CPA AUSTRALiA OUR SiNGAPORE STORY · in 1990, and to CPA Australia in 2000. These names are used...

i

OUR SiNGAPORE STORY

CPA AUSTRALiA

32

First published October 2014

Copyright © 2014 CPA Australia

All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, except for inclusion of brief quotations in a review.

CPA Australia – Our Singapore Story

Author : Melvin Yong, General Manager - Singapore, CPA Australia

Published by : CPA Australia Ltd 1 Raffles Place, #31-01, One Raffles Place, Singapore 048616

Website : cpaaustralia.com.au

Email : [email protected]

OUR SiNGAPORE STORY

CPA AUSTRALiA

54

Foreword 6

Preface 10

Messages 12

LAYING THE FOUNDATIONS – OUR DISTINGUISHED PAST

Colombo Plan: Developing Southeast Asia 18

The Pioneers: Laying our Singapore foundations 22

Member activities and resources in the early years 31

Australian Society of Accountants helps set up the Singapore Society of Accountants 36

Australian Society of Accountants contributes to developing the Singapore accounting profession 40

Messages 46

GOING FOR GROWTH – OUR DYNAMIC PRESENT

From representative office to Singapore Division 50

Branching out to our own offices 69

Developing CPAs to meet industry demands 75

Serving more members and higher professional development needs 80

CPA Australia advances the Singapore profession 89

People, commitment and culture 104

CREATING A SUSTAINABLE FUTURE – BEING HEARD AND RECOGNISED

Impacting tomorrow’s Singapore 125

Enhancing the value of CPAs 132

Extending the brand: Broadening our audience 137

Celebrating our success; honouring our heroes 146

Singapore Division - Member profile 184

CPA Australia timeline 186

Singapore timeline 188

Congratulatory messages 200

References 214

Acknowledgements 216

CONTENTS

76

I would like to congratulate CPA Australia on its 60th anniversary

in Singapore.

CPA Australia’s Singapore membership is now almost

8,000-strong, and its members have made significant

contributions to Singapore’s growth as an international financial

and business hub.

CPA Australia has played an important role in advancing

Singapore’s accountancy profession. Besides developing strong

cohorts of Certified Practising Accountants to meet the needs

of the market, it has contributed through its collaborations with

other stakeholders, such as in setting up the Singapore Society

of Accountants, the predecessor of the Institute of Singapore

Chartered Accountants, the largest professional accountancy

body in Singapore.

A reliable and highly capable accountancy sector is vital to

Singapore’s role as a leading global business centre.

As Singapore continues its journey of economic restructuring

aimed at achieving significantly higher levels of productivity,

the accountancy sector can actively support businesses’ efforts

to raise efficiency, consolidate where opportune and create

value in new ways. The profession itself has to continually

raise quality and develop deep expertise, so as to achieve

Singapore’s vision of becoming a global accountancy hub.

CPA Australia has come far over the last six decades, and can

look back on its achievements with pride. I wish you every

success as CPA Australia continues to rise to new global

challenges and drive the profession forward.

FOREWORD

THARMAN SHANMUGARATNAMDeputy Prime Minister and Minister for Finance, Singapore

98

On behalf of the Australian Government, I congratulate CPA

Australia on the celebration of 60 years’ service in Singapore.

Established under the auspices of the Colombo Plan, CPA

Australia has played an important role since the 1950’s in forging

Australia’s educational, institutional and professional linkages

in the Asia Pacific. This legacy continues under the Australian

Government’s New Colombo Plan which supports Australian

students studying and undertaking internships in our region.

Throughout the years, CPA Australia has helped to build

professional skills and overall capacity in accounting and

auditing in Singapore and the region. With Singapore now

recognised as a leading global financial hub, CPA Australia-

trained professionals are playing crucial roles in strengthening

investment flows around our increasingly globalised economy,

and in ensuring transparency within the corporate and financial

sectors.

CPA Australia exemplifies the strong institutional, professional

and people-to-people linkages that underpin the close and

comprehensive ties between Australia and Singapore. 2015

will mark 50 years of diplomatic ties between our countries, as

well as the 50th anniversary of Singapore’s independence. Such

milestones present an opportunity to celebrate the strength of

our relationship as regional partners and active trading nations,

and to build on the complementarities between our economies.

Australia and Singapore share an outward focus and a

commitment to regional prosperity. In the years ahead, as we

work together to deepen our partnership, I encourage CPA

Australia’s ongoing efforts to enhance the professionalism of the

accounting industry and to contribute to the development of

strong and stable corporate and financial sectors in Singapore,

Australia, and beyond.

FOREWORD

JULIE BISHOPMinister for Foreign Affairs, Australia

1110

THEMIN SUWARDY FCPA (AUST.)Divisional President – Singapore CPA Australia

CPA Australia has deep historical roots in Singapore. Our

presence dates back to 10 August 1954, when we were

incorporated as a foreign company under what was then the

Colony of Singapore Companies Ordinance.

While a lot has changed for accountants and the business

environment over 60 years, our key priorities have remained. We

continue to aim to ensure that CPAs remain at the cutting-edge

of business, finance and accounting.

Over the years, the Singapore Division has worked hard to

accomplish a number of initiatives that have benefitted our

members. We will continue to support our members through

advocacy, education, knowledge sharing and training to

give them a competitive advantage and add value to their

professional development, recognition and status.

To advance the accounting profession in Singapore going

forward, we will also expand our work with a range of

stakeholders, including employers, educational institutions,

government departments and regulators.

Our Singapore journey is a story of entrepreneurship, shared

values, innovation, service and team work. These very same

qualities will continue to help CPA Australia make a difference to

our members and the profession as Singapore transforms itself

into a global accountancy hub.

This book celebrates CPA Australia’s 60 impactful years in

Singapore. It documents our rich Singapore story and, more

importantly, puts on record the contributions of the many

volunteers and other stakeholders of CPA Australia whose

commitment and support have made us who we are today.

The book is organised into three parts – thematically recounting

our distinguished early years in Singapore, chronicling our

current dynamic growth, and anticipating how we may embrace

the next lap. We profile many critical milestones that have

defined our institution and, above all, our members and the

accounting profession.

In 60 years, the organisation has also undergone a few name

changes - from the Australian Society of Accountants in 1953,

to the Australian Society of Certified Practising Accountants

in 1990, and to CPA Australia in 2000. These names are used

interchangeably throughout this book depending on the

timeframe in question.

This commemoration book is dedicated to the countless

individuals – including the pioneer generation of Singapore

members, past and current members, councils, committees

and staff – who have built the foundations of CPA Australia in

Singapore and furthered our objectives in this market. We also

thank the many employers, sponsors, academic institutions and

government organisations that have played a big role in our

Singapore growth journey.

October 2014

PHILIP YUEN FCPA (AUST.)Divisional Deputy President – Singapore and

Chairman, 60th Anniversary CommitteeCPA Australia

PREFACE

1312

PENNY EGAN FCPA (AUST.)President and Chairman of the Board

CPA Australia

2014 is truly a proud moment in CPA Australia’s 128-year history,

as we celebrate 60 years in Singapore.

I wish to acknowledge the devotion of those members who

have selflessly volunteered their time, energy and expertise to

the Divisional Council, committees, task forces and the many

initiatives and activities driven by the Singapore office over the

years. To our local management and staff, past and present, my

sincere thanks for your invaluable contribution in helping CPA

Australia deliver its key strategic objectives and always putting

our members at the forefront of what we do.

I pay a 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 an important

market like Singapore. Their commendable efforts have paved

the way for generations of CPA Australia members in Singapore

who can now be heard and recognised for their views, skills and

capabilities.

MESSAGEOur Singapore members form a very important part of our

global CPA Australia family. Today, the value of the CPA

designation continues to be recognised across the world and is

reflected in our demographics. Collectively, about 17 per cent of

our members hold senior leadership roles, including more than

21,000 members at CEO or CFO level, or in business ownership

or partner roles.

Our vision is for CPA Australia to be known as the world’s best

member service organisation. The energy and passion that

our Singapore members, council, committees and staff have

demonstrated for our organisation over this 60-year period is

very evident and much appreciated. I thank each of you for your

commitment to our exceptional organisation that ensures that

one day our vision will become a reality.

On behalf of my Board colleagues, congratulations on a

momentous 60th anniversary in Singapore and best wishes for a

very promising and exciting future ahead.

1514

ALEx MALLEY FCPA (AUST.)Chief Executive

CPA Australia

Over the last 60 years, CPA Australia’s operations in Singapore

have gone from a humble representative office, to a branch

office, to being part of an Asian Division that included Malaysia

and Hong Kong, to a full Division in its own right today.

Our members in Singapore have been a significant contributor

to our global membership growth. We are now one of the

world’s largest accountancy bodies with a membership of more

than 150,000 finance, accounting and business professionals in

121 countries.

I commend the Singapore Council and committees for their

excellent work in establishing CPA Australia’s leadership in

accounting, business and finance and for representing the

accounting profession with such distinction. I also thank our

members, partners and friends in Singapore for supporting

our initiatives to strengthen the reach and influence of the CPA

Australia brand. My deep appreciation also to our people for

their dedication, innovation and hard work in striving to deliver

world class service to members.

MESSAGECPA Australia’s Corporate Plan focuses on building the

capability of our organisation, delivering world’s best service

standards to members, broadening our audience, providing

a CPA Program of the highest quality, and protecting and

advancing the public interest. This is how we create value for

our members, employers, students, staff and the accounting

profession.

We have achieved a great deal over the years for our members

and the wider business community. As we embark on the next

lap of the Singapore journey, CPA Australia will do its utmost to

continue our strong support of our members in this market and

beyond.

We will leverage recent major organisational initiatives such

as our expanded infrastructure, digital communication and

social media capabilities to better serve the changing needs

of our members. We will continue to exercise leadership on

important matters related to accounting, business and finance

and advocate strongly on behalf of the profession. We will also

continue to work with regulatory and national bodies to advance

the profession in Singapore.

On behalf of my management colleagues, congratulations on

celebrating 60 great years in Singapore. An achievement that we

can all be proud of and is well worth celebrating!

1716

LAYiNG THE FOUNDATiONSOUR DiSTiNGUiSHED PAST

LAYiNG THE FOUNDATiONS – OUR DiSTiNGUiSHED PAST 1918

The Australian Society of Accountants supported the objectives of the Colombo plan through raising education standards in the accounting profession in Asia and encouraging the formation of local professional bodies.

CPA Australia’s Singapore story began with two critical decisions

made in Melbourne in 1952-1953. First, on 10 July 1952,

members of Australia’s Commonwealth Institute of Accountants

and the Federal Institute of Accountants approved an historic

merger of the two institutes. This created the Australian Society

of Accountants (ASA), a predecessor to CPA Australia. The ASA

was incorporated in Canberra on 13 October 1952.1

In 1953, the ASA decided that it would support and participate

in the Australian Government’s Colombo Plan, a multi-nation

scheme created just three years before to facilitate bilateral

aid to developing countries in South and Southeast Asia. The

Colombo Plan is “best remembered for sponsoring thousands of

Asian students to study or train in Australian tertiary institutions.

Yet, it reached into almost every aspect of (Australian) foreign

policy, from strategic planning and diplomatic initiatives, to

economic and cultural engagement”.2

The objectives of the Colombo Plan were very much aligned

with those of the ASA, which aimed to raise education standards

for those in the accounting profession. The Society also noted

COLOMbO PLAN: DEvELOPiNG SOUTHEAST ASiA

that cooperation between national bodies at the international

level resulted in a useful exchange of information and a

recognition of each other’s status.3 This led to the monumental

and foresighted decision by the ASA to expand beyond the

shores of Australia. The move would leverage the Society’s

strong relationship with the Australasian Institute of Cost

Accountants and the prior experience of the Federal Institute of

Accountants in Malaya.4

ASA also took an important step in its membership policy. Its

Articles of Association (or By Laws) were amended to allow those

other than Australian and British citizens residing in Australia to

sit for exams in order to gain admission into the Society.

The Society received strong support for its initiatives in the

Asia Pacific region from the then Australian External Affairs

Minister R.G. Casey. He wrote to the Society in 1955 saying he

was prepared to give financial assistance for ASA to maintain its

activities under the Colombo Plan, including contributing to the

cost of a proposed visit by two Society members to Singapore,

Kuala Lumpur and Hong Kong.5


The objectives of the Colombo Plan were very much aligned with those of the ASA, which aimed to raise education standards for those in the accounting profession. The Society also noted that cooperation between national bodies at the international level has resulted in a useful exchange of information and a recognition of each other’s status. This led to the monumental and foresighted decision by the ASA to expand beyond the shores of Australia.

The Australian Society of Accountants filed documents to the Singapore Registrar of Companies on 6 August 1954 to be incorporated as a company under the Companies Ordinance.

The two ASA members who undertook that historic visit were

Messrs O.H. Paton, then Society President, and C.W. Andersen,

the Society’s General Registrar. The fact-finding trip led to a

decision by the ASA to “establish representatives, committees

of advice, libraries and student societies in each centre. The

Society’s primary aim was … to satisfy the great demand which

it saw for educational services.”6

The Andersen and Paton trip also concluded that while the

aim was to help form local associations to champion the

causes of the accounting profession and conduct exams on an

extensive scale, this would still be some way off.7 This was largely

because of what was deemed as the “uneven developments

in education” in those Asian cities. The “Society agreed to fill

the gap (with) appointments of representatives & committees

of advice, the establishment of libraries and the formation of

students’ societies.”8

By 1957, about 1,000 students in Southeast Asia were sitting

for the Professional Exams of the Society. These were mainly

located in Malaya (475), Singapore (300) and Hong Kong (175).

At the same time, many other Asian students were studying in

Australia under various arrangements.9

And so, in the space of just a few years after its formation,

the ASA was well on the way towards helping to grow the

accounting profession in the Asia Pacific region.


Republic Plaza at Raffles Place today stands on the location of the former Nunes Building, which housed the office of Smalley and Co in 1954.

In 1954, the Australian Society of Accountants decided to

engage local secretarial assistance to help conduct its entrance

exams in Malaya. Mr Oswald Curtis Smalley was eventually

appointed as the first local representative for Malaya to oversee

the administrative support. He was part of a local advisory

committee that was set up for the purpose, which also included

Messrs W.C. Goss, G.T. Holloway and W.T. Harte.10

Mr Smalley was based in Singapore, which was still part of

Malaya at the time. He was a sole proprietor who operated his

own accounting practice, Smalley & Co., and was also a member

of one of the ASA’s predecessors, the Commonwealth Institute

of Accountants.

Singapore was the first of two cities for the Society where a

local resident was chosen to serve the needs of our members in

locations outside Australia – the other being in London.

THE PiONEERS: LAYiNG OUR SiNGAPORE FOUNDATiONSMr Smalley oversaw the registration of the ASA on 10 August

1954 as a foreign company under the Companies Ordinance

in force in Singapore at the time, effecting the start of our rich

60-year Singapore story. In 1955, the Society also considered

setting up a branch in Malaya and placing representatives in

Papua New Guinea and Hong Kong.11

The ASA had humble beginnings in Singapore, operating from

the office of Smalley & Co. It was then located at 9 Malacca

Street, #03-29/30 Nunes Building, on which stands today’s

Republic Plaza at Raffles Place. By sheer coincidence, CPA

Australia’s office 60 years on at One Raffles Place is literally

next door.

Mr Smalley died on 28 September 1956 after just a few years

in the role. Mr W.C. Goss of the Local Committee of Advice

(precursor to today’s Divisional Council) then recommended Mr

Francis Kum Poh Kwan as the new ASA Official Representative

in Malaya, which included Singapore. In March 1957, the ASA

Executive Committee confirmed Mr Kwan in the role, and he

would go on to serve for the next 40 years.


Francis Kwan was appointed the Australian Society of Accountants’ Official Representative for Malaya (later Singapore) in 1957, succeeding Oswald Curtis Smalley.

In 1956, after the death of Oswald Curtis Smalley, Francis Kwan was recommended as the new Australian Society of Accountants Official Representative in Malaya, which included Singapore. In March 1957, the ASA Executive Committee confirmed Mr Kwan in the role.

Chia Meng Teck and Wee Seng Tiong were among the pioneers who partnered Francis Kwan, the Official Representative of the Australian Society of Accountants, to establish the Society in Singapore in the early years.

Mr Kwan returned to Singapore from Australia in 1954 and

joined Smalley & Co. “I was employed by Smalley in November

1954 as his assistant after graduating under the Federal Institute

of Accountants in Australia. After his death, I took over his

practice and continued his work as the Malayan Representative,”

said Mr Kwan, in an interview for this book.

Mr Kwan continued to operate the accounting practice under

the banner of Smalley & Co. A few years later, he was joined

by another accountant, Mr Wee Seng Tiong FCPA (Aust.), who

operated his own firm but shared the same physical premises as

Smalley and Co. “The two practices were very different. My firm

offered corporate secretarial services while Smalley did audit

work,” said Mr Wee.

They were later joined by Mr Chia Meng Teck FCPA (Aust.), who

eventually became a Smalley partner. Together, Messrs Kwan,

Chia and Wee would go on to pioneer the work of the ASA in

Singapore. But many other notable individuals also contributed

their time and energies to building up the ASA locally.


