2014 YEAR IN REVIEW 1

2O14 YEAR IN REVIEWCPA AUSTRALIA SINGAPORE

2014 YEAR IN REVIEW 22 HONG KONG

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

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,

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.

The signature CPA Congress 2014 caps our year of major conferences with deep insights on leadership, business and strategy.

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.

CELEBRATING 60 YEARS IN SINGAPORE

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

Deborah Ong, Divisional President 2011-2012

Steven Lim, Divisional President 2006-2008

Low Weng Keong, Global President and Board Chairman 2010-2011

Soh Yew Hock, Divisional President 2005-2006

Themin Suwardy, Divisional President 2013-2014

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.

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.

Lo Hock Ling, Former Councillor

Chan Lai-Koon, Divisional General Manager 1996-2010

Lily Lim, Administrative officer, 1958-1989

Song Chwee Him, Former Councillor

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.

2014 YEAR IN REVIEW 7

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 base-erosion and profit-shifting (BEPS).

Top business leaders from multinational corporations and SMEs share views on how businesses can best transform for international expansion in the borderless world.

Scott D. Anthony, Managing Partner, Innosight, providing practical insights on building a company’s DNA in innovation to capitalise on market opportunities.

Tertiary students get opportunities to network and engage with qualified CPA Australia members through regular networking evenings.

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.

2014 YEAR IN REVIEW 9

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 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 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 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

More than 100 participants from multinational corporations, SMEs and the media participate in the CPA Forum – Governance event.

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.

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.

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.

2014 YEAR IN REVIEW 11

RAISING THE BAR IN GOVERNANCE

CPA Australia promotes rich discussion to raise corporate governance standards through a series of thought-leading publications.

The Naked CEO, the truth you need to build a big life by Alex Malley.

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.

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.

12 SINGAPORE

COMMITTED TO PROFESSIONAL DEVELOPMENT

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.

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.

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.

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

2014 YEAR IN REVIEW 13

CFO CONNECT SYMPOSIUM

EXTENDING THE BRAND: BROADENING OUR AUDIENCE

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.

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.

Engaging finance leaders: More than 200 C-suite executives at the annual CFO Connect Symposium.

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

CPA Australia’s annual Careers@Singapore fair attracts hundreds of job-seekers looking for employment opportunities.

Children enjoying the Christmas performance based on the theme ‘Frozen’.

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.

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.

2014 YEAR IN REVIEW 15

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 well-attended 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.

2014 YEAR IN REVIEW 17

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

CHAIRMAN Dr Chew Tong Gunn FCPA (Aust.)

MEMBERVanessa Lim CPA (Aust.)

Tan Kay Kheng FCPA (Aust.)

EDUCATION

CHAIRMANAssoc Prof Themin Suwardy FCPA (Aust.)

MEMBERDr Timothy Chan 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.)

CORPORATE AND SME

CHAIRMAN Bill Bowman FCPA (Aust.)

DEPUTY CHAIRMANAlbert Ho FCPA (Aust.)

MEMBERCheung Pui Yuen FCPA (Aust.)

Assoc Prof Hooi Den Huan FCPA (Aust.)

Kok Moi Lre FCPA (Aust.)

Barry Lee FCPA (Aust.)

Lee Wee Jean FCPA (Aust.)

Steven Lim FCPA (Aust.)

Loh Hoon Sun FCPA (Aust.)

Joyce Tay CPA (Aust.)

PUBLIC PRACTICE

CHAIRMAN Lisa Liew FCPA (Aust.)

DEPUTY CHAIRMANTang Shiuh Ying CPA (Aust.)

MEMBERMalcolm Heng CPA (Aust.)

Ramchand N Jagtiani FCPA (Aust.)

Lo Wei Min FCPA (Aust.)

Ng Liew Peng FCPA (Aust.)

Tang Shiuh Huei CPA (Aust.)

Christopher Wong FCPA (Aust.)

Yee Fook Hong FCPA (Aust.)

PUBLIC SECTOR

CHAIRMANIrving Low FCPA (Aust.)

DEPUTY CHAIRMANAssoc Prof Joseph Wan FCPA (Aust.)

MEMBERYvonne Chan FCPA (Aust.)

Chiang Hai Yin FCPA (Aust.)

Sng Hock Seng FCPA (Aust.)

Teo Chee Khiang FCPA (Aust.)

Don Yeo

YOUNG PROFESSIONALS NETWORK AND CSR

CHAIRMAN Andrew Han FCPA (Aust.)

DEPUTY CHAIRMANMelvin Gwee CPA (Aust.)

ADVISERSteven Lim FCPA (Aust.)

MEMBERJoanne Ang CPA (Aust.)

Jeanette Lui CPA (Aust.)

Diana Pang CPA (Aust.)

Tan Jun Hao CPA (Aust.)

Donald Tong CPA (Aust.)

Wong Pei Xu CPA (Aust.)

Wong Tze Yau CPA (Aust.)

Yeow Ai Ling CPA (Aust.)

Jelene Zheng CPA (Aust.)

2014 YEAR IN REVIEW 19

NETWORKING

CHAIRMAN Lee Wee Jean FCPA (Aust.)

DEPUTY CHAIRMANVictor Heng FCPA (Aust.)

MEMBERDominic Chia FCPA (Aust.)

Christina Goh CPA (Aust.)

Goh Ing Nee FCPA (Aust.)

Ng Lin-Di CPA (Aust.)

Genevieve Ng CPA (Aust.)

Daryl Robert Pereira CPA (Aust.)

Mohana Rajoo CPA (Aust.)

Silas Tan FCPA (Aust.)

Eric Teo FCPA (Aust.)

CFO

CHAIRMAN Christopher Wong FCPA (Aust.)

DEPUTY CHAIRMANBill Bowman FCPA (Aust.)

MEMBERKeng 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.)

BANKING AND FINANCE

CHAIRMAN Philip Yuen FCPA (Aust.)

DEPUTY CHAIRMANChen Voon Hoe FCPA (Aust.)

MEMBERSteven Lim FCPA (Aust.)

Irving Low FCPA (Aust.)

Stanley Sia FCPA (Aust.)

Gregory Thong CPA (Aust.)

JOINT CPD

CHAIRMANDr Chew Tong Gunn FCPA (Aust.)

MEMBERHaryane Mustajab CPA (Aust.)

Tan Kay Kheng FCPA (Aust.)

Alan Tang

2014 YEAR IN REVIEW 20

cpaaustralia.com.au

CPA AUSTRALIA

1 Raffles Place#31-01 One Raffles PlaceSingapore 048616+65 6671 6500sg@cpaaustralia.com.au

CPA

H13

25_0

2/20

15