ‘Most
Number of People Donating Books at
One Location’. Receiving the accolade
on behalf of the accounting profession
were R. Dhinakaran, Vice-President, ISCA;
Michael Lim, Chairman, Singapore
Accountancy Commission; and Assoc Prof
Themin Suwardy FCPA (Aust.), Singapore
Divisional President, CPA Australia.
To give back to the community, more
than 3000 accountants and finance
professionals donated thousands of
books as a way to invest in the future
of children through education and
benefit those from less fortunate
backgrounds. Guest of Honour Mrs
Josephine Teo, Senior Minister of
State for Finance and Transport,
led the profession in this meaningful
effort. Together, the profession
secured a place in the Singapore
Book of Records for the most number
of people donating books in one
location for underprivileged children.
This was the second consecutive record
for the profession in as many years.
Various accounting firms also
engaged in a friendly tug-of-war
competition at the event. More than
14 charities participated to create
awareness of their work, sign up
volunteers, or sell various products
to raise funds.
International Accountants Day,
now into its second year in
Singapore, was strongly supported
by the spectrum of the accounting
and finance community, including
professional bodies, Big 4, midtier and small accounting firms,
as well as the local universities
and polytechnics.
CFO Connect Symposium
CPA Australia partnered the
Singapore CFO Institute to
organise the annual signature
CFO Connect Symposium. The
2013 edition brought together 200
CFOs and other C-suite executives
to discuss key issues on raising
capital, technology and stakeholder
communications.
CPA Australia also collaborated
with KPMG and the Singapore CFO
Institute to produce a seminal toolkit
to help CFOs better manage their
stakeholder communications. The
toolkit was launched at this event.
6 Singapore
Extending our thought leadership
CPA Australia in Singapore extended
the organisation’s thought leadership
in the areas of financial reporting,
tax and corporate governance,
through several new initiatives and
publications released over the course
of 2013.
The second volume of the Corporate
Governance Case Studies, in
collaboration with Assoc Prof
Mak Yuen Teen FCPA (Aust.) of
NUS Business School, focuses on
companies across global markets
which have been in the spotlight in
recent years over their governance
practices. Discussion questions
were included in each case study to
facilitate debate aimed at promoting
higher governance standards.
CPA Australia and the Singapore
Management University (SMU)
launched a new toolkit, entitled
‘Getting your accounting right’,
aimed at helping preparers of
financial statements produce more
accurate financial information. The
new book also helps auditors keep
up with the latest developments in
IFRS so that they can better advise
their clients. The publication was
endorsed by ACRA.
Partnering with ISCA, CPA Australia
released a joint survey on Advisory
services for Singapore businesses.
The study was aimed at enhancing
awareness and understanding of the
range of accounting and advisory
services needed by SMEs and those
provided by SMPs.
CPA Australia produced a report on
Tackling today’s audit challenges that
was launched at the annual ACRA
Public Accountants Conference
in August. The publication was a
result of a focus group discussion
involving a sample of CPA Australia
practising members who are partners
of small and medium-size accounting
practices (SMPs). It outlined
suggestions on how best to help
SMPs manage challenges in audit.
CPA Australia collaborated with
KPMG to produce a series of real-life
family business case studies. The indepth video case studies discussed
issues like the challenges faced in
family businesses, how to manage
conflicts, governance practices and
succession planning. A print version
was also published as a resource for
family businesses looking to learn
from market best practices.
Getting your
accounting right
Edited by Themin Suwardy and Wang Jiwei
Corporate
Governance
Case Studies
Volume two
Edited by Mak Yuen Teen
s
CPA123208 07/2013
Through a series of publications and
resource materials, CPA Australia extended
the organisation’s thought leadership
publications in the areas of financial
reporting, corporate governance,
audit and family business.
2013 Year in Review 7
Celebrating our members’ achievements
Members of CPA Australia in
Singapore celebrated a major
milestone in achieving their CPA
and FCPA status. A Certificate
Presentation Ceremony was held
at the Singapore office in October,
which was also attended by family
and friends of the recipients.
A total of 6 FCPAs and 65 CPAs
received their certificates. Newly
joined members were invited
to an Entry Point event to hear
about the opportunities, benefits
and requirements of being a CPA
and get tips on how to build their
professional networks.
Singapore Divisional Councillors,
Low Weng Keong FCPA (Aust.), Assoc Prof
Themin Suwardy FCPA (Aust.) and Lisa Liew
FCPA (Aust.) celebrate with members their
achievement of professional status.