W. T. Harte, Accountant, City Council, Singapore Government

W. C. Goss, Accountant, Sime Darby Ltd

Kenneth A. Middleton, Head of Accountancy Dept, Singapore Polytechnic (Chairman)

George Chung Chi-Nang, Manager, Life Insurance Dept, Overseas Assurance Corporation Ltd (Chairman succeeding Middleton)

Tang Peng Yeu, Public Accountant

Peter Tan Cheow Khoo, Chief Statistician, Singapore Government

Han Kang Hong, Associate Professor, Accounting Dept, NUS

Chan Kin Kum, Partner, Wee Cheong Yeow & Co Public Accountant

Tay Kwang Jin, Andrew Leung & Co Public Accountant

Lee Boon Huat, Partner, Lee Song & Co Public Accountant

Song Chwee Him, Partner, Lee Song & Co Public Accountant

James Chan Chiang Loke, Partner, James Chan & Co Public Accountant

Paul Cheah Thye Hong, Civil Servant, Singapore Government

Wee Seng Tiong, Partner, Wee Seng Tiong & Co Public Accountant

Lo Hock Ling, Partner, Lo Hock Ling & Co Public Accountant

Loh Hoon Sun, Managing Director, Phillip Securities Pte Ltd

Singapore Local Committee members at the Australian Society of Accountants annual dinner, 14 November 1986.

Notable names who had served CPA Australia over the years through the local committees of advice:

LOCAL COMMiTTEES OF ADviCE


Pioneer generation members of CPA Australia attend the annual President’s Dinner in 2008 and 2009.

Lily Lim, PA to Francis Kwan and Chia Meng Teck, was the administrative officer for ASA from 1958 to 1989 until the operational function for ASA was separated from Smalley & Co.

In the early years, the work of the Malayan Representative

was challenging. According to Mr Kwan, financial resources

were thin, which limited the scope of activities that could be

organised.

The role of the Representative involved duties such as

general administration for ASA members, keeping registers

of candidates and members, as well as scheduling exams,

arranging exam logistics and invigilating the annual exams

in April and October. The local office was responsible for the

collection of members’ annual subscriptions and examination

fees. It also needed to keep accounts and perform banking

transactions, including periodically remitting funds to the head

office in Melbourne.

Many of these roles were ably handled by Ms Lily Lim, who was

Personal Assistant to Mr Francis Kwan and Mr Chia Meng Teck.

While she held a full-time position at Smalley & Co, she was

also effectively the ASA’s sole administrative officer from 1958

to 1989 until the operational functions of ASA were separated

from Smalley & Co. This would make her the longest-serving

administrative staff member to date in Singapore and she

performed with distinction in service of our members.

Apart from administrative duties, the Representative also

worked closely with the Local Committee of Advice. The first

such Committee had 8 members and was chaired by Mr Kenneth

A. Middleton, then Head of the Accountancy Department at

Singapore Polytechnic.12

The Committee was involved in assessing and approving

applications for advancement of members from Provisional

Associate to Associate, and then from Associate to Fellow

status. It also served as an advisory panel to help the

Representative make decisions to improve the benefits to and

welfare of our local members.


In the early years, the Singapore office played a limited role in

providing students with study resources. In 1961, Mr Francis

Kwan, as local representative in Singapore, facilitated the

formation of the ASA Student Society.

Recalling this project, Mr Kwan said: “In order to assist

candidates in their preparation for examinations, I managed to

get some volunteers, headed by (then Branch Councillor) Cheah

Thye Hong, to establish this group, renting a small premise in an

old residential house on Orchard Road, where today’s Heeren

Building stands, for students to meet and exchange views on

examinations.”13

The room was air conditioned and could accommodate 10

to 15 people each time. The room also had a mini library

containing simple resource materials. The group, however, was

discontinued after a period due to a shortage of funds and a

significant decision at head office in Melbourne.

MEMbER ACTiviTiES AND RESOURCES iN THE EARLY YEARSIn 1965, the ASA gave notice that it would gradually withdraw

the Professional Examination in Singapore starting the following

year. Students who were unable to complete their Professional

Examinations after a transition period needed to travel to

Australia to continue their study and sit for the remaining

subjects or stages in the Professional Examinations. The ASA’s

role in accountancy training would then be devolved to the local

accounting body.

While this policy may have been the thinking at the time, history

has come full circle in the last two decades with examinations

now conducted by CPA Australia in nearly 300 locations in more

than 60 countries around the world, including Singapore.

The year 1965 was a defining time in Singapore’s history. After

several tumultuous years on the political scene, the country

separated from Malaysia and gained its independence as a

sovereign country on 9 August 1965. This was exactly one day

before ASA celebrated its 11th anniversary in Singapore. As the

fledging country began its journey of nation-building, so too did

the ASA reorganise its operations in the new country.

Singapore Local Committee members with guest speaker Prof Tan Chwee Huat taken at the Annual Dinner 14 November 1986.


George Chung, first President of the Australian Society of Accountants Singapore Branch, attending various member events.

Chia Meng Teck was first convenor of events for the Public Accountants Group in 1984.

Mr Francis Kwan was redesignated as the Singapore

representative to serve the ASA members in Singapore, but links

with Malaysia were still strong. To help members in the southern-

most Malaysian state of Johor, which neighbours Singapore,

Mr Kwan allowed Johor members to undertake their exams in

Singapore. Those who passed were eventually included in the

Singapore register of candidates.

In 1980, a new Continuing Professional Development scheme

took effect, after the General Council recommended a minimum

of 120 hours of professional development per triennium. While

this began on a voluntary basis, it soon became a compulsory

requirement to retain an individual’s membership of the

Society.14

There were no formal Continuing Professional Development

(CPD) programmes in the early years. But that did not stop an

informal network of public practitioners from providing help to

their peers. Initiated by Mr George Chung, the first Singapore

branch President, a Public Accountants Group held monthly

dinners at the Executive Club at OCBC Centre on Chulia Street.

This provided a platform for practising members to meet and

discuss many aspects and practical problems encountered in

their work.

The group numbered about 50-60 and was self-supporting.

Participating members paid their own dinner costs, thus freeing

the Singapore branch from having to pay for this with member

funds.

The Public Accountants Group evolved over several decades

and became structured and formalised in 1984 to fulfil

Continuing Professional Development hours. The convenor

of the Public Accountants Group was Mr Chia Meng Teck of

Smalley & Co. Recalling the early days, he said there was little

structure to the group but the format worked well for public

practitioners at the time.


The Public Accountants Group evolved over several decades and became structured and formalised in 1984 to fulfil Continuing Professional Development hours.

To help non-practising members in Singapore clock their required CPD hours, a new CPA Continuing Professional Development Programme was launched in 1984 with approximately 30 members attending the monthly talks on the first Tuesday of every month.

Where the Heeren Building on Orchard Road stands today was an old residential house where the Australian Society of Accountants rented a room in the early 1960s. The room contained a mini-library and provided a location for candidates to study and prepare for the Society’s examinations.

“We learnt a lot from the informal topics that were covered

during the regular gatherings, which were relevant to

practitioners. Members appreciated this as they got to

understand common issues faced by those in practice,” said Mr

Chia, in an interview for this book.

Today, successive members in public practice still meet as the

Public Practice Development Group every second Thursday of

the month at CPA Australia’s office at One Raffles Place.

To help non-practising members in Singapore clock their

required CPD hours, Mr Chung invited a group of members

to plan and organise a new CPA Continuing Professional

Development Programme. The programme was also launched

in 1984 with approximately 30 members attending the monthly

talks on the first Tuesday of every month. Topics included

economics, finance and investment, auditing, law, information

technology, and business management.15

One of the founding participants was Mr Loh Hoon Sun FCPA

(Aust.), who was roped in to chair the first CPD Dinner Talk

committee. He recalls, “The challenge then was that activities

attendance was low as CPD hours were not mandatory. The

good thing that came out of the mandatory CPD hours was

that members became more active and participative in the

community.”

Today, 30 years on, the dedicated commitment continues with

new generations of members attending, resulting in a monthly

turnout of some 250 in this long-running series.


“ Our role has always been to help countries, particularly in Southeast Asia, to develop the profession, working together with the national accounting bodies. It has never been an objective, nor even a distant thought, that we will be more than a contributor towards that goal - of having a very strong local national body. We will do whatever we can to help, wherever we are.”

Low Weng Keong FCPA (Aust.) President and Chairman of the Board 2010-2011, CPA Australia

In 1961, the Australian government sponsored a second visit by

the President and General Registrar of the Australian Society of

Accountants to a number of Asian locations under the Colombo

Plan arrangements.16 This followed the first visit in 1957, which

confirmed the view of the then Australian Minister for External

Affairs “that it was desirable to encourage the formation of local

associations, but this could not be done for some years”. This

was because of issues apparently caused by what were seen as

“uneven developments in education” in those locations.

Two ASA representatives, Mr L.A. Braddock, who was Society

President at the time, and Mr C.W. Andersen, the General

Registrar, visited a number of Asian locations to discuss the

training of accountants with government authorities and

educators. During their trip, they also conferred with members

of local committees of advice in Singapore, Malaya and Hong

Kong. A report on their mission was then submitted to the

Australian Government.

AUSTRALiAN SOCiETY OF ACCOUNTANTS HELPS SET UP THE SiNGAPORE SOCiETY OF ACCOUNTANTS

In Singapore, efforts were underway to create a local national

accounting association. On the advice of the Society’s Messrs

Braddock and Andersen, the Singapore Government at the

time moved to introduce legislation to establish the Singapore

Society of Accountants (SSA). The government then requested

the assistance of Messrs Braddock and Andersen to draft

the Bill, which was passed into law in 1963.17 18 With the

establishment of the Singapore Society of Accountants, the ASA

had fulfilled its prime objective of encouraging the formation of

a local association in Singapore.

The Society’s members in Singapore devoted their energies and

time to helping the SSA grow. The first few SSA Councils were

made up largely of the ASA’s Singapore members, including

Messrs Francis Kwan, George Chung Chi-Nang, Chan Kim Kum,

Han Kang Hong, Tay Kwang Jin and Song Chwee Him. Mr Kwan

served as the second President of the Singapore Society of

Accountants in 1965 and also as Honorary Treasurer and council

member for four years.

With the Singapore Society of Accountants functioning, the

ASA’s General Council in Melbourne became hopeful that this

would be followed by similar legislation in other Southeast Asian

countries so that they would soon have their own professional

bodies organised on sound lines.19 Moves were underway in

Malaya and Hong Kong to create local associations.

CPA Australia’s philosophy in markets outside of Australia is to

work with the national bodies of each location to advance the

profession. The partnership is especially strong in Singapore,

given our heritage in playing a part in the formation of the

Singapore Society of Accountants, which has evolved over

the years into the Institute of Certified Public Accountants of

Singapore (ICPAS) and into the Institute of Singapore Chartered

Accountants (ISCA) today.


In 1961, Australian Society of Accountants President L.A. Braddock (L) and General Registrar C.W. Andersen (R) were asked by the Singapore Government to draft a Bill to set up the Singapore Society of Accountants.

The Singapore Society of Accountants Act 1963 as published in the Government Gazette. The Bill was drafted by the Australian Society of Accountants’ President L. A. Braddock and General Registrar C. W. Andersen on the request of the Singapore government.


The ASA’s growing presence in Singapore, Malaysia and Hong Kong in the 1960s led to the Society’s decision to support international initiatives to advance the accounting profession and, in turn, benefit our members in these markets. As part of the growing network of international offices for the Society, Singapore played a supporting role.

When the Australian Society of Accountants (ASA) first arrived

in Singapore in 1954 under the Colombo Plan, it assisted

the Singapore Polytechnic to conduct its Diploma Course in

Accountancy. At the same time, the ASA conducted its own

Professional Accountancy examination in Singapore.

By the mid 1960s, the ASA had become an adviser to

governments and tertiary institutions in Southeast Asia. Having

helped establish the Singapore Society of Accountants, the

ASA went on to assist in formulating courses for students in the

region, which in turn dramatically raised the status of Australian

accounting.20

In addition, in Singapore, the ASA offered its feedback to

government policies relating to accounting, providing views on

what would or would not work. Among its initial contributions,

it made a written submission to the Commission of Enquiry into

Vocational and Technical Education in Singapore in response to

a request from that authority. 21

AUSTRALiAN SOCiETY OF ACCOUNTANTS CONTRibUTES TO DEvELOPiNG THE SiNGAPORE ACCOUNTiNG PROFESSiON

The ASA’s growing presence in Singapore, Malaysia and Hong

Kong in the 1960s led to the Society’s decision to support

international initiatives to advance the accounting profession

and, in turn, benefit our members in these markets. As part of

the growing network of international offices for the Society,

Singapore played a supporting role.

A key development took place in 1960 with the formation of

a confederation of accountants to facilitate more effective

collaboration and provision of services to accountants in

Southeast Asia. The idea was the brainchild of the Philippines

Institute of Certified Public Accountants President, Gregorio S.

Licaros, who was also the Governor of the Central Bank of the

Philippines. The First Far East Conference of Accountants was

held in Manila in November 1957 with the second in Melbourne

in 1960. Here, the name of the proposed grouping was aptly

changed to the Confederation of Asian and Pacific Accountants

(CAPA), as the grouping is known today. 22

With the increasing demand for accounting services in Southeast

Asia, and because of its large membership in Southeast Asia

and Papua New Guinea, the ASA believed it had “a significant

responsibility to support the activities of CAPA”. The thinking

was that overseas branches “contribute towards the Society’s

presence internationally. In turn, the Society accepts an ongoing

commitment to assist with PD activities, particularly in Southeast

Asia.” 23

Following a visit by ASA’s then Executive Director G.A. Vincent in

1976, two professional development programmes were created

in conjunction with the national accounting bodies of Singapore,

Malaysia, Hong Kong and Papua New Guinea. A decision was

made that the Society would continue this programme for its

members in Southeast Asia and PNG.

42 LAYiNG THE FOUNDATiONS – OUR DiSTiNGUiSHED PAST 43

Local Representative Francis Kwan attends 2nd APA Conference, Melbourne 4-7 April 1960, organised by the Australian Society of Accountants, Institute of Chartered Accountants in Australia and Australian Institute of Cost Accountants.

8th conference of the Confederation of Asian and Pacific Accountants (CAPA) held in 1976


Participants of continuing professional development programmes in Southeast Asia in 1973.

“ The best way to attract younger people into the profession would be to have their peers as well as senior and recognised accountants give them guidance, presentations or talks because those who are not in the profession are unlikely to appreciate what we have. Some may have a myopic view of what accountants are – dull and boring. And some simply think that it is not for them, that it is just hard work with no end, and they don’t wish to sit behind a desk just looking at ledgers. So I think it is good for the profession to be able to have established business people to talk to them.”

Low Weng Keong FCPA (Aust.) President and Chairman of the Board 2010-2011



CPA Australia’s strong presence in Singapore over the last

60 years has made it an important partner in ACRA’s drive to

uphold quality financial reporting and maintain trust in our

capital markets. Its Public Practice Development Programme

and quality assurance review services have helped to strengthen

the professionalism of public accountants in Singapore.

CPA Australia has taken on the commendable initiative to help

companies address challenges in financial reporting through

its accounting guides and toolkits. It has also made valuable

contributions to promote good corporate governance and

transparency. Through its Corporate Governance Case Studies

publications and staunch support of initiatives, such as the

Governance and Transparency Index which ranks all Singapore–

listed companies based on their governance practices, CPA

Australia has helped to raise the bar for corporate stewardship

in Singapore.

Our heartiest congratulations to CPA Australia on your 60th

anniversary of operations in Singapore.

60 years is a long time - longer than Singapore’s independence

49 years ago. Against the background of such a rich and

distinguished history, SAC is proud to be a close partner with

CPA Australia in sharing a common desire to advance the

accountancy sector in Singapore.

MESSAGE MESSAGE

KENNETH YAP Chief Executive

Accounting and Corporate Regulatory Authority

On CPA Australia’s 60th anniversary, ACRA wishes CPA Australia

and its Singapore members many great years ahead. We look

forward to working closely with CPA Australia in upholding

quality and trust in Singapore’s financial information and

corporate governance practices.

As the need to uplift the accountancy sector becomes ever so

urgent amidst swirling changes, the SAC is indeed privileged to

count CPA Australia as one of our valued partners to carry out

this monumental task.

Having seen your contributions towards the sector, dedication

to professional life-long learning and ability to drive new policies

to progress with the times, we have the utmost confidence in

realising the vision together with other stakeholders.

It is also a pleasure to be able to work together with CPA

Australia on numerous fun occasions, such as the International

Accountants Day celebrations. Collaborations like these not

only showcase the fun-loving spirit of accountants, but also the

fact that we are able to come together as one to celebrate the

accountancy profession.

Here’s to more years of fruitful collaboration towards making

Singapore the leading global accountancy hub.

UANTCHERN LOH FCPA (AUST.) Chief Executive Singapore Accountancy Commission

4948

GOiNG FOR GROWTHOUR DYNAMiC PRESENT

GOiNG FOR GROWTH – OUR DYNAMiC PRESENT 5150

Warwick Smith, first Asia Director, Australian Society of Certified Practising Accountants, speaking at the inaugural Regional Conference in 1995.

From the late 1980s, membership of the Society grew

exponentially in the Asian region. This was largely the result

of Australian universities exporting education to the region,

leading to more students choosing to study in Australia. On the

other hand, Australian tertiary institutions were also offering

accounting courses in Southeast Asia, usually by a twinning

arrangement with a local institution.24 In turn, this raised the

need to develop facilities to better assist our members.

SiNGAPORE bRANCHIn 1988, the Society decided to establish branches in Singapore,

Malaysia, Hong Kong and the United Kingdom. These

would be operated by full time staff whose responsibilities

included providing a range of services to members, facilitating

networking, assisting members and students, and organising

professional development activities, social functions and exams.

