ISCA held its annual general meeting (AGM) 2018/2019 on April 27 at Marina Mandarin Hotel. The huge attendance of over 500 ISCA members reflected the strong interest members have in keeping up to date with the Institute’s latest developments and offerings. As in previous years, the AGM provided an ideal platform for the ISCA Council and management to meet with members and hear their views. This was also the incumbent ISCA President Kon Yin Tong’s first AGM since taking over the helm last year.
As a member-centric organisation bringing value to the accountancy profession and wider community, members present at the AGM were given a snapshot of the Institute’s key achievements during the past year, as well as upcoming initiatives designed to add value to the ISCA membership.
The AGM also saw the re-election of four current members and election of four new members to the ISCA Council. The four re-elected members are Yvonne Chan Mei Chuen, Finance Director, Enterprise Singapore; Darren Tan Siew Peng, Chief Financial Officer, OCBC Bank; Kelvin Tan Wee Peng, Independent Director, and Roger Tay Puay Cheng, Head of Audit, Partner, KPMG LLP. The four new members are Ho Kuen Loon, Group Chief Operating Officer and Managing Director for Singapore, Fullerton Health Corporation; Tan Kuang Hui, Chief Executive Officer and Managing Partner, Crowe Horwath First Trust LLP; Don Wee Boon Hoong, Senior Vice President, United Overseas Bank Limited, and Christopher Wong Mun Yick, Head of Assurance and Audit Partner, Ernst & Young LLP.
The election of the ISCA Council members took place at the AGM. Following the election, the Council elected Roger Tay Puay Cheng as ISCA Treasurer.
In the days ahead, ISCA will continue to develop itself into a world-class member-centric organisation. That was the key message shared by Mr Kon in his address to the members present. For members who could not join us that day, here is an excerpt of his AGM address.
RECAP OF 2018/2019 ACHIEVEMENTS
“2018 has been another fulfilling and successful year for ISCA as we continue working towards becoming a world-class Institute. I am pleased to share some of our key achievements in 2018 with you as well as some initiatives lined up for 2019.
Preparing Members for the Future
To enable our members to take charge of their professional development, we have produced learning roadmaps to guide our members in mapping their professional development journeys and continued to expand our online learning offerings for members who prefer learning anytime, anywhere.
The Professional Accountants in Business or PAIB Framework and corresponding PAIB Learning Roadmap guide financial and management accountants on requisite competencies and skills for different proficiency levels, while the small and medium-sized practice or SMP Learning Roadmap describes the skill sets and related learning needs for audit professionals in SMPs.
We also kept members informed of the latest developments in the profession via the Singapore Accountancy and Audit Convention or SAAC Series. Last year, for the first time, we lined up a series of conferences under the SAAC banner – ISCA Budget Update Seminar, Practitioners Conference, Technology Conference, PAIB Conference and Singapore Accountancy Awards. Each event was targeted at specific audience segments, in line with our goal to be a member-centric organisation.
This year, we will continue to hold the SAAC Series, the first of which was the ISCA Budget Update Seminar which took place last month. On July 17, for the accountants in business, we will have the PAIB Conference. With the theme of “Opportunities Amidst Transformations”, the Conference will feature leaders and experts speaking on topical issues impacting finance professionals. On July 18, we will have the Financial Forensic and Cybersecurity Conference, which will explore the impact of digitalisation on financial crime investigations, fraud detection and prevention, and cybersecurity issues for businesses. You will have the opportunity to hear from prominent leaders from the enforcement, regulatory, information technology and financial forensic fields regarding topics such as digital forensics, data analytics, cyber and data security.
Besides conferences and seminars, we continue to produce guidance materials to promulgate our views and guide the profession on the application of accounting standards on emerging issues and new accounting standards. This year, we will be developing practical guidance publications on topics like initial coin offerings and the use of data analytics in financial statements audits.
Specialisation Pathways to Deepen Members’ Expertise
To deepen our members’ expertise and build skills in high demand areas, last year, we introduced more specialisation pathways to enable our members to broaden their career options.
Launched in January 2018, the ISCA-SUSS Business Analytics Certification Programme enables members to deepen their skill sets in data analytics. The Programme has been well received, with 168 candidates to date.