New path for mid-career professionals
to join accounting
CPA Australia collaborated
with NTUC’s Employment and
Employability Institute (e2i) on a
structured Audit Assistant training
programme leveraging our
CPA Program foundation level.
This pilot programme helps
mid-career professionals with
no accounting background start
a career in accounting.
Recognised Employer Program grows
from strength to strength
Our Recognised Employer Program
continues to gain traction in
Singapore and globally. In 2013,
we signed up familiar names like
Citigroup, ANZ Banking Group,
J.P. Morgan and Emery Oleochemicals
Group globally; FTI Consulting
Asia Pacific and RBC Investor &
Treasury Services on an Asia-Pacific
basis; while Singapore saw new
partnerships with Cargill, Helmi
Talib & Co, Philip Liew & Co, UHY
Lee Seng Chan & Co, National
Healthcare Group Polyclinics and
Spring Singapore.
8 Singapore
Careers@Singapore
More than 700 job-seekers thronged
the annual Careers@Singapore
employment fair, now into its 7th
year, for the financial and accounting
services industry in January. They
came in search of job opportunities
among the 10 employers, including
Big 4 and mid-tier public accounting
firms, that participated in the event.
The event was supported by
Contact Singapore, a government
organisation that engages overseas
Singaporeans and global talent to
work, invest and live in Singapore.
The day’s packed programme
included three panel discussions,
involving partners from the Big 4
and mid-tier accounting firms as
well as senior executives from
multinationals corporation.
The panels fielded questions at
the top of job-seekers’ minds, such
as “What are the skills needed for
the next generation of professional
accountants?”, “Where’s the best
city in Asia Pacific for new finance
and accounting graduates?” and
“Opportunities and challenges
of entering public practice in
Singapore”.
Panellists from the Big 4 sharing insights on
the skills needed for the next generation of
accountants. L to R – Moderator: Melvin Yong,
General Manager – Singapore, CPA Australia;
Panellists: Vincent Toong, Partner, Assurance,
Ernst & Young; Seah Gek Choo FCPA (Aust.),
Partner, Human Resources, Deloitte;
Stephen Tjoa, Executive Director, People,
Performance & Culture, KPMG; Sam Kok
Weng, Partner, Human Capital, PwC.
Towards successful governance
Based on the theme ‘Successful
governance – your game changer’,
the annual CPA Forum 2013 attracted
more than 180 delegates to hear
from experts and industry on
how leaders and directors must
embrace the highest standards of
governance and independence to
meet the increasing expectations of
shareholders and other stakeholders.
CPA Australia also sponsored the
Governance and Transparency
Index (GTI), whose latest results were
released at the CPA Forum. The GTI,
now into its fifth year, ranked a total
of 664 Singapore-listed companies
on their governance practices based
on disclosures in their 2012 annual
reports.
The Singapore Exchange (SGX)
was named the most well-governed
and transparent company in 2013.
The other firms in the top five
were SingTel, Keppel Corporation,
SembCorp Industries and Keppel
Land. These were honoured with
awards presented by Ms Lim Soo
Hoon, Chairman of Accounting
and Corporate Regulatory Authority
(ACRA), who was Guest of Honour
at the event.
Lim Soo Hoon, Chairman, ACRA, presents the
top Governance & Transparency Index award
to Singapore Exchange CFO Chng Lay Chew
at CPA Forum 2013.
2013 Year in Review 9
CPA Congress – a world of opportunity
Over 280 leaders from the
accounting profession, multinational
corporations, financial institutions,
business community and public
sector attended CPA Congress 2013.
The annual flagship conference
comprised three main tracks –
leadership, business strategy and
international tax developments.
CPA Congress 2013 Panellists debate
challenges faced by business leaders.
L to R – Alex Malley FCPA (Aust.), Chief
Executive, CPA Australia (moderator);
Magnus Böcker, Chief Executive Officer,
Singapore Exchange; Tan Su Shan, Managing
Director and Group Head of Consumer
Banking & Wealth Management, DBS
Bank; Boon Swan Foo, Chairman, Global
Investments Limited; and Sunny Verghese,
Group Managing Director & Chief Executive
Officer, Olam International.