FROM REPRESENTATivE OFFiCE TO SiNGAPORE DiviSiONIn 1993, for the first time, a Director for Asia was appointed to

oversee the full time staff in the Society’s offices in Singapore,

Malaysia and Hong Kong. Mr Warwick Smith had the job of

helping to lay the ground work to establish branch councils in

these markets and put in place firm administrative and member

support arrangements to increase the range of services for our

growing number of members in Asia. These initiatives were in

place by early 1994. Other initiatives planned included an Asian

edition of CPA News, a regular newsletter to members, and a

regional professional development Congress in Singapore in

1995.

On 1 January 1996, Mr Jim Dickson FCPA (Aust.) took over from

Mr Smith as the new Director for Asia, a title which was changed

a few years later to Director - International to recognise the

growing importance of other regions globally. Mr Dickson’s

appointment came at a time when there was relatively stronger

growth coming from members outside of Australia.


On assuming the role of Director - International in 1996, I

continued to implement the strategy and roles approved by the

then National Council (now the Board of Directors) and the CEO

which had been commenced by my very worthy predecessor, the

late Warwick Smith. I was ably supported by the only Australian-

based Asian Directorate staff member, Ms Corinne Yee, who had

worked with Warwick since 1993.

The achievement which I regard as critical was that the

Asian Division comprising the three Asian Branches was

successfully established in 1996, with one representative on

National Council. This was a welcome and very appropriate

accomplishment as, at that time, the three Branches comprised

some 11,000 members. It was the third largest and fastest-

growing division in the organisation.

Subsequently, the number of National Councillors from Asia

was increased to two in 2001. In 2002, full representation was

achieved as each branch was converted into a division with its

own representative on National Council.

The high status and regard in which the Singapore Division is

held are due primarily to the efforts of its Councillors, members

and staff. They are the real achievers supported by the positive

environment and resources provided by the Board, the CEO

and staff. The quality, professionalism and dedication of the

Singapore Councillors, committee members and staff were and

remain exceptional. An outstanding feature was their sustained

focus on service to members.

It is also necessary to acknowledge the support provided to CPA

Australia by the families and friends of the organisation. Their

contribution was invaluable and is deeply appreciated because

it included their attendances at many events, as well as support

to the Councillors/members during their many absences, often

on weekends, at CPA Australia activities.

I take the opportunity to commend the head office staff as they

were all very supportive of the overseas initiatives.

A REWARDiNG jOURNEY

JIM DICKSON FCPA (AUST.)Board Director and former International Director, CPA Australia

These changes to the governance arrangements accurately

reflected and supported CPA Australia’s status as an

international accountancy body. They were strongly welcomed

by the Singapore Council and members as they affirmed the

maturity of the branch and the high quality and level of member

services.

There was also the continued integration of staff and office

activities into the broader organisation with standard systems

and processes in place. This facilitated the provision of high

quality services to members no matter whether they resided.

This integration continued during my tenure.

Other key roles included working with, and when requested,

supporting the National Body. This was also a rewarding task as

our two bodies shared the objectives of supporting the public

interest and strengthening the accountancy profession.

“ I regard my involvement with the Singapore Branch and then Division as a very rewarding highlight of my career with CPA Australia. I was fortunate to be given the opportunity of working with very fine members and staff as a team and offer my sincere thanks for their patience and support.”


The inaugural Asian Divisional Council Meeting was held on 15 July 1996, chaired by George Chung as the first Asian Divisional President.

Back Row, L-R: Michael Chan, Hong Kong; Lee Siew Kwan, Malaysia; Jim Dickson, Director - Asia, CPA Australia, Michael McKenna, Executive Director, CPA Australia; Loh Hoon Sun, Singapore.

Front row, L-R: Yue Saw Him, Malaysia; George Chung, Singapore; Prof Scott Henderson, National President, CPA Australia; Antonio Chan, Hong Kong.

The groundwork for the creation of the Asian Division was undertaken by an Asian Division Conceptual meeting, which was held in Singapore on 10 December 1995. This was attended by the Presidents and representatives of each branch, along with the branch directors and the Director for Asia and his incoming successor.

With about 15 per cent of the organisation’s membership

residing in Singapore, Malaysia and Hong Kong by 1995, the

Society established a task force to make recommendations

to the National Council on forming an Asian Division. On 29

October 1995, then National President Jim Kropp announced

that the Society’s articles would be amended to allow the

formation of the Asian Division. This would be created on 1

July 1996 and include all members in Hong Kong, Malaysia and

Singapore.

Then Singapore branch president George Chung was named

the inaugural Asian Divisional President. The Asian Divisional

Council was comprised of three councillors from each branch.

The formation of the Asian Division was a recognition by the

Society of Asia’s dynamic growth and the role that our members

can play in this business environment.

The Asian Divisional Council regularly discussed ways to bring

about synergies among the three branches. Meetings were

hosted by branches on rotation to facilitate interaction with the

wider membership.25

ASiAN DiviSiON


Chan Lai-Koon (back row, centre) was appointed the first full-time Singapore Director in 1996. With her are Singapore office staff Eunice Yan (L) and Candy Tan (R).

Seated (L-R) George Chung, inaugural Asian Divisional President, and Jim Dickson, Asia Director, CPA Australia.

George Chung, inaugural Asian Divisional President and long-serving Singapore Branch President, and Francis Kwan, Singapore Representative, both retired in 1997. On his retirement, Mr Chung recalled that his involvement with the Australian Society of Accountants started in 1961 when he became Chairman of the Singapore Group. In an interview with CPA News to mark his retirement, Mr Chung said, “my greatest achievement is being a member of the pioneer group that developed the accountancy profession in Singapore”.

As part of forming the Asian Division, a critical decision was

also made to create a new role of Director for Singapore, which

would be a full-time position in charge of day-to-day operations.

Upon the retirement of Mr Francis Kwan at the end of 1996,

Ms Chan Lai-Koon was appointed to the role, and she would

go on to serve with distinction for 14 years until her retirement

in 2010.

One of the direct benefits of the Asian Division was that our

members in this part of the world now had a direct voice on the

Board or National Council as it was known then. “This helped

to raise the profile of members in each of the markets because

together the Asian Division became a bigger organisation.

Head Office in Melbourne also got the opportunity to better

understand the needs and aspirations of Asian members,”

said Mr Loh Hoon Sun FCPA (Aust.), who was appointed

National Councillor from the Asian Division on 1 April 1998.

Mr Loh was subsequently elected President of the Asian

Division in 1999-2000.

A milestone professional development event that came out of

this was the Asian Regional Conference, which the three offices

took turns to host. The first was organised by the Singapore

Branch in April 1995 on the theme “The challenging role of CPAs

in emerging markets”. The event brought together members,

speakers and panellists from Singapore, Malaysia, Hong Kong,

Australia and elsewhere. Other than hearing perspectives on

issues including accounting standards, tax and business advisory

services, participants had the opportunity to interact with fellow

members and peers from multiple markets. This was a first on

this scale at the time.26


SiNGAPORE DiviSiONIn 2002, the Asian Division totalled some 18,000 members

and a significant number of enrolments in the CPA Program.

Over 4,700 members resided in Singapore. CPA Australia’s

Board of Directors subsequently approved the formation

of three divisions based on Singapore, Malaysia and Hong

Kong effective 1 April 2002. The upgrade to “division” status

acknowledged the significant contribution and achievements of

Singapore members over the years and symbolised our coming

of age.

Each division also had its own representative on the Board or

National Council. Mr Tom Yee FCPA (Aust.) was appointed as

the first National Councillor for Singapore. He was succeeded

in 2003 by Mr Steven Lim FCPA (Aust.), who was also Divisional

President in 2007-2008.

The participation of Messrs Loh Hoon Sun, Tom Yee and Steven

Lim on the National Council or Board started a trend of senior

members in Singapore appointed to positions at head office.

This was a recognition of the high calibre of talent that came out

of the Singapore Division.

Singapore Divisional Councillor Mr Low Weng Keong FCPA

(Aust.) was appointed to the board in 2005 and would go on

to serve as President and Chairman of the Board in 2010-2011.

Mr Low’s presidency represented a milestone in CPA Australia’s

history and for the Singapore Division. He was the first non-

Australian to hold the post and the second consecutive CPA

Australia President to be based outside Australia.

During Mr Low’s presidency, he focused on the importance

of CPA Australia membership by seeking to improve the

organisation’s support to members and reach out to as many

members as possible. These included significant initiatives in

Asia to further build the CPA Australia brand and increase the

value of the CPA designation for members.

Mr Low retired from the board in 2013. Of his tenure, Mr Low

said, “I was extremely fortunate to, amongst other things,

be able to preside over the organisation during its 125th

anniversary (in 2011). We brought the first man on the moon,

Neil Armstrong, to grace our 125-year celebrations and he

graciously accepted Honorary membership of CPA Australia.

I also hope I have brought a useful Asian perspective to the

organisation.”

In 2013, Mrs Deborah Ong FCPA (Aust.), Singapore Divisional

President in 2011-2012, was appointed to the Board, ensuring

that international perspectives continue to be heard in guiding

the strategic direction of CPA Australia.

“I am honoured to have the opportunity to serve CPA Australia

and our members in this space: to help extend the CPA Australia

brand in international markets, increase the relevance of the CPA

Australia designation, and contribute to its continued growth

as a global organisation,” Mrs Ong, who is also the first female

Singapore Divisional President, said of her appointment.

Deborah Ong was appointed to the CPA Australia Board of Directors in 2013

Top left: Steven Lim, Singapore Divisional President 2007-2008, opens the annual President’s Dinner with an address to members.

The Asian Regional Conference, a milestone professional development event, was first hosted in Singapore in 1995 and organised in rotation by the three Asian branches.


Low Weng Keong became the first non-Australian to serve as President and Chairman of the Board of CPA Australia in 2010-2011. Mr Low presided over the organisation’s 125th anniversary celebrations in 2011 which included awarding Honorary membership of CPA Australia to Neil Armstrong, the first man to walk on the moon.


My first visit to the Singapore branch in 1994 was accompanied

by the first Asian Director, the late Warwick Smith.

I remember addressing a dinner of approximately 100 mostly

young members of the branch. I told them how impressed I was

with their commitment to the successful completion of the CPA

Program and their subsequent loyalty to CPA Australia. I noted

that the Singapore Branch members’ performance in the CPA

Program was, on average, somewhat better than the national

average in Australia at that time.

In my subsequent visits to the branch between 1996 and 1998 in

my role as President of CAPA, I noted the branch was growing

rapidly in numbers. I continued to be even more impressed with

the calibre of the young recruits. I also met with a number of the

senior members of the profession who had been members for

more than 25 years at that time.

I have wonderful memories of the informal lunches with staff and

having my wife, Kay, and myself escorted to see some of the most

beautiful sights of Singapore by the local chairman.

WONDERFUL MEMORiES

BOB JEFFREY FCPA (AUST.) National President 1994, CPA Australia

“ I find it hard to believe that 20 years have passed since my first visit to the branch. I extend my sincere congratulations to the now Singapore Division and all its members on achieving 60 years of age.”

64

BOARDDEbORAH ONG 2013-present

LOW WENG KEONG 2005-2013 (President & Chairman 2010-2011)

STEvEN LiM 2003-2005

TOM YEE 2002-2003

LOH HOON SUN 1998-1999

REPRESENTATIVE COUNCILSTEvEN LiM 2007-2008

CHALY MAH 2007-2010

LOW WENG KEONG 2010

DiANA PANG 2010

ALbERT HO 2011-present

DEbORAH ONG 2011-2012

THEMiN SUWARDY 2013-present

BOARD COMMITTEESAudit & Risk CommitteeDEbORAH ONG 2013-present

Executive CommitteeLOW WENG KEONG 2008

Finance CommitteeLOW WENG KEONG 2008

International Advisory CommitteeCHALY MAH 2004-2009

iRviNG LOW 2010-2013

Nominating CommitteeSTEvEN LiM 2003-2005

Nomination & Remuneration CommitteeLOW WENG KEONG 2007-2010

Professional Qualifications Advisory CommitteePETER bARKER 2009-2010

DEbORAH ONG 2009-2013

PUBLIC PRACTICE ADVISORY COMMITTEELiSA LiEW 2010-present

Remuneration CommitteeLOW WENG KEONG 2006-2007

The strong talent pool and high profile members from

Singapore were recognised by CPA Australia and had the

opportunity to contribute significantly to drive the organisation’s

vision.

In the last decade, our councillors and members have served in

a myriad of Board committees that help to define the direction

of CPA Australia’s work for the accounting profession. These

include the Representative Council, International Advisory

HiGH LEvEL COUNCiL/COMMiTTEESCommittee, Public Practice Advisory Committee, Professional

Qualifications Advisory Committee and various Centres of

Excellence for External Reporting and Environmental, Social and

Governance.

Such committees have provided platforms to share Singapore

and Asian perspectives to add to the rich discussion on

pertinent issues.


BOARD SECTOR COMMITTEES

Business CommitteeTOM YEE 2001

Corporate Governance & Policy CommitteeTOM YEE 2002

STEvEN LiM 2003

Corporate Sector Advisory CommitteeSOH YEW HOCK 2004-2005

STEvEN LiM 2006-2009

CPD CommitteeLEE WEE jEAN 2005

Education Advisory CommitteeLOH HOON SUN 2007-2008

Joint Accounting BodiesLOW WENG KEONG 2009-2010

Joint Standing CommitteeLOW WENG KEONG 2007-2008

Member Services CommitteeSTEvEN LiM 2004

Member Strategy CommitteeLOW WENG KEONG 2005

Professional Education BoardLOH HOON SUN 2002-2006

Public Sector CommitteejOSEPH WAN 2002-2005

TEO CHEE KHiANG 2006-2009

SME CommitteeALbERT HO 2004-2008

bARRY LEE CHiN SiANG 2009

CENTRES OF EXCELLENCE

Environmental, Social and GovernanceTHEMiN SUWARDY 2009-present

External Reporting CHEW TONG GUNN 2009-present

TOM EGAN 2009-present

INTERNATIONAL BODIES

Asia Pacific Financial Reporting Advisory Group (APFRAG)TOM EGAN 2007-2009

iRviNG LOW 2007-2009

ASEAN Federation of Accountants (AFA)LOW WENG KEONG 2010-2011

Confederation of Asian and Pacific Accountants (CAPA)LOW WENG KEONG 2014-present

66

Loh Hoon Sun receives Life Membership from former CPA Australia National President Ken Levy.

Loh Hoon Sun receives 50 Year membership award from John Cahill President and Chairman of the Board 2012-2013, CPA Australia.

Mr Loh Hoon Sun FCPA (Aust.) became the first member domiciled outside of Australia to receive Life Membership of CPA Australia in 2005.

“We honour Mr Loh Hoon Sun with a Life Membership Certificate for his contribution to CPA Australia and the profession. The presentation of this award to Hoon Sun is in itself an historic occasion for CPA Australia, as it is the first time the award has been made outside Australia,” said Mr Ken Levy FCPA (Aust.), National President 2005, CPA Australia on 12 March 2005.

SiNGAPORE DiviSiON LiFE MEMbERS


Low Weng Keong retired as President and Chairman of the Board of CPA Australia in 2011 and was succeeded by John Cahill (L).

Low Weng Keong succeeded Richard Petty (L) as President and Chairman of the Board of CPA Australia in 2010.

Mr Low Weng Keong FCPA (Aust.) was awarded Life Membership of CPA Australia following his retirement as President and Chairman of the Board, CPA Australia, in 2011.

68

“ The support network was really excellent. I remember moving from a small office in Colombo Court to the StarHub Centre and then to One Raffles Place. The new CPA Australia office and its strong network support is now the envy of all other professions in Singapore. The Singapore Division was represented by several councillors, including myself, on the national committees or on the Board of CPA Australia. They linked the Singapore Division to other Australian Divisions and overseas divisions to share best practices. And during this period, the strong network enabled us to provide and to organise over 200 professional development events a year for our members.”

Soh Yew Hock FCPA (Aust.) Singapore Divisional President 2005-2006


The Australian Society of Accountants (ASA) representative

office in Singapore was established as a branch in 1988 to assist

our members here. The representative offices in Malaysia and

Hong Kong were similarly given branch status.

The ASA began with humble operational facilities in Singapore.

For a good 35 years since 1954, the administrative functions of

the Society were conducted on a limited scale from the offices

of accounting firm Smalley & Co, headed by Mr Francis Kwan.

The catalyst for considering our own premises separate from

Smalley & Co came in 1988, with a visit from the then National

President, Ms Elizabeth Alexander. She found that Mr Kwan and

his team could not provide full time service to an expanding

membership, which then numbered about 1,500 members

in Singapore, and requested that the Society rented its own

premises and appointed full time staff.

Following that visit, the Society went on to rent a new office

in 1989 with an area of about 800 square feet “just down the

corridor” on the same floor as Smalley & Co in Colombo Court,

where today’s Supreme Court of Singapore stands. A small

library with about 300 books supplied by the Australian head

office was set up for members. The books were only available

for use in-house as there was no librarian to oversee lending

services.

bRANCHiNG OUT TO OUR OWN OFFiCESMr Francis Kwan was named Singapore Director, spearheading

efforts to serve our members in the country. He retired from the

position at the end of 1996 and was succeeded by Ms Chan Lai-

Koon FCPA (Aust.).

As the size of our membership in Singapore grew, so too did the

need for facilities and support resources, such as the scheduling

and conduct of exams, membership advancement applications

and professional development events. It became necessary to

expand the size of the office along with local staff headcount.