In addition, the ISCA Financial Forensic Accounting Qualification was launched in March 2018. The Qualification provides members with the latest skills in financial forensics. As at 31 March 2019, we have received close to 200 applications and successfully admitted about 150 candidates into the Qualification.
This year, we are developing the ISCA Infrastructure Finance Qualification with EY, to equip members for finance roles in the dynamic infrastructure sectors.
We are also exploring the development of a cybersecurity certificate programme, which will equip participants with competencies beyond the traditional field of accounting.
Besides our members who are accountants in business, we will continue to develop programmes to help our SMPs build capabilities and improve productivity. For example, ISCA is partnering Enterprise Singapore to drive industry transformation under the Local Enterprise and Association Development programme or LEAD. Under the LEAD programme, we continue to encourage adoption of the Audit Singapore software, which enables SMPs to automate and streamline their audit work flow.
To support audit professionals from SMPs in carrying out group audits, ISCA also published the “ISCA Audit Manual for Group Entities”. The Manual helps audit professionals apply Singapore Standards on Auditing in group audits.
Following ISCA’s Practice Leadership Workshops held in 2018, ISCA and Singapore Accountancy Commission will collaborate to organise a six-month SMP Leadership Programme to provide a structured and formalised professional development pathway aimed at developing selected individuals of SMPs in leadership capabilities. This Programme aims to improve the competitiveness of SMPs, provide tactical and practical assistance to enhance the quality of SMP services and showcase best practices. The Programme is targeted for launch in September this year and registration details will be available by June.
Digital Badges for Members
Apart from programmes for SMPs, I am pleased to share with you an upcoming development that will benefit all members and showcase their credentials. ISCA is keeping our members relevant in the digital age by providing them a visible, verifiable and sharable recognition of their membership milestones, professional skills and competencies.
As part of the Member Recognition Programme to enhance the prestige and recognition of the ISCA membership, digital badges will be issued to members who have been with the Institute for 10, 20, 30 and 40 years, in recognition of their membership milestones and loyalty. Next year (calendar year 2020), ISCA will issue digital badges to recognise members’ professional achievements acquired in a learning environment. These will include the ISCA Financial Forensic Accounting Qualification and the upcoming ISCA Infrastructure Finance Qualification.
Heightening Global Recognition of ISCA and ISCA Members
Beyond our initiatives to advance the accountancy profession in Singapore, we have enhanced our prominence on the global platform. In an increasingly globalised world, it is important for the Institute to elevate our brand visibility not just across the ASEAN region but also internationally.
ISCA representatives shared our views at the United Nations Conference on Trade and Development in May and October 2018. I spoke at the 2018 World Congress of Accountants, in my capacity as the President of the ASEAN Federation of Accountants, about the profession’s role in supporting the growth of Southeast Asia as an economic region.
Together with the Accounting Standards Council, we organised the 10th annual Asian Oceanian Standard-Setters Group meeting, which brought together representatives from 20 national accounting standard-setters in the Asian-Oceanian region as well as representatives from the International Accounting Standards Board and the International Financial Reporting Standards Foundation.
In November 2017, the Monitoring Group, a global body that aims to raise audit quality and international audit standard-setting, issued a consultation paper on ways to enhance the international audit standard-setting process. As part of an international series of roundtables by the Monitoring Group, I represented ISCA to give our views on the consultation. Subsequently, ISCA hosted a roundtable in Singapore in June last year, to facilitate discussion regarding the proposals from the consultation.
Connecting Members to Overseas Opportunities
We have also intensified our role as a leading professional accountancy body in ASEAN. As part of our Memorandum of Understanding (MOU) with the Lao Chamber of Professional Accountants and Auditors to co-develop the accountancy sector in Lao PDR, we continued to conduct training for Lao government officials.
Supported by Temasek Foundation International and developed in partnership with the Lao Ministry of Finance, the ISCA-Temasek Foundation Public Administration Programme in Accountancy trains senior and mid-level Lao government officials in leadership and accountancy skills.