This year’s Congress theme ‘A world
of opportunity’ aimed to inspire a
new business ethos - advocating
that the collective organisation,
not just its leaders, must develop
the same courage and determination
to propel an organisation to ever
greater heights. It also recognised
that companies can profit from the
many business opportunities in Asia
in 2014 despite some current global
economic headwinds.
Mrs Josephine Teo, Senior Minister
of State for Finance and Transport,
was Guest of Honour at the event.
The strong lineup of speakers
included business leaders like
Sunny Verghese, Group Managing
Director & CEO, Olam International;
Magnus Bocker, CEO, Singapore
Exchange; Loh Chin Hua, CFO,
Keppel Corporation; and Goh Ann
Nee CPA (Aust.), CFO,
City Developments Limited.
Business leaders shared insights and
views on how Singapore companies
can enhance their leadership
advantage of organisations and
capitalise on market opportunities
in the booming region. Finance
leaders and professionals were also
updated on the latest developments
in international tax, including indirect
taxes, custom duties, withholding
tax and double taxation agreements,
and expatriate tax.
10 Singapore
Appreciating our friends
at the President’s Dinner
CPA Australia showed our
appreciation to our strategic
partners, the Singapore Divisional
Council, committee members and
senior CPA Australia members
at the annual President’s Dinner,
which followed the CPA Congress.
The dinner brought together more
than 200 members and guests to
network and socialise.
The occasion was also a time to
recognise members who have been
with us for 30, 40 and 50 years. In
2013, for the first time in Singapore,
we honoured a 60-year member –
Mr Ong Tiam Seng FCPA (Aust.),
who became a member in 1953.
A total of 42 members received
plaques, commemorative pins
and certificates.
CPA Australia management and Singapore
Divisional Councillors congratulate our first
60-year member at the President’s Dinner.
L to R – Adam Awty CPA (Aust.), Chief
Operating Officer – Commercial, CPA Australia;
Low Weng Keong FCPA (Aust.), Singapore
Divisional Councillor; Assoc Prof Themin
Suwardy FCPA (Aust.), Singapore Divisional
President; Ong Tiam Seng FCPA (Aust.),
60-year member; Deborah Ong FCPA (Aust.),
Board Member; and Melvin Yong, Singapore
General Manager.
Councillors and Board representation
Divisional councillor Deborah Ong
FCPA (Aust.) was appointed to the
CPA Australia Board of Directors with
effect from 1 October 2013. Deborah
is a partner at PwC Singapore
with over 20 years of experience
in audit, advisory services, special
investigations and capital market
offerings with local, multinational
companies and Singapore statutory
boards. She was Human Capital
Partner at PwC Singapore for 10
years and is now the firm’s Risk and
Quality Leader.
CPA Australia also recognised
and celebrated the significant
contributions of Low Weng Keong
FCPA (Aust.), who retired from
the CPA Australia Board on 30
September after more than eight
years of service.
Weng Keong has now been
appointed by CPA Australia and the
Institute of Chartered Accountants
in Australia to represent the two
organisations at the board of the
Confederation of Asian and Pacific
Accountants (CAPA).
The Singapore Divisional Council
welcomed three new councillors –
Andrew Han FCPA (Aust.), Albert Ho
FCPA (Aust.) and Richard Teng
FCPA (Aust.) – who assumed their
roles from 1 January 2014.
CPA Australia also expressed
our deep appreciation for the
contributions of Steven Lim FCPA
(Aust.), Chaly Mah FCPA (Aust.)
and Professor Teo Chee Khiang
FCPA (Aust.) who retired from the
Singapore Divisional Council
at the end of 2013.
Deborah Ong FCPA (Aust.), Singapore
Divisional Councillor, was appointed to the
CPA Australia Board of Directors with effect
from 1 October 2013.
2013 Year in Review 11
Christmas Party – sharing
the holiday cheer
Our widely-popular annual Christmas
Party was attended by more than
350 members and their families,
along with friends from our adopted
charity, Children’s Aid Society. The
kids were entertained by interactive
Christmas performances and
participated in a range of indoor
games before going home with
attractive prizes. They also joined
other activities including taking
photos with Santa, decorating
cupcakes and photo frames,
as well as face painting.
Children redeeming prizes and presents at
the annual Christmas Party.
Committed to professional development
Throughout 2013, CPA Australia
continued our mission to develop
quality accounting professionals
who can meet the demands of
industry. We partnered a spectrum
of stakeholders to enhance our
members’ professional knowledge
and support their career development
through education, technical training
and advocacy.
common pitfalls in preparing financial
statements. Our established series of
monthly events continued to attract
strong attendance.