In 1999, the Singapore Branch moved from our humble 800

square foot premises at Colombo Court to StarHub Centre just

off Orchard Road. In the 11 years that we stayed at StarHub

Centre, our office occupied two unit spaces – first, at 1,400

square feet, then expanding to 2,400 square feet. Here, we were

able to host a small library for those taking exams, an advisory

centre for prospective members, and a lounge for members to

network.

70

1989 Colombo Court

1999 First office in StarHub Centre

CPA AUSTRALiA OFFiCES iN SiNGAPORE OvER THE YEARS


2005 Second office in StarHub Centre

2011 One Raffles Place

72

In 2010, the time came to look for a new home as the landlord

of StarHub Centre gave notice that it intended to convert

the building for alternative uses. By this time, our Singapore

membership had reached more than 6,500 and we were

organising over 100 events for members which were usually held

at external locations such as hotels.

In line with a head office policy to operate corporate-style

offices in major locations, equipped with facilities to conduct

professional development sessions in-house, the Singapore

Office began to source a new home. The prime considerations

were that we should maintain an office that was near where

the majority of our members worked, that was in the Central

Business District, and at a convenient location close to a major

transport node.

Having assessed several possibilities, a decision was made to

move to the contemporary One Raffles Place building at the

heart of the CBD in 2011. Our latest and current home spans

7,000 square feet, three times the size of StarHub Centre.

With the larger premises, it became possible to conduct nearly

all professional development workshops and seminars in-house

in a 100-seat training room. The Singapore office continues to

provide a range of services that support our members in their

professional development and enhance their designation and

standing. The One Raffles Place facility also hosts an even larger

lounge for members stocked with refreshments and includes

computers and interaction areas to facilitate networking and

discussions.

Former International Director and now a CPA Australia Board Member, Mr Jim Dickson FCPA (Aust.), said, “Major overseas offices exemplify our ‘international’ reputation, strength and presence. They are an integral and important element of the fabric of CPA Australia”.

GOING FOR GROWTH – OUR DYNAMIC PRESENT 73

“ Personally, I find the CPA Australia brand attractive because it caters to not only accounting professionals but to professionals who are in other areas of business and finance. You may be able to find a CPA Australia member who is a CEO of an MNC, a senior vice president of a blue chip investment bank, a high-ranking senior civil servant or a successful entrepreneur.”

Albert Ho FCPA (Aust.) Director, Centrum Capital


The CPA Program, as it is known today, is the product of many

years of development and evolution. It is the result of CPA

Australia’s long-held philosophy to raise the professional status

of accountants and ensure the on-going education of our

members.

This was built around the Professional Schedule and the CPA

(Certified Practising Accountant) designation. It recognises

that the profession of accountancy is practised in commerce,

industry, government, academic and public practice.27

Previously, to be recognised as qualified accountants, members

would be required to undertake a Professional Orientation

Programme (POP) delivered as lectures in individual markets.

In 1983, the Professional Schedule was introduced. This

comprised the CPA programme, specialisations, public practice

and continuing professional development. The idea was that

individuals would only become a CPA if they accepted that they

had to maintain their skills throughout their professional career.

DEvELOPiNG CPAs TO MEET iNDUSTRY DEMANDSCompulsory professional development was therefore a

requirement. Those who did not fulfil this would lose their

designation. CPA Australia was one of the first professional

bodies in the world to do this.29 It formed the basis of the CPA

Program today and the concept of life-long learning through

Continuing Professional Development.

The CPA Program was launched globally in 1986, including

Singapore. It is a distance learning programme, which today

comprises four compulsory subjects, two electives and a

practical experience requirement that will give candidates the

skills to stand out in the real world.

For the Singapore branch, to help our members adjust to the

changes and assist them in sitting for exams, resources were

recalibrated to ensure top-notch administrative support. These

included advisory services to support exam scheduling, results

announcement and other follow-up administration matters. By

1997, voluntary workshops for each of the segments of the CPA

Program were also introduced.


The Society’s Annual General Meeting in Hobart in 1985 voted to adopt the Professional Schedule and CPA Program. As a result, Professional Orientation Programme lectures ceased in Singapore, Malaysia and Hong Kong in the same year. In their place came the CPA Program, based on a distance learning platform, marking the start of a new era in raising the bar for skill sets to be acquired by accountants.

In November 1982, a representative of the Society, John Miller, former National President, travelled to Singapore, Malaysia, Hong Kong and Papua New Guinea to teach the POP Common Core to 84 Australian Society of Accountants members.

Over the years, the CPA Program has been continuously

updated and its content reviewed by staff and specialist advisory

committees with the aim of ensuring that it remains relevant to

current and future business needs.

In Singapore, an important milestone achieved was a

Memorandum of Understanding (MOU) signed in 2009 with the

Tax Academy of Singapore to develop a new Singapore Taxation

segment to be offered at the professional level of the CPA

Program.

The landmark agreement embodies the shared commitment

towards the development of professional and competent tax

practitioners in Singapore and the broader tax community.

Singapore was the first division outside Australia to offer a local

taxation segment as part of the CPA Program. This initiative

would set the stage for similar segments in Malaysia and Hong

Kong.

CPA Australia’s MOU with Tax Academy of Singapore was

renewed in 2014. This will pave the way for further collaboration

in coming years.


CPA Australia signed a landmark Memorandum of Understanding in 2009 with Tax Academy of Singapore to develop a new Singapore Taxation segment offered in the CPA Program. L-R: Chan Lai-Koon, Singapore Director, CPA Australia; Chaly Mah, Singapore Divisional President 2008-2010, CPA Australia; Richard Petty, President and Chairman of the Board 2009, CPA Australia; Fang Ai Lian, Chairman, Tax Academy of Singapore; Chia-Tern Huey Min, CEO, Tax Academy of Singapore; Tan Siew Lian, Deputy Director, Tax Academy of Singapore.

In 2014, CPA Australia and Tax Academy of Singapore renewed the 2009 Memorandum of Understanding to enhance the Singapore Taxation segment in the CPA Program. L-R: Eng-Tay Geok Lee, CEO, Tax Academy of Singapore; Fang Ai Lian, Chairman, Tax Academy of Singapore; Themin Suwardy, Singapore Divisional President 2013-2014, CPA Australia; Melvin Yong, Singapore General Manager, CPA Australia.


The decade from 1990 to 2000 marked a period of fast moving

developments in the global business environment amidst an

evolution in accounting standards. The Australian Society of

Certified Practising Accountants worked hard to ensure that our

members kept ahead of the curve.

In July 1990, the Society implemented a new membership

structure and member designations with the aim of promoting

the CPA status. Post-nominals were reorganised into three

distinct categories that have become familiar to members and

the market today – ASA, CPA and FCPA.

The Australian Society of Accountants also adopted new names

– Australian Society of Certified Practising Accountants in 1990

and then as CPA Australia in 2000. On changing the company’s

name to CPA Australia, then National President Joycelyn Morton

FCPA (Aust.) said the organisation needed a name that was

relevant, easily recognisable, succinct and unique.

SERviNG MORE MEMbERS AND HiGHER PROFESSiONAL DEvELOPMENT NEEDS

“CPA Australia is a name that is corporate, modern and fresh

and, more importantly, capitalises on our significant brand

equity,” she said.30

Underlying these changes was the philosophy that CPA Australia

must continue to ensure that our members were equipped with

skills to remain relevant to the business community.

In Singapore, the number of members grew strongly through

the last two decades. In 1990, membership in Singapore was

fewer than 1,000. By 1995, we crossed 2,000. This more than

doubled to 5,300 by 2005. After this, new milestones were

crossed every year. By end 2014, the Singapore Division is

expected to serve about 8,000 members.

Since 2000, services have been ramped up for members

in Singapore. Our local office, with a team of full-time

staff, provides a suite of advisory and support services for

prospects looking to undertake the CPA Program. We provide

administrative support to qualified members and those in the

midst of sitting for exams. We also organise a suite of more

than 80-100 continuing professional development (CPD) events

annually to cater to the diverse needs of our members. These

cover everything from general finance and macro-economic

issues to technical standards and tax.

“ CPD events brought a lot of benefits to the membership because of the opportunities to attend talks and conferences and update their technical knowledge, as well as the opportunities to meet each other and network. Our members became more active, more participative and more responsive to the Society.”

Loh Hoon Sun FCPA (Aust.) Singapore Divisional President 1997-2005

The two longest-running series in the Singapore Division are the

CPD Dinner Talks and Public Practice Discussion Group. Both

were officially started in their current structured form in 1984

with the advent of compulsory CPD hours.

Along with these, new initiatives were unveiled, such as the

Banking and Finance Networking Group focusing on soft skills in

1995 and the Practising Accountant Staff Group in 1997 to drive

activities for members in their respective spaces.

Today, the Singapore Division is fortunate to have a vibrant

committee network. More than 70 members serve in 10

committees and plan programmes that can meet the needs of

our members in various sectors and interest groups.

Working with our head office in Melbourne, we also offer

our members a wide array of self-paced learning resources

through online webinars and courses. These build on a strong

track record of utilising technology to deliver more web-based

learning services and member knowledge-sharing platforms.

All members have access to the My Online Learning platform,

which allows them to update their skills, claim CPD hours and

assist them with their studies in the CPA Program. The wide

range of online courses allows them to learn from home, or on

the move, at a time that suits them.


Pioneer generation members celebrated the 30th anniversary of the CPD Dinner Talk series in July 2014 over dinner and cake. The talks, started in 1984, now attract over 250 attendees on the first Tuesday of every month.

CPA AUSTRALiA CELEbRATES THE 30TH ANNivERSARiES OF iTS TWO LONGEST-RUNNiNG CPD PROGRAMMES:

In July 2014, pioneer generation CPA Australia members celebrated the 30th anniversary of formal structured talks for the Public Practice Discussion Group.

DiNNER TALK AND PUbLiC PRACTiCE DiSCUSSiON GROUP

84

The wide range of professional development events through the years provide members with many options to enhance their knowledge. Some events are conducted in-house, while others are held at hotels to cope with larger attendance. Topics range from general finance and macro-economic issues to technical standards, tax and governance.


“ We have a group of dynamic individuals who tirelessly take time from their very busy schedule to perform their “night jobs” for their peers and advance the interest of the profession. Be it rolling up their sleeves or providing their network and influence to connect, each and every one has put in their bit.”

Lisa Liew FCPA (Aust.) Partner, Philip Liew & Co, and Singapore Divisional Councillor

SiNGAPORE DiviSiONAL COMMiTTEES (2014)

DiviSiONAL COUNCiL

Committees

SECTOR INTERESTS

CPD NON-CPD

Banking & Finance

Networking Young Professionals Network

Education

CFO Joint CPD Editorial

Public Practice

Corporate / SME

Public Sector


What a wonderful occasion - CPA Australia celebrating 60 years

- and what a wonderful way to document that celebration with

“the Singapore Story”.

My first contact with what was then the Singapore branch was in

1996 soon after Jim Dickson took over as International Director.

I have visited many times since and each visit has been inspiring

and delightful.

CPA brand respect permeated throughout the business

community, emanating from the quality of the membership and

staff. In the regional accounting organisation AFA, it was clear

the high regard and esteem that CPA Australia possessed was

due to the quality of the local regional branch in Singapore and

their people on the ground.

The dedication and hard work of the Councillors, committee

members and staff were reflected in the growth of membership

in both numbers and stature.

HOW i REMEMbER THE SiNGAPORE DiviSiON

JOYCELYN MORTON FCPA (AUST.) National President 2000, CPA Australia

“ Commitment, eagerness to learn, pride in the CPA status, quality of membership, friendship – this is how I remember the Singapore Division.”

I once presented at a CPD session on a Saturday morning,

thinking that 20 or 30 members would turn up. You can imagine

my surprise when the auditorium was full of some 250 attendees!

I soon realised this was standard for our Singapore members –

such was their eagerness to learn, their commitment and their

knowledge that the staff would present sessions of high quality.

There are many names which flood into my mind when thinking

of Singapore. Three, however, must be mentioned specifically:

Loh Hoon Sun – my dear and highly-respected friend and

colleague whose commitment, devotion and intellectual input to

CPA Australia went way beyond what could ever be expected of

a business person of his stature;

Chan Lai-Koon – Divisional Director for 14 years, whose

intelligence, drive, perseverance, together with a true

understanding of the needs of her members, was critical to

advance the success of the division;

And although not a Singaporean resident but always a

part of Singapore, the man guiding and directing in the

background was Jim Dickson, whom I mentioned earlier, the

then International Director based in Australia. Without Jim’s

knowledge, understanding and instinct for the issues and

challenges in the International Division, we could not have

achieved these milestones.

During my term as National President, it became evident that

each branch of the Asian Division had different needs, issues

and their contribution and size warranted change. Consequently,

all three were converted to Divisions and so Singapore then sat

at the National Council in its own right.

88

“ Being an accountant is a calling. You are there to serve the greater good. At the end of the day, it is a job with many responsibilities.”

Themin Suwardy FCPA (Aust.) Singapore Divisional President 2013-2014


CPA Australia has played a key role in the development of the

Singapore accounting profession since we started operations

in the country in 1954. By enhancing the skills of our members

through discussion groups, professional development events

and technical knowledge, we prepared them to meet the

evolving demands of industry. We also sought to nurture a future

generation of leaders in accounting and finance.

In developing the profession, we formalised a relationship

in 2004 with the national body, ICPAS, or ISCA as it is now

known, through a Mutual Recognition Agreement (MRA). This

agreement would see members of one body being recognised

by the other, which in turn benefitted the public interest.

“There were benefits for members of both bodies and was a

win-win arrangement,” recalls Mr Loh Hoon Sun FCPA (Aust.),

Singapore Divisional President from 1997-2005, who led the

groundwork to facilitate the first agreement.

CPA AUSTRALiA ADvANCES THE SiNGAPORE PROFESSiON

The success of the 2004 MRA paved the way for a renewed

agreement in 2009. Instrumental in the renewal was Mr Chaly

Mah FCPA (Aust.), who was Divisional President from 2008-2010.

“With ICPAS, we shared a common goal of advancing the

accounting profession in Singapore. The renewal of the Mutual

Recognition Agreement paved the way for qualified members

to gain reciprocal membership and to enjoy the benefits which

both organisations can offer,” said Mr Mah.

In 2014, efforts are underway to explore a new Reciprocal

Membership Agreement with ISCA and the Singapore

Accountancy Commission (SAC). As at late 2014, a

Memorandum of Understanding and Letter of Intent have been

signed by CPA Australia, ISCA and SAC to start the journey

towards a closer relationship among the three bodies. More

developments are expected within the next two years.


CPA Australia signed a landmark Mutual Recognition Agreement with the Institute of Certified Public Accountants of Singapore (ICPAS) in Melbourne in 2003. The agreement paved the way for members of one body to be recognised by the other. L-R: Greg Larsen, CEO, CPA Australia; Ann Johns, Director - Education, CPA Australia; Ernest Kan, Vice President, ICPAS; Tan Boen Eng, President, ICPAS; Dr Ken Levy, President and Chairman of the Board, CPA Australia; Loh Hoon Sun, Singapore Divisional President 1997-2005, CPA Australia; Chan Lai-Koon, Director - Singapore, CPA Australia; Jennifer Simon, External Positioning Manager, CPA Australia; Lucia Real-Martin, International Development Manager, CPA Australia; Jim Dickson, Director - Asia, CPA Australia, Khoo Ho Tong, Council Member, ICPAS.

CPA Australia and the Institute of Certified Public Accountants of Singapore (ICPAS) renewed their Mutual Recognition Agreement in 2009. L-R: Tan Boen Eng, Immediate Past President, ICPAS; Ernest Kan, President, ICPAS; Low Weng Keong, Deputy President of the Board, CPA Australia; Chaly Mah, Singapore Divisional President, CPA Australia.


In 2013, CPA Australia, Institute of Singapore Chartered Accountants and Singapore Accountancy Commission signed a Letter of Intent to explore a new Mutual Recognition Agreement. L-R: Ernest Kan, President, Institute of Singapore Chartered Accountants; Michael Lim, Chairman, Singapore Accountancy Commission; and John Cahill, President and Chairman of the Board, CPA Australia.

CPA Australia, Institute of Singapore Chartered Accountants and Singapore Accountancy Commission take the next step in exploring a new Mutual Recognition Agreement with the signing of the first of two Memoranda of Understanding in 2014. L-R: Lee Fook Chiew, CEO, Institute of Singapore Chartered Accountants; Uantchern Loh, CEO, Singapore Accountancy Commission; and Melvin Yong, Singapore General Manager, CPA Australia.


CPA Australia has also taken a leadership role in enhancing

the Singapore accounting profession through a number of

major strategic initiatives. These helped us to engage a range

of external stakeholders and build important partnerships

through our intellectual capital. Doing so would advance our

objectives to add value for our members who form the core of

the profession.

EMPLOYER PARTNERSHiPSTo enhance relationships with employers where our members

are likely to work, we launched the Employers’ Club in 2007.

Organisations could get access to high-calibre CPA Australia

members through priority job listings, internship programmes,

profiling and CPD event speaking opportunities. This quickly

grew to become a powerful network of leading accounting firms,

multinational corporations, universities and other reputable

companies. As an ongoing effort, we have expanded and

evolved this programme since 2007 to strengthen our ties with

the Singapore business community.

EDUCATiON PARTNERSHiPSTo build a pipeline of future accountants, we continually

encouraged students to pursue a career in finance, accounting

and business and promoted the benefits of being a CPA

in career progression. We pioneered annual Career Fairs

(now known as Career Expo) for the Singapore accountancy

profession, as well as internships and job placement

programmes. Each year since the first such event in 2004, more

than 1,300 jobseekers throng the annual Career Expos, while our

internship programme in collaboration with major employers

continue to see strong take-up. Since 2009, this initiative has

also been greatly enhanced by the inclusion of an important

strategic partner, Contact Singapore - a joint agency of the

Economic Development Board and the Ministry of Manpower.