Similarly, ISCA has held training programmes in Myanmar, following our MOU with the Myanmar Institute of Certified Public Accountants (MICPA) in 2017 to co-develop the accountancy profession in Myanmar through capability-building programmes.
In 2018, the Institute conducted training on the “ISCA Audit Manual for Standalone Entities” for MICPA members. Following positive feedback, MICPA requested ISCA to conduct another training on the “ISCA Audit Manual for Group Entities” in May 2019.
The Institute is also working with the Vietnam Association of Certified Public Accountants on an MOU regarding the country’s adaptation and translation of the “ISCA Audit Manual for Standalone Entities”. Cambodia’s accounting standard-setting body, National Accounting Council, has also expressed its intention to legislate for the use of ISCA’s Micro Accounting Model in the country. These activities reaffirm ISCA’s role as a regional thought leader in accountancy.
The Institute is also looking to recruit ISCA members who are either based in ASEAN or conduct business in ASEAN to be ISCA ASEAN Ambassadors. These Ambassadors will promote ISCA to the overseas business and accountancy community. Through the Ambassadors, the ASEAN market can get to know the ISCA brand. Members will benefit from access to a wider and more diverse network in the ASEAN markets, bringing more business and employment opportunities.
Another initiative involves organising overseas business missions that enable practitioners from SMPs to explore opportunities overseas and support them in their internationalisation efforts. In 2018, we organised a business mission to the United Kingdom (UK), where delegates visited Accountex UK 2018, the country’s largest accounting tradeshow.
As ISCA elevates its brand internationally, the stature and employability of Singapore accountants will correspondingly be enhanced globally. Through our efforts, we aim to open more doors for our members in the global marketplace, offering them greater career portability, market access and professional recognition.
During my tenure as ISCA President, I hope to develop the Institute into a world-class organisation that embodies the following elements – inclusiveness, innovation, infrastructure and impact.
A world-class Institute is one that the profession and market would look to, to champion certain areas in thought leadership, deep technical expertise or development of our members.
Being member-centric means placing our members at the core of what we do. For example, to ensure that our members can access our services and information easily, we will be revamping our website to be more user-friendly and will roll out a mobile app for on-the-go convenience. We will continue to enhance our CPE offerings too.
By inclusiveness, we will strive to ensure that the needs of all segments of our membership are well taken care of. To that end, we have a range of service offerings to meet our members’ diverse needs.
Innovation means we constantly deliver new and relevant offerings centred on enhancing member-centricity and improving productivity.
Infrastructure refers to the systems and services we have in place for our members to plan their development and achieve their career aspirations. Obviously, technology is going to play a major role.
The last element is impact. Impact refers to how we execute our strategy – by focusing on what matters most and creates value for our members.
Together, these four elements work synergistically to further our mission to advance and promote the accountancy profession and contribute to Singapore’s aspiration to be a leading global accountancy hub, be the voice for our members and the profession, and empower members to achieve their aspirations.
In closing, I would like to thank all members for your unwavering support all these years. It has been an honour serving you alongside my fellow Council members, as well as the ISCA management team and staff.”
RE-ELECTED COUNCIL MEMBERS
YVONNE CHAN MEI CHUEN, FCA (Singapore)
Finance Director, Enterprise Singapore
Yvonne Chan Mei Chuen is a Fellow Chartered Accountant of Singapore, serving as Vice President and Executive Committee member of ISCA since 2018. She has served as Chairperson of the ISCA Continuing Professional Education Committee since 2017.
Ms Chan was the Chief Financial Officer and Director (Corporate Development) of the Maritime and Port Authority of Singapore (MPA), an organisation she joined in 2008. In that role, she was in charge of six departments comprising General Accounting, Financial Planning and Analysis, Procurement and Administration, Facilities Management, Service Quality and Organisational Excellence. During her tenure with MPA, Ms Chan was appointed Quality Service Manager, Chief Data Officer, Sustainability Champion and Agency Change Leader. Prior to MPA, she was in the private sector for 14 years, with experience spanning oil and gas, IT and media industries. She started her new role as Finance Director of Enterprise Singapore on 29 April 2019.
Ms Chan completed the UCLA-NUS Executive Master of Business Administration under the MPA post-graduate programme and Ministry of Transport Beacon scholarship.