The Singapore office organised more
than 80 professional development
and networking events in 2013 at
our office at One Raffles Place. These
have helped our members better
appreciate the issues affecting the
business community and enhanced
their business contacts.
The Personal Effectiveness Series
provides an opportunity for
participations to better cope with
uncertainties in the workplace and
develop their leadership capabilities.
We launched new suites of
professional development programs
on management accounting,
business analytics and avoiding
The Joint Dinner Talk series,
organised in partnership with
Institute of Singapore Chartered
Accountants (ISCA), focus on current
industry trends and challenges faced
by today’s business community.
The Public Practice Development
Program addresses topics and
issues that affect those in public
practice, with a focus on members
who operate small and medium-size
accounting practices.
12 Singapore
Singapore Divisional
Council and Committees
2013 Year in Review 13
Divisional Councillors
Divisional Committees
Assoc Prof Themin Suwardy
President
Editorial
Philip Yuen
Deputy President
Dr Chew Tong Gunn
Chairman
Low Weng Keong
Councillor and Board Member
Vanessa Lim
Member
Dr Chew Tong Gunn
Councillor
Lim Siew Khee
Member
Lee Wee Jean
Councillor
Tan Kay Kheng
Member
Lisa Liew
Councillor
Education
Steven Lim
Councillor
Assoc Prof Themin Suwardy
Chairman
Chaly Mah
Councillor
Dr Timothy Chan
Member
Deborah Ong
Councillor
Prof Ho Yew Kee
Member
Ong Pang Thye
Councillor
Assoc Prof Gary Pan
Member
Teo Chee Khiang
Councillor
Assoc Prof Patricia Tan
Member
Christopher Wong
Councillor
Corporate and SME
Bill Bowman
Chairman
Albert Ho
Deputy Chairman
Cheung Pui Yuen
Member
Assoc Prof Hooi Den Huan
Member
Kok Moi Lre
Member
Barry Lee
Member
Josephine Lee
Member
Lee Wee Jean
Member
Steven Lim
Member
Loh Hoon Sun
Member
Venkatesh Narasiah
Member
Annie Pan
Member
Nina Tan
Member
Joyce Tay
Member
14 Singapore
Joint CPD
Public Practice
Lisa Liew
Chairman
Dr Chew Tong Gunn
Chairman
Tang Shiuh Ying
Deputy Chairman
Haryane Mustajab
Member
Malcolm Heng
Member
Tan Kay Kheng
Member
Ramchand Jagtiani
Member
Alan Tang
Member
Ng Liew Peng
Member
Young Professionals Network and CSR
Tang Shiuh Huei
Member
Andrew Han
Chairman
Christopher Wong
Member
Melvin Gwee
Deputy Chairman
Yee Fook Hong
Member
Steven Lim
Adviser
Meena Dafesh
Member
Public SECTOR
Irving Low
Chairman
Claire Li
Member
Assoc Prof Joseph Wan
Deputy Chairman
Jeannette Lui
Member
Ch’ng Cheng Nai
Member
Diana Pang
Member
Chiang Hai Yin
Member
Donald Tong
Member
Sng Hock Seng
Member
Wong Pei Xu
Member
Teo Chee Khiang
Member
Kenji Wong
Member
Yeow Ai Ling
Member
2013 Year in Review 15
cfo
Networking
Lee Wee Jean
Chairman
Christopher Wong
Chairman
Victor Heng
Deputy Chairman
Bill Bowman
Deputy Chairman
Dominic Chia
Member
Keng Pheng Aldridge
Member
Goh Ing Nee
Member
Chan Lai-Koon
Member
Ng Lin-Di
Member
Assoc Prof Cheng Nam Sang
Member
Genevieve Ng
Member
Agatha Chin
Member
Daryl Robert Pereira
Member
Dr Chng Chee Kiong
Member
Silas Tan
Member
Alagappan Perianan
Member
Tan Thiam Hee
Member
Banking and Finance
Philip Yuen
Chairman
Chen Voon Hoe
Deputy Chairman
Steven Lim
Member
Irving Low
Member
Venkatesh Narasiah
Member
Gregory Thong
Member
Vivien Koh
Member
CPA AUSTRALIA Singapore
1 Raffles Place
#31-01 One Raffles Place
Singapore 048616
+65 6671 6500
[email protected]
cpaaustralia.com.au