Much work has also gone into assisting prospective members

gain work experience. In 2005, the Singapore Division, along

with its Hong Kong counterpart, launched the first CPA Passport

Work Experience programme outside Australia. The pilot

programme provided second and third year undergraduates

from Singapore, Malaysia and Hong Kong the opportunity to

gain valuable insights into working life during their summer

break. For the Singapore market, with the strong support of

employers such as the Big Four accounting firms and multi-

national corporations, this initiative enabled more than 80 work

placements to be made each year.

Job seekers exploring opportunities with prospective employers throng CPA Australia’s annual Career Expo.

CPA Australia works closely with a range of Recognised Employer Partners (REP) on professional development initiatives. Government agency SPRING Singapore and accounting firm Mazars are recent joiners of the growing REP list.


CPA Australia launched the CPA Program Scholarships in 2002 for top achievers at Singapore universities. The announcement event (pictured) was led by Loh Hoon Sun, Singapore Divisional President 1997-2005, CPA Australia (fifth from left), Prof Pang Yang Hoong, Dean, School of Accountancy, Singapore Management University (third from left); and Prof Gillian Yeo, Dean, Nanyang Business School, Nanyang Technological University (fourth from right).

To encourage high-performing accounting students to pursue

the professional pathway, we pioneered the CPA Program

Scholarship in 2002 that is now offered to local institutions such

as the National University of Singapore, Nanyang Technological

University, Singapore Management University and Singapore

Institute of Management. The accountancy programmes at

these universities have also received CPA Australia accreditation,

allowing local students to become members upon graduation.

PUbLiC SECTOR PARTNERSHiPSWith the public sector, we have actively participated in a

number of Singapore government and regulator committees

set up to promote the accounting profession, chief of which

was the government-appointed Committee to Develop the

Accountancy Sector (CDAS), which released a seminal report

in 2010 to position Singapore as a global accountancy hub.

The participation of CPA Australia’s Divisional Councillors

and the Singapore general manager in various CDAS working

committees ensured that the interests of our members were

well-represented in this transformation journey being driven by

the Singapore government.

From 2008-2010, Singapore divisional councillors and the general manager participated in various workgroups formed by the Committee to Develop the Accountancy Sector (CDAS). The CDAS report, published in 2010, made 10 key recommendations to transform Singapore into a global accountancy hub.


CPA Program scholarship winners at CPA Australia’s Scholarship Award Ceremony in 2008 attended by a range of employer partners.

MEDiA PARTNERSHiPSSince acquiring Divisional status in 2002, the Singapore Division

has been well ahead of its time amongst professional bodies

in utilising mass media in Singapore to share knowledge on

topical areas relevant to business, finance and accounting. We

have raised the visibility of CPA Australia and contributed to our

members’ stature and professional standing through strategic

partnerships over the years with leading business daily The

Business Times and regional TV station Channel NewsAsia.

CPA Australia worked with Channel NewsAsia to produce The

Bottom Line, a two-episode series educating entrepreneurs and

their aspirants on the challenges that small and medium size

enterprises face in the course of setting up shop and making a

name for themselves.

We partnered ICPAS to sponsor a four-part TV series, Business

Dashboard, telecast on Channel NewsAsia, sharing valuable

views on business continuity, business growth, sustainability

accounting and harmonisation of global accounting standards.

We commissioned a Channel NewsAsia TV series on careers in

finance, accounting and business, alongside a similar series in

the TODAY newspaper. The series aimed to raise the profile of

accountancy and attract talent to the profession. It culminated

in the inaugural CPA Australia Career Market Day, which was

attended by over 2,000 participants.

We also commissioned a two-part TV series, Viewpoint, that

explored quarterly reporting and the legislative regime of

corporate whistleblowing. Adding value and building on this,

we conducted an interactive forum, CPA Viewpoint, where

distinguished business leaders shared their views on these

issues.

The Singapore Division was also setting the agenda with a 5-part

series of the same name telecast on Channel NewsAsia in 2005.

The Agenda series was an interview-based current affairs show

covering business and technology issues. Our focus was on

Corporate Culture, examining issues like venturing abroad, the

new Asian business culture and corporate governance.

In the newspaper space, we partnered The Business Times to

provide regular commentaries on an SME Spotlight series. We

also commissioned a series on tax planning in 2008 to share best

practices on this issue. Each of these featured the professional

views of senior councillors and stakeholders.

The net effect of these has been to showcase CPA Australia’s

thought leadership on issues that affect business, finance and

accounting. Through these efforts, we have helped to raised the

profile of our members in the Singapore marketplace.


KNOWLEDGE-SHARiNG AND TECHNiCAL RESOURCESCPA Australia has worked continuously to represent our

members’ best interests with all stakeholders in the profession.

Through this, we have aimed to ensure that best practices and

concerns experienced by our members are shared with the

profession at large. This, in turn, adds value of the CPA Australia

designation to the business community.

Through the years since 2002, we have released a wealth of

guides, toolkits and workshops to aid our members in public

practice, corporates and SMEs. These include resources such

as a Good Practice Guide, a Public Practice Video Series

showcasing the value of audit to business, International Practice

Management Guide, and SME Workshops focusing on cash flow

management, effective business planning, marketing and tax

planning and competitiveness.

AUSTRADE-AUSTCHAM bUSiNESS PROMOTiON AWARDOur long-term efforts in education and professional

development over several decades were lauded at the

highest level of government. In 2002, CPA Australia won the

inaugural Austrade-AustCham Business Promotion Award,

an endorsement of our outstanding contribution in the

advancement of the accountancy profession and education in

the region over some 45 years. The prestigious award recognises

a business or other entity that has shown excellence in the

promotion and marketing of an Australian product or service.

CPA Australia regularly releases a wealth of guides, toolkits and resource materials to promote professional development among our members in public practice, corporates and SMEs.

CPA Australia wins inaugural Austrade-Austcham Business Promotion Award (2002). L-R: George Yeo, Singapore Trade & Industry Minister; Loh Hoon Sun, Singapore Divisional President 1997-2005, CPA Australia; and Mark Vaile, Australian Trade Minister.


CPA Australia members in public practice share their deep experience in a 2012 video interview series profiling the work of auditors in the profession. (Clockwise from top left): Lisa Liew, Partner, Philip Liew & Co; Irving Low, Partner and Head of Risk Consulting, KPMG Singapore; Philip Yuen, CEO, Deloitte Singapore; Jerry Lee, Managing Partner, Ng Lee & Associates – DFK; Lim Ai Leen, Partner, BDO.

CPA Australia’s Singapore Division has been well ahead of its time amongst professional bodies in utilising mass media in Singapore to share knowledge on topical areas relevant to business, finance and accounting.


The Singapore Division has had a vibrant and committed

community of councillors and committee members who

remained engaged with CPA Australia over the last two

decades. These members built on the excellent work of the

pioneers in the early years and became the hallmark of our

success. New talent also volunteered their time and resources in

service of the profession.

Today, there are about 70 councillors and committee members

who leverage their networks and experience to assist Singapore

divisional staff in executing our initiatives for members and the

profession.

The Singapore Division is extremely fortunate that members

of the Divisional Council are essentially the Who’s Who of the

accounting and finance profession in Singapore. They include

senior partners at the Big 4 accounting firms, as well as senior

executives who work in Corporates, SMEs, public sector and

public practice. Committee members mirror this wealth of

experience and professional and sectoral representation.

The key to success in planning and implementing member

initiatives has been a winning combination of teamwork, as one

former Singapore Divisional President fondly recalls. “There

was very good teamwork between the division council and the

secretariat. And we got very good, committed and resourceful

people manning the secretariat and that has been the hallmark

of our success,” said Mr Steven Lim FCPA (Aust.), who chaired

the Singapore Divisional Council from 2006-2007.

PEOPLE, COMMiTMENT AND CULTUREThe secretariat, or Divisional Office, was ably led at the time

by Ms Chan Lai-Koon FCPA (Aust.), who was the first full-time

Director for Singapore. Her appointment in 1996 recognised the

growing importance of our Singapore membership and its views

in the global business and accountancy environment.

The thinking was that a full time Director, an individual with deep

local knowledge and networks, would be in a prime position to

understand our members’ growing needs. This forward-looking

decision helped to lift the game for CPA Australia in serving our

members in the country and advocating for the profession.

Under Ms Chan’s watch, in collaboration with the Divisional Council,

our membership more than doubled from around 2,500 in 1997 to

over 6,000 by the time she retired from CPA Australia in 2010.

“The achievements of the Singapore Division are a testament

to the teamwork of the Council, committees and staff. It is

heartening to remember the strong commitment and passion of

so many who have worked together to create opportunities to

innovate and contribute to the accounting profession,” said Ms

Chan, recalling her time in the role.

ADDiNG vALUE FOR OUR MEMbERSThe Singapore Division’s prime focus is to ensure we

continuously add value for our members. Since 1996, we have

pioneered a number of major conferences, which have helped

our members in Singapore and the profession understand the

developments in business, finance and accounting.

Senior executives from major accounting firms, corporates and academia form the bedrock of CPA Australia’s Divisional Council and network of committees that plan initiatives to engage our wide membership. L-R: R Raghunathan, Advisory Partner, PwC; Christopher Wong, Assurance Partner, EY; Albert Ho, Director, Centrum Capital; Philip Yuen, CEO, Deloitte Singapore; Themin Suwardy, Associate Professor of Accounting (Practice), Singapore Management University; Deborah Ong, Risk & Quality Leader, PwC; Lisa Liew, Partner, Philip Liew & Co; Loh Hoon Sun, Managing Director, Phillip Securities; Lee Wee Jean, Vice President (Finance), NICE Systems; Low Weng Keong, Board Director, UOL Group

The Singapore Division also started the CPA Forum series,

running annually since 2004, that now covers financial reporting

standards and corporate governance and transparency. These

have gone a long way to discussing the toughest issues of the

day relating to these topics. The CPA Forum is now one of the

most widely-attended events in CPA Australia’s calendar.


CPA Forum 2013 featured a hotly-debated issue of how successful governance can be a game changer for companies. L-R: Melvin Yong, Singapore General Manager, CPA Australia (moderator); Richard Teng, Chief Regulatory Officer, Singapore Exchange; Gautam Banerjee, Chairman, Blackstone Singapore; Themin Suwardy, Singapore Divisional President, CPA Australia; Sanjeev Agrawal, CFO – Singapore and Southeast Asia, Standard Chartered Bank; and Chris Bennett, Director, BPA Australasia.

The CPA Forum series, running annually since 2004, has become a major industry platform to discuss significant trends and issues in financial reporting standards, industry issues, and corporate governance and transparency.


In 2009, the Singapore Division was chosen to host the first flagship CPA Congress outside of Australia. Since then, CPA Congress has grown from strength to strength with the event now being run in 13 locations around the world. The events feature top executives from accounting, business and finance who share insights on the latest critical business issues.


Presidents take the lead in engaging members and significant stakeholders of the Singapore Division at the annual President’s Dinner. L-R: Alex Malley, President and Chairman of the Board 2008; Steven Lim, Singapore Divisional President 2007-2008; Chaly Mah, Singapore Divisional President 2008-2010.

In 1996, I had the honour of being appointed the first full time

director of the Singapore branch of CPA Australia. At the time, I

thought I would stay for five years before returning to Australia

to be with my family.

Today, I am happy to say that my 14-year stint at CPA Australia

was one of the high points of my career. In that time, I was

privileged to witness the Singapore branch become a division

in its own right, membership numbers triple and CPD events

increase four-fold.

I have no doubt that the success of CPA Australia in Singapore is

attributable to the strength of the membership fraternity and the

leadership of the Singapore divisional council members, whose

commitment and teamwork have been an inspiration to me.

I am proud to have been involved in CPA Australia, an

organisation that strives to contribute to the accounting

profession and serve the business community. My professional

life has truly been enriched by the time I spent at CPA Australia

and I treasure the relationships that I had developed and the

many friends I had made.

The last 60 years have seen CPA Australia become an influential

professional body in Singapore, and I have no doubt that the

organisation will continue to go from strength to strength.

AN ENRiCHiNG CAREER HiGH POiNT

CHAN LAI-KOON FCPA (AUST.) Singapore Director and Divisional General Manager 1996-2010


iNAUGURAL iNiTiATivESCPA Forum (2004)

Public Practitioner Competency Series (2004)

Financial planning and SME training workshops (2005)

Inaugural Asia Public Sector Forum (2006)

Regional Tax Forum (2006)

Good Practice Guide for Asia (2008)

xBRL Webinar (2008)

Shadow C-Suite@Singapore Programme (2009)

Public Practitioner Knowledge Sharing workshops for

SMPs (2009)

In 2009, the Singapore Division was chosen to host the first

flagship CPA Congress outside of Australia. Since then, CPA

Congress has grown from strength to strength with the event

now being run in 13 locations around the world.

CPA Australia appointed Mr Melvin Yong as its new Singapore

general manager in late 2011. Working closely with Council,

committees and a wide spectrum of stakeholders, CPA

Australia’s Singapore Division continued to lead the way with

a number of initiatives to cater to our members’ professional

development needs and add to their standing and pride as

accountants.

In 2012, we partnered the Tax Academy of Singapore to

organise the inaugural International Tax Forum, which brought

together renowned international tax experts to share views on

how tax professionals can better respond to the dynamic tax

landscape across Asia-Pacific.

In the CFO space, we launched two initiatives in 2012 that

add value to the experience and skills of this group of senior

executives. First, we started a successful CFO Series of industry

and skills briefings in collaboration with the Big 4 accounting

firms. The Series equips CFOs and C-suite executives with

relevant industry knowledge as they switch industries in the

course of their work.

CPA Australia subsequently partnered the Singapore CFO

Institute to organise the signature CFO Connect Symposium.

The inaugural 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.

Collaborating with the Singapore Accountancy Commission,

we co-organised the first International Accountants Day

celebrations in Singapore in November 2012. The inaugural

event drew more than 2,000 people from the accounting

and finance profession to Singapore’s new downtown at the

picturesque Marina Bay and claimed a space in the Singapore

Book of Records in the process. A second run was held with

immense success in 2013, with nearly 3,000 people donating

books to needy children and clinching a second Singapore Book

of Records entry.

Together with the Accounting Standards Council and accounting

firms BDO, Deloitte, EY, KPMG and PwC, CPA Australia in

Singapore launched the inaugural Financial Reporting Standards

Forum in 2013 to provide a practical focus on IFRS and insights

into the before and after impact of implementation issues and

requirements of developing standards.

CPA Australia in Singapore also extended the organisation’s

thought leadership in the areas of financial reporting, business

management and governance. The Singapore Division

spearheaded several successful publications, including

Corporate Governance Case Studies, Accounting and

Productivity, Getting Your Accounting Right, Tackling Today’s

Audit Challenges, and Family Business in Singapore.

In the area of research, with valuable Council and committee

inputs, CPA Australia has been sponsoring the production

of an annual Governance and Transparency Index (GTI) since

2009. The GTI, produced in collaboration with the NUS

Business School and The Business Times, assesses Singapore-

listed companies on their corporate governance disclosure

and practices, as well as the timeliness, accessibility and

transparency of their financial results announcements. This has

become a widely-tracked benchmark on the governance and

transparency practices of companies listed on the Singapore

Exchange.

These efforts extended an already excellent record in the two

decades before Singapore became a full division. For some

years, CPA Australia has been responsible for a few firsts for our

organisation that raised our public profile and showed why CPAs

were leaders.

But it is not all work and no play. The Singapore Division has

also pioneered various social responsibility projects such as

the annual Children’s Christmas Party and Chinese New Year

celebrations. These well-attended events exemplified the

wonderful social conscience of our members and their families,

and also provided a platform for networking and family bonding.

None of these initiatives would have been possible without the

strong support of our members and key stakeholders.


Josephine Teo, Singapore Senior Minister of State for Finance, was Guest of Honour at the inaugural International Tax Forum organised by CPA Australia and Tax Academy of Singapore in 2012. Experts at the event shared views on major global tax developments.

In engaging the CFO community, CPA Australia partnered the Singapore CFO Institute to organise the signature CFO Connect Symposium. The inaugural 2013 edition brought together 200 CFOs and other C-suite executives to discuss key issues on raising capital, technology and stakeholder communications.


CPA Australia’s Singapore Christmas Party has attracted more than 350 members and their families every December since 2002.


Members and their children try their hand at making moon cakes during the Mid-Autumn Festival, an occasion of fun and family bonding for all.Occasional social visits to animal and fish farms provide good opportunities for members to network and their kids to play.

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Over the years, members have enjoyed several choices of events to socialise and get a taste of the finer things in life.


“ We are deeply grateful to our members for their continuous attendance at our events over the years. We pay tribute to the many volunteer speakers, many of whom are not even members, who have given time and expertise to develop our members. We also thank the many sponsors, employers and academic institutions who have contributed so much to the development of our membership and the profession.”

Themin Suwardy FCPA (Aust.) Singapore Divisional President 2013-2014

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CREATiNG A SUSTAiNAbLE FUTUREbEiNG HEARD AND RECOGNiSED

CREATiNG A SUSTAiNAbLE FUTURE – bEiNG HEARD AND RECOGNiSED 125124

The Singapore Division has pioneered several thought-leading publications since 2011 to advance the skill sets of professionals in audit and those who oversee the preparation of financial statements.