DARREN TAN SIEW PENG, FCA (Singapore)
Chief Financial Officer, OCBC Bank
Darren Tan Siew Peng is a Fellow Chartered Accountant of Singapore. He has served in the ISCA Council since 2017. He is also Chairman of the ISCA Investment Committee, and a member of the ISCA CFO Committee.
Mr Tan was appointed Executive Vice President and Chief Financial Officer (CFO) of OCBC Bank in December 2011. As CFO of OCBC, he oversees financial, regulatory and management accounting, tax, treasury financial control, corporate treasury, funding and capital management, corporate planning and development and investor relations. He joined OCBC in March 2007 as Head of Asset Liability Management in Global Treasury and assumed the role of Deputy CFO in May 2011. Prior to joining OCBC, Mr Tan worked for 13 years at the Government of Singapore Investment Corporation (GIC), with his last position at GIC as Head of Money Markets.
Mr Tan graduated with First Class Honours in Accountancy from Nanyang Technological University (NTU) and is a Chartered Financial Analyst. He is currently an Adjunct Professor at Nanyang Business School, NTU. Mr Tan was awarded the Singapore Corporate Awards Best CFO in 2017 and FinanceAsia Singapore Best CFO in 2016.
KELVIN TAN WEE PENG, FCA (Singapore)
Kelvin Tan Wee Peng is a Fellow Chartered Accountant of Singapore, serving as Secretary and Executive Committee member of ISCA since 2018. He is a member of the ISCA Investment Committee, ISCA Nominations Committee, ISCA Corporate Governance and Risk Management Committee, and ISCA Continuing Professional Education Committee. He also serves as Advisor to the ISCA Young Professionals Advisory Committee.
Mr Tan has more than 30 years of professional experience and has held senior management positions at AETOS Security Management, PSA International, and Temasek Holdings. He was a consultant advising companies investing in China and also served in the Singapore Police Force.
A Local Merit Scholar (Police Service), Mr Tan holds a Bachelor in Accountancy (First Class Honours) and a Master in Business Administration from National University of Singapore (NUS). He attended the Programme for Management Development at Harvard Business School. Mr Tan currently holds directorship appointments and advisory positions at numerous private and public-listed companies. He is an investment director with Makara Capital Partners and an Adjunct Associate Professor with NUS Business School. Mr Tan is also a member of the Singapore Institute of Directors.
ROGER TAY PUAY CHENG, FCA (Singapore)
Head of Audit, Partner, KPMG LLP
Roger Tay Puay Cheng is a Fellow Chartered Accountant of Singapore, serving as Treasurer and Executive Committee member of ISCA in 2019. He is a member of the ISCA Investment Committee and ISCA Nominations Committee. He was also Chairman of the ISCA Membership Committee and a member of the ISCA Singapore Monitoring Committee.
Mr Tay has over 25 years of experience in the provision of audit services, servicing multinational and public-listed companies from a wide range of industries. He has acted as reporting accountant for companies undertaking the Initial Public Offering and Reverse Takeover exercise. Leveraging his extensive experience in serving public and private companies, Mr Tay has led numerous corporate structuring work involving the repositioning of the corporate structure and implementation of the group structuring plan. In addition, he acts as liquidator, judicial manager, and receiver and manager for several high profile insolvency engagements.
Mr Tay holds a Bachelor of Accountancy (Honours) from National University of Singapore. He is Associate of the Insolvency Practitioners of Singapore Limited, as well as Accredited Mediator with Singapore Mediation Centre (SMC). He has been admitted to the principal panel of mediators at SMC.
NEW COUNCIL MEMBERS
HO KUEN LOON, CA (Singapore)
Group Chief Operating Officer and Managing Director for Singapore, Fullerton Health Corporation
Ho Kuen Loon is a Chartered Accountant of Singapore. He was a member of the ISCA Membership Committee from 2014 to 2018.