Building on its foundation and infrastructure over the last 60

years in Singapore, CPA Australia continues on the next lap of

its journey here by the end of 2014. A key priority is how the

organisation can continue to make a meaningful impact to the

accounting profession and contribute to Singapore’s vision of

becoming a global accountancy hub.

“We will continue to be on the ground, be visible on matters

which we have an opinion. Continue to provide the types of

knowledge enhancement and trainings even for qualified

accountants that we have been doing all this while, said Low

Weng Keong FCPA (Aust.), President and Chairman of the

Board, CPA Australia, 2010-2011.

In CPA Australia’s favour is a strong track record in innovation

that will help it continue to remain relevant and valuable to our

members and the profession.

“We have always been able to tailor our resources and

programmes to the needs of our members and contribute to the

local national agenda,” said Assoc Prof Themin Suwardy FCPA

(Aust.), Singapore Divisional President in 2013-2014.

iMPACTiNG TOMORROW’S SiNGAPOREThese have included published research reports and toolkits

specific to the Singapore market place, as well as courses

that cater separately to preparers and auditors of financial

statements. All of these aim to ensure our members continually

develop capabilities and uplift standards.

“There’s a lot that CPA Australia can offer. We have been doing

professional qualification examinations in Australia for many

years. There are certainly best practices that CPA Australia

can bring to the table and share with the national body, ISCA,

so that all could improve over a period of time and continue

to improve the quality of the accountancy qualification in

Singapore,” said Mr Chaly Mah FCPA (Aust.), Singapore

Divisional President in 2008-2010.

To help improve the Singapore profession and better serve our

members, CPA Australia has been working with a wide range

of stakeholder groups over the last six decades. These include

the regulators, government agencies, tertiary institutions,

corporates, small and medium enterprises, as well as employer

partners and our members in public practice in big and small

accounting firms.


CPA Australia hosted ACRA’s inaugural Regional Audit Regulators Inspection Workshop in 2012. The workshop brought together regulators from the region to share experiences and practices relating to the regulation of audit and the promotion of audit quality.

In the journey ahead, these important stakeholders will

continue to form the bedrock of CPA Australia’s collaboration

efforts to help realise Singapore’s vision of becoming a global

accountancy hub. The prime focus may lie in the aspects of

professional exams, research, and centres of excellence for

developing specialist areas of accounting.

“We already have established professional exams, different

pathways to attract non-accountants, research capabilities, and

the other aspects of developing accountants to contribute to

the areas of internal audit and valuation,” said Mrs Deborah

Ong FCPA (Aust.), Singapore Divisional President in 2011-2012.

These are also areas of focus for the Singapore Accountancy

Commission (SAC), which was formed to develop the accounting

profession in Singapore.

“There are many aspects that we can consider working together

with SAC because our goals are aligned. Together, we can

ensure that we collectively contribute towards the development

of the profession and Singapore as a global accountancy hub,”

said Mrs Ong.

Continuing to mentor and provide value to accountancy

graduates who will form the core of the next generation of

professional accountants are areas that CPA Australia devotes

substantial resources to.

It is also important for CPA Australia to create a mindset among

graduates that professional qualifications are necessary for

career progression and to be heard and recognised in the

profession and industry.

“As our graduates become more discerning about the choices

of their qualifications, we have to make sure that CPA Australia

is the choice they make. Let them know what we do and what

we stand for and the value of being a member. When people

feel there is a choice, they belong to the organisation a lot more

than if they just follow the pipeline and become a member just

because everybody does,” said Assoc Prof Suwardy.

Student Ambassadors from Management Development Institute of Singapore (MDIS) participate in CPA Australia’s The Naked CEO series where reality television meets social media. Students get a glimpse into how business owners handle the day-to-day challenges of running a business and the qualities it takes to be a successful leader.

A talk on Transitioning your Business to the Cloud engages CFOs on this key business issue for those who head the finance function.


“We can also help them decide whether they want to stay in

public accounting or in the corporate world or go into more

specialised streams like internal audit and valuations. The CPA

professional exams will put them in a good position to pursue

their careers in these aspects. So we can encourage them to

do well in the exams and continue to develop our professional

exams to suit the evolving business environment,” said Mrs

Ong.

With more choices available to future accounting and finance

professionals, operating conditions may become challenging for

professional bodies like CPA Australia. But there are niche areas

where we may claim leadership.

It is also critical to ensure that we do not lose the basics - that

CPA Australia is a membership organisation that seeks to serve

its members well in their qualifications, training needs and

professional development.

“We want to create a sense of association where our members

will be proud of what we do, with a positive perception of our

brand, and the voices that we carry on behalf of our members,

locally, regionally, internationally. We want them to be able to

proudly say ‘hey, I’m a member of CPA Australia’,” said Assoc

Prof Suwardy.

CPA Australia is also in a strong position to tap the hundreds

of Singapore students who study and graduate from Australian

accountancy schools every year.

Above all, the next lap of our Singapore journey may well be

underpinned by a simple strategy.

“Be it new innovation or even new ways of doing things, focus

on the strengths of CPA Australia, build on our good global

brand,” said Mr Mah.

The Singapore Division organises more than 80 events each year to provide opportunities for professional development and networking. (Top): The annual CPA Forum: Financial Reporting updates members on the latest trends in financial reporting standards. (Bottom): Eric Teo, Partner, EY with Chew Tong Gunn, Chairman, CPD Dinner Talk Committee, at a monthly Dinner Talk focusing on business valuations.

“ One of the hallmarks of CPA Australia is its connectivity with and relevance to the business community in Singapore. Its on-going focus on bringing the latest updates and hottest topics through seminars, workshops and now, social media will continue to be a key strategy to keeping our CPAs on top of their game.”

Christopher Wong FCPA (Aust.) Assurance Partner, EY

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Over 60 years in Singapore, CPA Australia has played a significant role in training and supporting generations of accounting professionals by equipping them with skills demanded by industry.

While we have done well, we cannot be complacent but must evolve to meet the fast-changing needs of our members whose role as accounting professionals is being transformed. Much more is now expected of accountants - to be trusted business advisers ensuring that things are done properly to optimise profits and as “ethical guardians” to safeguard the public interest.

Amidst these far-reaching changes, CPA Australia’s challenge is to stay relevant and continue to help our members excel in their demanding roles. This has become even more critical as Singapore positions to be a leading global accountancy hub.

CPA Australia is forward-looking, agile and adaptable in equipping our members with relevant training and knowledge that organisations need. Leveraging technology will help raise productivity and provide new and innovative services.

Providing more avenues for graduates from different disciplines to join accounting will widen the talent pool in Singapore and bring diversity to strengthen the profession. Encouraging our members to focus on quality and upholding integrity is critical to building public confidence and trust.

A PiONEERiNG SPiRiT FOR THE FUTUREDeepening existing stakeholder relationships and establishing new ones will create a vibrant environment and offer different avenues to obtain a professional qualification and specialised skills.

The next few years will be exciting. Just as CPA Australia was there in the early years, our pioneering spirit will serve us well as we chart new territories to advance excellence in the accounting profession.

PHILIP YUEN FCPA (AUST.) Chairman, 60th Anniversary Advisory Committee and

Deputy Singapore Divisional President 2013-2014


“ In the Singapore market, CPA Australia has a niche to play because there are many Singapore students who have studied and graduated from accountancy schools in Australia. Work closely with the national body and continue to share best practices because I think both organisations can co-exist and make Singapore an accountancy hub for the region.”

Chaly Mah FCPA (Aust.) Singapore Divisional President 2008-2010


Members in Singapore have a wealth of networking opportunities throughout the year. Divisional councillors Themin Suwardy, Philip Yuen and Christopher Wong (pictured) join other councillors in flying the CPA Australia flag among members and other major stakeholders at these events.

The CPA Australia designation has been a badge of honour that accountants globally have worn with pride over the years. In more recent times, the designation has also evolved into a recognition desired by strategic business leaders working in both industry and public practice.

As a result, building capabilities of CPAs to meet the needs of industry and enhancing the value of their designation have become strategic priorities for CPA Australia.

“We want to produce people who are good at accounting but also with the breadth of knowledge to allow them to go further and broaden their capabilities. In terms of what members expect to have, one is that they and our qualification must be marketable. And two, we should maintain and upgrade their knowledge so that they can do their job well and prepare themselves for the future,” said Low Weng Keong, FCPA (Aust.) President and Chairman of the Board, CPA Australia, 2010-2011.

In Singapore, some three quarters of members work in corporates and SMEs, with the remainder spread out in public practice, the public sector and not-for-profit organisations.

CPAs understand the increased volatility and pace of the business environment and are able to adapt business strategies accordingly. This makes them valuable and relevant to the diverse sectors of the Singapore economy.

ENHANCiNG THE vALUE OF CPAs“CPAs can partner with business and plan for this volatility. They can advise the business on how to price in risk, detect a range of possibilities in a creative way, factor in turbulence and working through the process, as well as build a strong working relationship through the business eco-system,” said Ms Jean Lee FCPA (Aust.), Vice President (Finance) at NICE Systems.

Building the right and relevant capabilities is therefore critical if the value of CPAs is to be enhanced.

This is where CPA Australia, with its wealth of resources for accountants and finance professionals in business, is helping through continuing professional development.

“In developing CPAs, we will need a holistic perspective that includes soft skills competencies to partner with business, a focus on cross border, multi-cultural, and multi-locations, as well as being able to handle colleagues and key stakeholders that span diverse age groups,” said Ms Jean Lee of NICE Systems.

CPA Australia’s Singapore Division currently organises more than 80 professional development events annually to build competencies that span business, technical, leadership and personal effectiveness. These programmes are continually updated and refreshed as part of an ongoing strategy to upgrade the skills of our members in industry and public practice.

Going forward, it is also imperative that CPA Australia continues to engage and educate employers about the value that CPAs bring to their organisations.

“We need the right messaging to the business community that our CPAs have strong commercial and operational capabilities in addition to their ability to have a financial perspective. We strive to help our members learn to market and showcase their extensive skill sets and especially how we can participate in and contribute to the business,” said Mr Christopher Wong FCPA (Aust.), Assurance Partner at EY.

Enhancing the value of the CPA also means helping our members tackle the challenges of the new normal in business. The business environment has been transformed over the last two decades with major global events such as the Asian Financial Crisis in 1997, the SARS epidemic in 2003 that slowed many Asian economies, and the Global Financial Crisis in 2008 triggered by the collapse of the US investment bank Lehman Brothers.

The role of CPAs therefore cannot be confined to reporting financial results and guiding an organisation to comply with rules.

“While CPAs have started building their knowledge and capabilities in areas such as business valuation and risk management, they must also quickly develop their ability to better communicate with internal and external stakeholders about an organisation and its business. Otherwise, the perception of our profession as being unable to communicate beyond financial statements will restrict CPAs from participating as effective key management members,” said Mr Ong Pang Thye FCPA (Aust.), Partner and Head of Audit at KPMG Singapore.


Not every CPD event is “heavy duty” stuff. The monthly Personal Effectiveness Series teaches soft skills to excel in the workplace – great opportunities to let your hair down or stand out from the crowd!

In the journey ahead for CPA Australia in Singapore, it will be important to generate greater awareness about the evolving knowledge and capabilities of CPAs. Doing so will help to brand the profession and help companies recognise that CPAs remain relevant to their business.

Mindsets must also change to go beyond mere financial reporting. All stakeholders, including CPAs, must continue to seek deeper understanding of how best to measure and report business performance.

“From a broader industry perspective, a key challenge lies in how professional bodies and the accounting profession can work together to revamp the corporate reporting landscape,” said Mr Ong of KPMG Singapore.

With businesses ever more global now, CPA Australia can continue to develop the capability of its members to work in an increasingly borderless business world.

“In addition to having the mandatory technical content that is expected of an accounting body, CPA Australia’s events are also topical and relevant to the diverse membership base,” added Mr Albert Ho FCPA (Aust.), Director at Centrum Capital.

To help CPAs stay ahead of the competition, skill sets can be developed beyond technical competency and leverage the use of technology in an innovative way.

Staff of member firms in the Singapore Accountancy Alliance after an inaugural training series at the Singapore Office in 2014. The alliance has 9 member firms who come together to explore joint initiatives.

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“ Prepare CPAs to assume a far greater organisational remit. Nurture our members to develop an entrepreneurial spirit, strategic thinking skills, consulting skills, and constantly rethinking process excellence. We play an important role in helping members to master technical and cultural challenges and be aware of regulation of cross-border operations.”

Jean Lee FCPA (Aust.) Vice President (Finance), NICE Systems

“ CPAs need to step up and rise to the challenge of working in partnership with top management in bringing their company to the next level instead of being just the ‘bean counters’.”

Lisa Liew FCPA (Aust.) Partner, Philip Liew & Co.


Over six decades in Singapore, CPA Australia has built itself up as a brand not just for accounting professionals but also for finance executives who work in many areas of business and finance. Today, a majority of CPA Australia members in Singapore are employed in industries where the aim of the organisation is beyond mere finance and accounting.

The CPA Australia brand emphasises the strength and global recognition of the CPA designation and the value it brings to employees and employers alike. The CPA Australia designation is a stamp of professional accomplishment as well as a hallmark of leadership, strategic and commercial excellence.

But while much progress has been achieved over the last 60 years, extending the CPA Australia brand to a wider audience is imperative for the growth of our membership and organisation going forward.

ExTENDiNG THE bRAND: bROADENiNG OUR AUDiENCE“The strength of the CPA Australia brand is critical for future success. It must be valued by employers and potential members. Presentations and activities which help to showcase the expertise of CPA Australia members are very useful for both members and the CPA Australia organisation,” said Mr Bill Bowman FCPA (Aust.), Senior Director – Risk Management and Internal Control at Infineon Technologies.

“The challenge ahead will be for CPA Australia to stay relevant, to constantly reshape itself to be relevant with its appeal to the diverse interests of its members and potential members. CPA Australia may be diverse in its offerings but yet strive to be highly regarded as a brand for professionals in accounting, business and finance,” said Mr Albert Ho FCPA (Aust.), Director at Centrum Capital.

It is therefore vital for CPA Australia to keep up with efforts to enhance and sustain the value of its brand. Much of this will depend on raising awareness among those from other industries who may wish to join accounting and finance, as well as engaging and nurturing the pipeline of future accountants and finance professionals who will take on these roles in the near future.


Every year, members who graduate from the CPA Program are presented with certificates to mark the important milestone in their professional careers.Members with extensive experience in accounting and finance are accorded Fellow or FCPA status at an annual ceremony hosted by Divisional Councillors. L-R: Lisa Liew, Singapore Divisional Councillor, CPA Australia; Themin Suwardy, Singapore Divisional President, CPA Australia; Low Weng Keong, Singapore Divisional Councillor, CPA Australia; Dr Margaret Tan, Associate Professor, Nanyang Technological University; Amy Soh, Financial Controller, HSL Constructor; Tan Wee Ko, CFO, Challenger Technologies; Silas Tan, Financial Controller, Triumph Drilling.


Ong Pang Thye FCPA (Aust.), Partner and Head of Audit, KPMG (standing) speaks at Entry Point session organised to share life and career experiences with recently-joined members of CPA Australia.

“Accountancy is a good solid profession which can prepare somebody for greater things in the business world. It is one of the most steady professions that you can have,” said Mr Low Weng Keong FCPA (Aust.), President and Chairman of the Board, CPA Australia, 2010-2011.

“Accountancy teaches you a process, an objectivity, to analyse things and that would be of use in the future. And having achieved an accounting qualification, I believe the person would be better placed to do anything else that he or she chooses to,” Mr Low added.

Taking the CPA Australia brand to a wider audience in Singapore will need much creativity to leverage on the values of the brand and the global recognition of the designation.

“The Singapore Division has been very active with a lot of activities. The only way you can continue to bring value to members is to continue to engage them, bring new ideas, bring new activities, bring new programmes to them and so that they could continue to appreciate the engagement with CPA Australia, continue to appreciate the value that they are getting from the organisation,” said Mr Chaly Mah FCPA (Aust.), Singapore Divisional President in 2008-2010.

“Never let up on creativity in what we do at CPA Australia. We should be open to new ideas and ideas which may not be intuitive to us. We continue to innovate the manner in which we support our members’ learning and development and knowledge sharing and interaction,” said Mr Christopher Wong FCPA (Aust.), Assurance Partner at EY.

To build leadership, strategic and commercial excellence, promoting strong ethical values among professionals is a priority.

Broadening the CPA Australia audience is also about engaging technology to facilitate more people taking its globally-recognised professional exams.

These efforts can be supported by robust research and continuing professional development that will define CPA Australia and its thought leadership on the issues that matter for business.

As beacons of CPA Australia’s brand values, councillors and committee members will continue to be critical conduits in engaging members, prospects and the wider business community about our value proposition going forward.


More than 3,000 accountants celebrate in style at the annual International Accountants Day event. In 2012, they joined business cards to claim an entry in the Singapore Book of Records for the Longest Name Card Chain. In 2013, they set another record in Singapore for the Most Number of Books Collected in a Location for underprivileged children. Activities and friendly games accompany each celebration.


“ Acquire your professional CPA Australia exams, keep your continuing education going, continue to reinvent yourself and be open and agile to embrace the changing environment.”

Deborah Ong FCPA (Aust.) Singapore Divisional President 2011-2012

“Over the years, CPA Australia has leveraged its councils and committees very well to connect and be in touch with its members’ needs and build a brand that members want to be associated with. This is evident in the growth in membership in Singapore over the years,” said Mr Albert Ho FCPA (Aust.) of Centrum Capital.

To further grow our membership in coming years, CPA Australia’s focus is to develop a sustainable pipeline of accountants. A key aim is to help them understand the more complex business environment and regulatory regimes that affect all companies.

It is also important to have a strong advisory and support network, especially in mentoring accounting and finance students to help them better prepare for their working lives ahead. CPA Australia’s Singapore office now provides a range of advisory services for those looking to join the accounting and finance profession. It also creates opportunities for mentorship by experienced CPAs.

Budding professionals are often advised that being an accountant is an important calling. “The global system of business and enterprise systems is built on the idea of trust. In many ways, accountants are the stewards, the trust keepers, of business and financial reporting. Without accounting, risk management, governance and the whole spectrum of other things like law, we won’t have a market that we can trust. Without that, economies can’t grow. It is a big job and if those who come into the profession look at it as beyond a job, I think we will do well,” said Assoc Prof Themin Suwardy FCPA (Aust.), Singapore Divisional President 2013-2014.

Regardless of their educational backgrounds, when building their careers, prospective accounting and finance professionals can benefit from a simple piece of advice:

The Singapore office provides a suite of member advisory services for those seeking to undertake the CPA Program and continuing professional development as CPAs.


Low Weng Keong George Chung Loh Hoon Sun Soh Yew Hock Steven Lim Chaly Mah Deborah Ong Themin Suwardy

The success and growth of the Singapore Division must be credited to the many divisional councils, committees, members and staff who have served CPA Australia with pride and passion over the years. Their dedication and commitment have made CPA Australia a critical partner and stakeholder in the advancement of the Singapore accounting profession.

This chapter pays special tribute to the outstanding individuals who have helped to make that difference, extended CPA Australia’s leadership and broadened our audience.

CELEbRATiNG OUR SUCCESS; HONOURiNG OUR HEROESPRESiDENTSPresident, Chairman and Councillor

Low Weng Keong

Divisional Presidents and Councillors

George Chung, Loh Hoon Sun, Soh Yew Hock,

Steven Lim, Chaly Mah, Deborah Ong, Themin Suwardy

Andrew HanChia-Tern Huey Min Albert Ho Lee Wee Jean

Lisa Liew Low Weng Keong

Philip YuenChristopher WongThemin SuwardyRichard Teng

Deborah Ong Ong Pang Thye

Singapore Divisional Councillors past and present have sacrificed their personal time and worked tirelessly to help drive the initiatives of the Singapore Division to engage our diverse membership:

2014 SiNGAPORE DiviSiONAL COUNCiL

148

Peter Barker Bill Bowman James Chan Cheah Thye Hong Chew Tong Gunn

Chia Meng Teck Chia-Tern Huey Min Michael Chong George Chung N K Das

Han Kang Hong Andrew Han Albert Ho Evelyn Koh Lee Wee Jean

Lien Fain Sze Lisa Liew David Lim Steven Lim Lo Hock Ling

Loh Hoon Sun Low Weng Keong Irving Low Chaly Mah Ong Pang Thye

Deborah Ong Peh Seng Choon David Petrie Sarah Phillipson Soh Yew Hock

Themin Suwardy Tan Choon Ping Philip Tan Richard Teng Teo Chee Khiang

Wan Chew Yoong Wee Seng Tiong Christopher Wong Tom Yee Philip Yuen

COUNCiLLORS


Keng Pheng Aldridge Joanne Ang Bill Bowman Timothy Chan Yvonne Chan

Chan Lai-Koon Chen Voon Hoe Cheng Nam Sang Cheung Pui Yuen Chew Tong Gunn

Dominic Chia Chiang Hai Yin Agatha Chin Chng Chee Kiong Goh Ing Nee

Christina Goh Melvin Gwee Andrew Han Victor Heng Malcolm Heng

Albert Ho Ho Yew Kee Hooi Den Huan Ramchand N Jagtiani Vivien Koh

Kok Moi Lre Barry Lee Lee Wee Jean Lisa Liew Vanessa Lim

Steven Lim Lo Wei Min Loh Hoon Sun Irving Low Jeanette Lui

Haryane Mustajab Jeanette Ng Ng Liew Peng Ng Lin-Di Genevieve Ng

Gary Pan Diana Pang Daryl Pereira Alagappan Perianan Mohana Radha Rajoo

Stanley Sia Sng Hock Seng Dwi Suseno Themin Suwardy Tan Kay Kheng

Patricia Tan Silas Tan Tan Jun Hao Tan Thiam Hee Tan Wee Ko

Alan Tang Tang Shiuh Huei Tang Shiuh Ying Joyce Tay Teo Chee Khiang

Eric Teo Gregory Thong Donald Tong Wan Chew Yoong Christopher Wong

Wong Pei Xu Wong Tze Yau Yee Fook Hong Yeow Ai Ling Philip Yuen

Jelene Zheng

COMMiTTEE MEMbERSThe members of the 10 Singapore Divisional Committees in 2014 who exercise great passion in organising and delivering the wide suite of activities for our members.


Loh Hoon Sun (L), Singapore Divisional President 1997-2005, presents former councillor James Chan (R) with a President’s Award, which recognises the contribution of a member over and above what might reasonably be expected through a voluntary contribution.

Pioneer generation member Lo Hock Ling shares a brief history of the Public Practice Group with members who gathered to celebrate the group’s 30th Anniversary in July 2014.

The pioneers who laid our vital foundations in Singapore and who provided critical inputs on our early history for this book, and everyone who has contributed over the years to the success of the Singapore Division today.

PiONEERS

The Singapore Division continues to benefit from the experience and institutional knowledge of our pioneer generation. L-R: Chia Meng Teck, Loh Hoon Sun, David Lim, Mrs Brenda Loh, Wee Seng Tiong.

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Former councillor Tom Yee (L) receives the Divisional President’s Award from Soh Yew Hock, Singapore Divisional President 2006.

Former councillor David Lim (R) is among the pioneer generation members who regularly grace the annual President’s Dinner; pictured here receiving a token of appreciation from Mrs Penny Mah.


Members over the years have formed the vital core of CPA Australia in Singapore. As a professional body, representing the interests of our members, we help them achieve professional recognition and undertake continuing professional

30, 40, 50 AND 60 YEAR MEMbERS

30 YEARS

development. But we also continue to celebrate important milestones for all who achieve various decades of membership, such as 30, 40, 50 and 60 years.

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40 YEARS


50 YEARS

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CPA Australia management and Singapore Divisional Councillors congratulate our first 60-year member at the President’s Dinner. L-R – Adam Awty, Chief Operating Officer – Commercial, CPA Australia; Low Weng Keong, Singapore Divisional Councillor; Themin Suwardy, Singapore Divisional President; Ong Tiam Seng, 60-year member; Deborah Ong, Board Member; and Melvin Yong, Singapore General Manager.

In 2013, Divisional President Themin Suwardy (L) presented the Singapore Division’s very first 60 Year membership award to Mr Ong Tiam Seng FCPA (Aust.) (R). Mr Ong’s illustrious career has spanned a number of roles in Australia and Singapore, including more than 20 years in a Singapore-based shipping firm and, in more recent years, as a broker with local investment firm UOB Kay Hian where he retired in 2004.

60 YEARS


Membership pins are given out to members who have achieved up to five decades of membership. Each stone represents membership of 10 years.


L-R: Alex Malley, Chief Executive, CPA Australia; Magnus Bocker, CEO, 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 and CEO, Olam International.

Our employer partners, largely those from corporates and SMEs, have been a critical stakeholder group for the Singapore Division. They employ the majority of our members in Singapore but have also been valued sponsors and supporters of our major initiatives and events.

EMPLOYERS

The participation of high profile corporate chieftains has been a hallmark of the annual flagship CPA Congress since its current iteration from 2009.

L-R: Low Weng Keong, Singapore Divisional Councillor; Brendan Egan, Head of Tax (Asia/Pacific), AIG; Loh Chin Hua, CFO, Keppel Corporation; Goh Ann Nee, CFO, City Developments Limited; Themin Suwardy, Singapore Divisional President, CPA Australia; and Richard Jerram, Chief Economist, Bank of Singapore.


Big 4 tax partners share their insights during a panel discussion on Singapore Budget 2012 at the monthly Dinner Talk in March 2012. L-R: Melvin Yong, Singapore General Manager (moderator); See Jee Chang, Tax Partner, Deloitte; Russell Aubrey, Tax Partner, EY; Tay Hong Beng, Partner and Head of Tax, KPMG; and David Sandison, Tax Partner, PwC.

Through panel discussions, top employers speak on what it takes to build a rewarding career in accounting and finance at CPA Australia’s annual Careers@Singapore event. L-R: Melvin Yong, Singapore General Manager (moderator); Sam Kok Weng, Human Capital Partner, PwC; Vincent Toong, Assurance Partner, EY; Tim Braun, Senior Manager, Grant Thornton; and Denis Usher, Managing Partner, Mazars.


Experts on global shared services give insights on the latest developments to CFOs at a breakfast briefing organised by CPA Australia and I2M. L-R: Zulfiqar Zainuddin, Managing Director, I2M Ventures; Manoj Menon, Senior Partner & Managing Director, APAC, Frost & Sullivan; Maheshwar Venkataraman, Executive Director, PwC Consulting; and Venkat Iyer, Managing Director & Head of Citigroup Transaction Services, Citigroup Malaysia.

Board directors and senior management debate the hot issues of corporate governance and transparency at the CPA Forum 2014. L-R: William Liem, CEO, Tuan Sing Holdings; Lim Ho Seng, Chairman, Baker Technology; Assoc Prof Themin Suwardy, Singapore Divisional President, CPA Australia; Koh Chiap Khiong, Group CFO, Sembcorp Industries; and Ian Macdonald, President, HL Finance.


CPA Australia’s Student Ambassadors are treated to a networking evening with members of the Young Professionals Network who shared thoughts about working life in the accounting and finance profession.

Tertiary institutions have made valuable contributions to the development of the Singapore Division. In recent decades, local universities have been one source of new members for CPA Australia. Another vital source has been foreign universities,

TERTiARY

such as those from Australia, who conduct distance learning programmes in Singapore, in addition to international students who study in Australian tertiary institutions.

Student ambassadors from various Singapore tertiary institutions provide the logistical support for CPA Australia’s annual Careers@Singapore event, which also provides a platform for them to engage with prospective employers.


Student Ambassadors from Nanyang Technological University (NTU) participate in CPA Australia’s The Naked CEO series where reality television meets social media. Students get a glimpse into how business owners handle the day-to-day challenges of running a business and the qualities it takes to be a successful leader.

Tertiary students get a regular chance to meet and interact with their peers from other institutions through a suite of customised activities at CPA Australia’s office at One Raffles Place.


Knowing me, knowing you. Students from Singapore tertiary institutions in a light-hearted ice-breaker activity ahead of hearing perspectives on careers in accounting.

CPA Australia’s Singapore Office at One Raffles Place provides an excellent backdrop for regular networking amongst tertiary students from the accounting, business and finance disciplines who chit-chat over a buffet spread.


Josephine Teo, Senior Minister of State for Finance and Transport, delivers Guest of Honour Address at CPA Congress 2013.

CPA Australia has been honoured to have received the strong support and endorsement from many senior government and public sector officers over the years. This recognises our continuing contributions to the advancement of the Singapore accounting profession over the last 60 years.

PUbLiC SECTOR/GOvERNMENT

(Clockwise from top left): Singapore Finance Minister Richard Hu opens CPA Australia’s Regional Conference in 2001; Singapore Trade and Industry Minister Lim Hng Kiang officiates at the CPA Forum 2004; S Iswaran, Singapore Senior Minister of State for Trade and Industry, was Guest of Honour at the CPA Forum 2010 focusing on good corporate governance; Singapore Minister of State for Finance Lim Hwee Hua speaks at the CPA Forum 2006 which discussed the latest business trends.


CPA Australia works closely with regulator ACRA on policy matters affecting accountants and the accounting profession. L-R: Deborah Ong, Board member, CPA Australia; Philip Yuen, Singapore Divisional Deputy President (2013-2014), CPA Australia; Themin Suwardy Singapore Divisional President (2013-2014), CPA Australia; Kenneth Yap, Chief Executive, ACRA; Low Weng Keong, Past President, CPA Australia; and Julia Tay, Assistant Chief Executive (Accountancy), ACRA at the Financial Reporting Standards Forum 2013.

Singapore Accountancy Commission Chairman Michael Lim (L) visits CPA Australia’s head office in Melbourne where Chief Executive Alex Malley (R) and senior management shared our experience in operating a global professional body and conducting professional exams.

The Singapore Division has hosted a number of Australian ministers visiting Singapore, including Senator Nick Sherry, Australian Minister for Superannuation and Corporate Law, at the CEO Lunch Forum 2009. L-R: Chaly Mah, Singapore Divisional President (2008-2010), CPA Australia; Senator Nick Sherry, Australian Minister for Superannuation and Corporate Law; and Low Weng Keong, President and Chairman of the Board (2010-2011), CPA Australia at the CEO Lunch Forum 2009, organised by the Singapore Division.


The Singapore Division continues to receive strong support from the Australian High Commission in various major activities. L-R: Themin Suwardy, Singapore Divisional President 2013-2014; Philip Green, Australian High Commissioner to Singapore; Adam Awty, Chief Operating Officer – Commercial, CPA Australia; and Low Weng Keong, Singapore Divisional Councillor.

Julie Heckscher, Deputy Australian High Commissioner to Singapore (second from left), opens CPA Australia’s new office at One Raffles Place in 2011. With her are L-R: Deborah Ong, Singapore Divisional President, 2011-2012; Low Weng Keong, President and Chairman of the Board, CPA Australia, 2010-2011; and Jeff Hughes, Chief Operating Officer – Member Services, CPA Australia.


SPEAKERSMany distinguished speakers and prominent subject matter experts have volunteered time and effort over the years to deliver valuable content for members’ continuing professional development. CPA Australia deeply appreciates the participation of each and every individual.

Simon Teo, Private Client Service Manager, Phillip Futures.Goh Mui Hong FCPA (Aust.), President and CEO, ST Asset Management.

Associate Professors Lim Chu Yeong CPA (Aust.) and Gary Pan FCPA (Aust.), Singapore Management University. Shariq Barmaky FCPA (Aust.), Partner, Deloitte.

Chen Voon Hoe FCPA (Aust.), Partner, PwC.Irving Low FCPA (Aust.), Partner, KPMG.

Eric Teo FCPA (Aust.), Partner, EY.


Chiu Wu Hong FCPA (Aust.), Partner, KPMG.

Low Hwee Chua, Partner, Deloitte.

Neo Sing Hwee FCPA (Aust.), Partner, EY.

Chris Woo FCPA (Aust.), Partner, PwC with Corporate/SME Committee chair Bill Bowman FCPA (Aust.).

Albert Ho FCPA (Aust.) (R) chairs panel discussion of entrepreneurs at the Dinner Talk in June 2014.

Jimmy Koh, Head of Economic-Treasury Research, UOB (L) with CFO Committee member Agatha Chin FCPA (Aust.).

Assoc Prof Wan Chew Yoong FCPA (Aust.) (R) moderates a discussion on public sector issues.

Koh Soo How, Tax Partner, PwC.


STAFFStaff of CPA Australia Singapore office have served our members with distinction and passion over the years.

2004

2014

2000

2006

2014 SiNGAPORE DiviSiON TEAM AT YOUR SERviCESharan Bhinder, Mark Chau, Amy Chin, Teresa Chung, Sheryl Koh, Anastasia Kong, Mikaela Kwee, Lucas Lam, Noreana Latiff, Carol Lau, Shaun Lee, Mark Loo, Mileth Moreira, Trang Pham, Angelin Quek, Royston Sim.

183182

185184

SiNGAPORE DiviSiON - MEMbER PROFiLE

57% 43%

61%

29%

187186

CPA AUSTRALIA TIMELINE

1886 19661915 19901953 20111887 19861921 20001955 2014

First meeting held at the office of Messrs. Davey, Flack & Co, 10 Elizabeth St, Melbourne

Incorporated Institute of Accountants Victoria (IIAV), later known as CPA Australia, was registered

IIAV changes its name to Commonwealth Institute of Accountants (CIA)

Mary Addison Hamilton becomes the first female admitted to full membership

FIA and CIA merge to form the Australian Society of Accountants (ASA) and appoint representatives in London and Singapore

Victorian Society of Public Accountants merge with ASA

The Australasian Institute of Cost Accountants merge with ASA

CPA Program launched ASA changes its name to Australian Society of CPAs

Australian Society of CPAs becomes CPA Australia

125th anniversary of CPA Australia

60th anniversary of CPA Australia in Singapore

TiMELiNE 189188

SiNGAPORE TiMELiNE

SINGAPORE

1954Anti-National Service Riots break out in Singapore in

protest against british colonial government enlistment policy.

1955Election of Legislative Assembly; Singapore achieves

partial internal self-government; David Marshall becomes first Chief Minister.

Hock Lee bus riots break out; four people killed.

1956David Marshall leads delegation to London to negotiate

for complete self-rule; Lim Yew Hock takes over as Chief Minister.

Student riot breaks out, resulting in 13 deaths and more than 100 injured.

1957british colonial government agrees to creation of a

State of Singapore.

Legislative Assembly expanded and chosen by popular election by citizens.

1958State of Singapore Act passed in UK Parliament; State of

Singapore established.

CPA AUSTRALIA

1954CPA Australia registers as a foreign company under Companies Ordinance.

Operates out of Smalley & Co office with OC Smalley as Malayan Representative.

1956OC Smalley dies 28 Sep; Francis Kwan recommended as new Malayan Representative.