Mr Ho is the Group Chief Operating Officer as well as Singapore Managing Director for Fullerton Health Corporation. Before his current appointment, he was Fullerton Health Corporation’s Group Chief Control, Risk & Corporate Development Officer, as well as Regional Managing Director for Australia and Indonesia from 2015 to 2018, and Group Chief Financial Officer (CFO) from 2013 to 2015. Prior to joining Fullerton Health Corporation, Mr Ho was Group CFO of Keppel Integrated Engineering from 2011 to 2013. He had formerly worked as Management Consultant with McKinsey & Company and Innosight LLC.
Mr Ho holds a Bachelor of Accountancy from Nanyang Technological University, as well as a Master of Business Administration from Harvard Business School. He is a Chartered Financial Analyst.
TAN KUANG HUI, CA (Singapore)
Chief Executive Officer and Managing Partner, Crowe Horwath First Trust LLP
Tan Kuang Hui is a Chartered Accountant of Singapore. He has been a member of the ISCA Investigation and Disciplinary Panel since 2013.
Mr Tan has over 24 years of experience in the audit and financial consulting services, providing audit and financial consulting services to a broad range of clients including financial institutions, technology, manufacturing, trading, publishing and agricultural companies.
As Chief Executive Officer and Managing Partner of Crowe Horwath First Trust LLP, Mr Tan leads a company comprising 11 partners and approximately 200 professionals. He is particularly well versed in business in the People’s Republic of China, and in accounting and tax matters. Mr Tan is currently a member of the Board of Directors of Crowe Global.
Mr Tan holds a Bachelor of Accountancy from Nanyang Technological University. Under his leadership, Crowe Horwath First Trust LLP achieved the Best Practice Award in 2016, and the Best Growth Award in 2018, at the Singapore Accountancy Awards.
DON WEE BOON HOONG, CA (Singapore)
Senior Vice President, United Overseas Bank Limited
Don Wee Boon Hoong is a Chartered Accountant of Singapore and an ASEAN Chartered Professional Accountant. He is a member of the ISCA Continuing Professional Education Committee and was formerly a member of the ISCA Young Professionals Advisory Committee from 2015 to 2017.
Mr Wee is a Senior Vice President of United Overseas Bank Limited. Prior to UOB, Mr Wee was Senior Vice President of HSBC. He has been involved in the accountancy profession as a Workshop Facilitator and an Exam Marker for the Singapore Chartered Accountant Qualification.
Mr Wee holds a Master of Business Administration as well as a Master of Public Administration. He has also completed the Chartered Valuer & Appraiser Programme.
CHRISTOPHER WONG MUN YICK, FCA (Singapore)
Head of Assurance and Audit Partner, Ernst & Young LLP
Christopher Wong Mun Yick is a Fellow Chartered Accountant of Singapore. He has been a member of the ISCA Investigation and Disciplinary Panel since 2016.
Mr Wong is the Head of Assurance and Audit Partner in Ernst & Young LLP. He is also a Board and Audit Committee member of Trailblazer Foundations Ltd, and a member of the Accounting Advisory Board of National University of Singapore (NUS) Business School.
Mr Wong has been a member of the Financial Reporting Technical Advisory Panel at the Accounting and Corporate Regulatory Authority since 2017. He was also a Council member of the Accountancy Sector Research Centre Advisory Council at Singapore Accountancy Commission from 2013 to 2015.
Mr Wong holds a Bachelor of Accountancy from NUS, as well as a Master of Business Administration from International Management Centre, United Kingdom.
CO-OPTED COUNCIL MEMBER
BALASUBRAMANIAM JANAMANCHI, FCA (Singapore)
Managing Partner/Director, JBS Practice PAC
Balasubramaniam Janamanchi is a Fellow Chartered Accountant of Singapore and an approved Liquidator. He served as Treasurer and Executive Committee member of ISCA in 2018. He is also a member of the ISCA Public Accounting Practice Committee, ISCA Auditing and Assurance Standards Committee and ISCA Ethics Committee while being actively involved in various committees in Singapore Accountancy Commission, Singapore Institute of Directors and Singapore International Chamber of Commerce.
Mr Janamanchi has more than 25 years of comprehensive multi-industry experience in external and internal audit. His professional duties cover a wide range of services including the provision of auditing, accounting, financial advisory and management consultancy services to a wide diversity of clients.
Mr Janamanchi is also an ASEAN Chartered Professional Accountant.