1957Francis Kwan confirmed as Malayan Representative; takes over Smalley & Co practice.

ASA President and General Registrar visit a number of Asian locations including Singapore to discuss training of accountants with authorities.

About 300 students from Singapore sit for ASA professional exams.

Here are some key developments that have taken place in the first 60 years of CPA Australia’s journey in Singapore set against the backdrop of the nation’s history.

SINGAPORE

1959Chief Minister Lim Yew Hock successfully gains full self-

government for Singapore.

People’s Action Party wins landslide in new Legislative Assembly Elections; Lee Kuan Yew becomes first Prime

Minister of Singapore.

1960A new statutory body comes into being: the People’s

Association (PA) aims to promote community recreation, forging closer ties between Singapore’s ethnic groups.

1961idea of the Federation of Malaysia mooted to include Federation of Malaya, Singapore, brunei, and british

territories of Sabah and Sarawak.

1962The University of Singapore is born at a midnight

ceremony at its bukit Timah campus.

1963Leaders of Singapore, Malaya, Sabah and Sarawak sign

Malaysia Agreement to establish the Federation of Malaysia.

CPA AUSTRALIA

1960Confederation of Asian and Pacific Accountants (CAPA) formed to facilitate more effective collaboration and provision of services to accountants in Southeast Asia.

1961ASA President and General Registrar make second visit to Asia under Colombo Plan arrangements to discuss training of accountants with government authorities.

Singapore Government requests ASA help under Colombo Plan to draft legislation to create Singapore Society of Accountants (SSA).

George Chung becomes Chairman of ASA Singapore Group.

Francis Kwan facilitates formation of ASA Student Society in Singapore.

1963Law passed in Singapore Parliament to create Singapore Society of Accountants (SSA).

Francis Kwan and George Chung, among others, become councillors in SSA.

Events related to Singapore are listed in the column on the left, while those related to CPA Australia in Singapore are on the right.

TiMELiNE 191190

SINGAPORE

1964Race riots shake Singapore in july and September

between Chinese and Malay groups.

1965Malaysia expels Singapore from Federation in unanimous

Parliamentary vote on 9 August.

Hours later, Singapore Parliament passes Republic of Singapore independence Act, establishing an

independent and sovereign republic.

Singapore joins United Nations as sovereign state in September; joins Commonwealth in October.

Constitutional Amendment Act is passed; Yusof ishak becomes first president of Singapore.

1966Post Office Savings bank (POSb) officially becomes an

independent Singapore savings bank to encourage thrift and mobilise domestic resources for public development.

1967Singapore becomes 104th member of the international Monetary Fund and the World bank, giving it access to

international funds for development.

Singapore helps to co-found Association of Southeast Asian Nations (ASEAN).

Singapore issues the first Singapore Dollar currency notes.Full-time National Service (NS) is introduced.

1968britain announces its intention to withdraw its armed

forces from Singapore.

People’s Action Party wins all seats in 1968 General Election, which is boycotted by barisan Sosialis.

CPA AUSTRALIA

1965ASA Malayan Representative Francis Kwan becomes second President of Singapore Society of Accountants.

CPA Australia marks 11 years in Singapore on 10 August.

Notice given to withdraw Professional Examination in Singapore in 1966.

Francis Kwan re-designated Singapore local representative.

1967George Chung becomes Chairman of ASA Committee of Advice in Singapore.

SINGAPORE

1969Race riots break out after tensions created by a 13 May

incident in Malaysia spilt over into Singapore.

1970Singapore government formulates second economic

development plan to promote tourism, financial institutions and services alongside manufacturing

industries as the four pillars of Singapore’s economy.

1971benjamin Henry Sheares becomes second President of

Singapore.

Last british military forces withdraw from Singapore

1972Tripartite National Wages Council (NWC) set up to

ensure that workers’ wages will increase in tandem with Singapore’s economic growth without becoming a burden

to employers.

1973Seventh Southeast Asian Peninsular (SEAP) Games is held

in Kallang National Stadium.

1974Laju incident - japanese Red Army bombs petroleum

tanks at Pulau bukom and hijacks a ferry boat.

1975Foreign Minister S. Rajaratnam leads a delegation on

Singapore’s first goodwill mission to China.

CPA AUSTRALIA

1976ASA creates two professional development programmes in conjunction with the national accounting bodies of Singapore, Malaysia, Hong Kong and Papua New Guinea.

TiMELiNE 193192

SINGAPORE

1978The Greek tanker Spyros explodes at jurong Shipyard on

12 October, killing 76 people.

1979Singapore becomes the world’s second busiest port in

terms of shipping tonnage.

1981Singapore Changi Airport starts operations.

C v Devan Nair becomes third President of Singapore.

1982internal Security Department (iSD) officers arrest 10

members of an extremist organisation accused of plotting to overthrow the Government.

1983Singapore Cable Car is hit by Eniwetok, a Panamanian-registered oil rig, sending two cabins plunging into the

sea and killing seven people.

1984Non-Constituency Member of Parliament scheme is

introduced.

Two opposition MPs elected to Parliament for the first time.

1985Singapore economy falls into its first-ever recession since

independence.

CPA AUSTRALIA

1980New CPD scheme takes effect; 120 hours of CPD per triennium recommended.

1982in November, an ASA representative travelled to Singapore, Malaysia, Hong Kong and Papua New Guinea to teach the POP Common Core to 84 Society members.

1983Professional Schedule introduced, incorporating the CPA programme, specialisations, public practice and continuing professional development.

1984CPD Dinner Talk and Public Practice Discussion Group established; structured talks began to help members fulfil CPD hours.

1985ASA Annual General Meeting in Hobart votes to adopt the Professional Schedule and CPA Program.

SINGAPORE

1986Hotel New World collapses, killing 33 people.

198716 people arrested in May during Operation Spectrum

and detained under the internal Security Act for alleged involvement in a Marxist conspiracy.

MRT system declared open.

1989Singapore Government relaxes immigration controls to

attract foreign talent for economic growth.

1990East-West Line of MRT system is complete.

Singapore Changi Airport Terminal 2 begins operations.

Goh Chok Tong becomes Singapore’s second prime minister since independence.

1991Four Pakistanis hijack Singapore Airlines SQ117; demand

release of Pakistan Peoples Party members from Pakistani jail.

1994American Michael P. Fay convicted and caned for

vandalising cars, triggering negative media publicity from US news agencies.

CPA AUSTRALIA

1986CPA Program launched globally.

1988ASA establishes branches in Singapore, Malaysia, Hong Kong and the United Kingdom.

1989New ASA Singapore office opens at Colombo Court; moves out of premises of Smalley & Co.

1990ASA takes on new name – Australian Society of Certified Practising Accountants (ASCPA).

New membership structure introduced; Post-nominals reorganised into three distinct categories – ASA, CPA and FCPA.

1993Warwick Smith, first Director for Asia, appointed to oversee full time staff in ASCPA offices outside Australia.

1994ASCPA Asian offices set up administrative and member support arrangements to increase range of services for growing membership in the region.

TiMELiNE 195194

SINGAPORE

1995barings bank collapses; brought down by rogue trades by

Singapore-based trader Nick Leeson.

1997Asian Financial Crisis erupts as speculators attack Thai

baht and other Asian currencies.

Singapore shares take a beating after Kuala Lumpur Stock Exchange (KSLE) restricted trading of all its benchmark

index stocks.

SilkAir Flight Mi185 crashes in Palembang, indonesia, killing all 104 passengers and crew.

1998Singapore slips into recession for the first time in 13 years

during Asian Financial Crisis.

1999SR Nathan becomes Singapore president after being

declared only candidate eligible to run for the nation’s highest office.

CPA AUSTRALIA

1995ASCPA announces formation of Asian Division that groups Hong Kong, Malaysia and Singapore branches.

First ASCPA regional professional development Congress held in Singapore.

Singapore membership crosses 2,000.

1996Asian Division created on 1 july; George Chung of Singapore named inaugural Asian Divisional President.

jim Dickson appointed Director for Asia, succeeding Warwick Smith.

Chan Lai-Koon appointed first full time Singapore Director.

1997George Chung retires as Singapore branch President; Francis Kwan retires as Singapore Representative.

voluntary workshops for each of the CPA Program segments introduced.

1998Loh Hoon Sun appointed National Councillor from Asian Division on 1 April.

1999Loh Hoon Sun elected Asian Divisional President.

Singapore office relocates to StarHub Centre, off Orchard Road.

SINGAPORE

2000Singapore Airlines SQ006 hits obstacle on runway during take-off at Taipei Airport, killing 83 passengers and crew.

2001Singapore economy slips into recession; downturn that

would last two years.

2002Singapore and japan sign bilateral Free Trade Agreement.

15 suspected militants of jemaah islamiah are arrested for alleged bomb plot.

2003SARS virus outbreak in Singapore and other parts of Asia.

Singapore signs Free Trade Agreement with US.

2004Nicoll Highway collapses amid nearby tunnelling works;

4 people killed.

Massive earthquake in Aceh, indonesia, triggers indian Ocean tsunami disaster.

CPA AUSTRALIA

2000ASCPA changes name to CPA Australia.

2002Formation of Singapore, Malaysia and Hong Kong Divisions on 1 April.

Tom Yee appointed first National Councillor for Singapore.

Singapore membership reaches 4,700.

CPA Australia in Singapore wins inaugural Austrade-AustCham business Promotion Award.

CPA Program Scholarship launched to encourage high-performing accounting students to pursue professional pathway and join CPA Australia.

2003Steven Lim succeeds Tom Yee on CPA Australia board.

2004Mutual Recognition Agreement signed with national body iCPAS, paving the way for members of one body to be recognised by the other.

CPA Forum launched to debate business trends and corporate governance and transparency.

Annual Career Fairs launched to help students pursue careers in finance, accounting and business.

TiMELiNE 197196

SINGAPORE

2005Singapore and Malaysia settle long-running dispute over land

reclamation work.

Government approves building of two integrated resorts.

2007Singapore hosts Formula One’s first night race.

2008Singapore wins Youth Olympic Games hosting rights.

Mas Selamat Kastari, head of the deemed terrorist organisation jemiah islamiah, escapes from a Singapore prison, triggering

massive manhunt islandwide.

Singapore economy slips into recession, dragged down by a global financial crisis triggered by collapse of Lehman brothers.

CPA AUSTRALIA

2005Low Weng Keong appointed to CPA Australia board

Loh Hoon Sun awarded Life Membership of CPA Australia; retires as Singapore Divisional President.

Soh Yew Hock succeeds Loh Hoon Sun as Singapore Divisional President.

Singapore membership reaches 5,300; moves to new office within StarHub Centre

First CPA Passport Work Experience programme outside Australia launched in Singapore and Hong Kong.

2006Steven Lim takes over as Singapore Divisional President.

CPA Australia starts Regional Tax Forum.

2007CPA Australia Employers Club launched and quickly grows into powerful network of leading accounting firms, multinational corporations, universities and other reputable companies.

2008Chaly Mah elected Singapore Divisional President, succeeding Steven Lim.

2009Memorandum of Understanding signed with Tax Academy of Singapore to develop new Singapore Taxation segment in CPA Program.

Mutual Recognition Agreement with iCPAS renewed for five years.

Contact Singapore joins CPA Australia internship programme as strategic partner

Singapore Division chosen to host the first flagship CPA Congress outside of Australia.

SINGAPORE

2010The Committee to Develop the Accountancy Sector (CDAS) in Singapore unveils 10 recommendations to transform Singapore into a global accountancy hub.

2012Government-appointed committee recommends massive

pay cuts for ministers including the prime minister and president.

2013Singapore experiences worst haze conditions in history

with Pollutant Standards index hitting all-time high of 401.

First riot in more than 30 years breaks out involving some 400 foreign workers, following death of indian migrant

worker knocked down by a bus.

CPA AUSTRALIA

2010Low Weng Keong appointed President and Chairman of CPA Australia board; first non-Australian to hold the post.

Chan Lai-Koon retires as Singapore General Manager after 14 years.

CPA Australia councillors serve in various CDAS sub-committees.

Singapore membership crosses 6,000.

2011Low Weng Keong retires as President and Chairman of CPA Australia; awarded Life Membership.

Deborah Ong elected Singapore Divisional President, succeeding Chaly Mah.

CPA Australia moves into new Singapore office at One Raffles Place.

CPA Australia appoints Melvin Yong as new Singapore General Manager.

2012Singapore office partners major stakeholders in several inaugural major events: international Tax Forum, CFO Series, CFO Connect Symposium and international Accountants Day.

2013Deborah Ong appointed to CPA Australia board.

Themin Suwardy succeeds Deborah Ong as Singapore Divisional President.

Singapore office inaugurates Financial Reporting Standards Forum to provide a practical focus on iFRS.

2014Efforts underway to explore new Reciprocal Membership Agreement with iSCA and the Singapore Accountancy Commission.

199198

FROM OUR STAKEHOLDERS

CONGRATULATORY MESSAGES 201200

One of Singapore’s great strengths is the highly talented workforce we have, particularly in financial and professional services. Over the last 60 years, CPA Australia has been instrumental in fostering and supporting accountancy talent. Congratulations to CPA Australia on reaching this milestone and wish it continual success for the future.

Li Li Kuan CPA (Aust.) Country Head and COO Barclays Bank Singapore

All of us at BDO Singapore would like to send our heartfelt congratulations to CPA Australia on your Big 60! We take great pride in the successes this partnership has delivered, and look forward to many more fulfilling years of working together. Happy Diamond Anniversary!

Frankie Chia FCPA (Aust.) Managing Partner BDO

CapitaLand has been a recognised employer of CPA Australia since 2012. We strongly believe in building our people and this partnership has provided access to many experienced finance professionals and helped us attract, develop and retain our finance staff. Our heartiest congratulations to CPA Australia on achieving this significant milestone.

Arthur Lang Group CFO CapitaLand

Congratulations to CPA Australia on the occasion of your illustrious 60th anniversary. You’ve made an indelible mark on the industry and played a significant role in the development of key talent in the accounting profession. Cargill wishes CPA Australia every success and many more phenomenal years ahead!

Jeral D’Souza Vice President & Financial Controller Cargill Asia Pacific


Heartiest congratulations to CPA Australia on your 60th anniversary celebration. Citi is proud to be one of CPA Australia’s Recognised Employer Partners and we look forward to working together to support and develop finance talent. We applaud CPA Australia’s spirit and hard work. Wishing you many more years of success.

Teo Mui Eng Chief Financial Officer Citi Singapore

Crowe Horwath First Trust LLP would like to extend our heartiest congratulations to CPA Australia for completing 60 years of great success. You have and continued to be one of the best professional member services providers in Singapore. It is our great pleasure to be part of this joyous occasion.

Alfred Cheong Head of Audit Crowe Horwath First Trust LLP

CPA Australia has played a significant role in developing generations of accountants in Singapore and has brought great value to its members, the accounting profession and the wider community. Deloitte Singapore extends our heartiest congratulations on your 60th anniversary and wishes you many more years of continued success.

Philip Yuen FCPA (Aust.) Chief Executive Officer Deloitte Singapore

On behalf of the Finance team at Cisco, I congratulate CPA Australia on reaching an important milestone - 60 years of operations in Singapore. At Cisco, we value the CPA Australia qualification and recommend it to any team members wishing to develop their expertise. Best wishes for the next 60 Years.

Daniel Creedon

Vice President, Finance, Asia Pacific, Japan and Greater China

Cisco Systems Inc.


KPMG extends our warmest wishes as you celebrate a remarkable 60 years in Singapore. Your initiatives and tireless advocacy have raised the bar for the accounting profession. We appreciate the highest standards of expertise that CPA Australia members continue to offer and wish you ongoing success beyond this important milestone.

Tham Sai Choy Managing Partner, KPMG in Singapore and Chairman KPMG Asia Pacific

Warmest congratulations to CPA Australia on 60 years of dedicated service to its members and the accountancy profession in Singapore. What a significant achievement indeed! We are delighted to be able to celebrate it and look forward to 60 more outstanding years with visionary and tireless leaders at the helm.

Kon Yin Tong FCPA (Aust.) Managing Partner Foo Kon Tan Grant Thornton

The growth stories of CPA Australia and the Singapore accounting profession are inextricably linked. Through strong industry and community engagement, advocacy and education, CPA Australia has shaped generations of professionals that have sustained the profession’s development. Congratulations on your diamond jubilee in Singapore and we wish you continued success!

Max Loh Managing Partner, Singapore and Asean EY

CPA Australia started playing a pioneering role in the development of the Singapore accountancy profession 60 years ago. Six decades on, your continuing efforts will achieve greater heights in the grooming of talent of future accountants. Congratulations to CPA Australia on your 60th Anniversary celebrations.

Lo Hock Ling FCPA (Aust.)

Lo Hock Ling & Co.


My heartiest congratulations to CPA Australia as it celebrates 60 years of advancing the accounting profession in Singapore. As the nation’s top accounting school, we are thankful for CPA Australia’s tremendous support in the professional development of our students – and graduates. All the best for the next 60 years!

Dr Ravi Kumar Shaw Chair Professor and Dean, Nanyang Business School Nanyang Technological University

CPA Australia continues to play a vital role in developing and progressing the Singapore accounting profession. Over 60 years, through forward-looking initiatives, the organisation has provided its members with excellent service. We are honoured to celebrate this glorious moment with CPA Australia and wish you another glorious 60 years ahead.

Cheong Mun Hong FCPA (Aust.) Cheong Kum Foong FCPA (Aust.) Partners MHC & Associates DFK

Happy 60th Anniversary, CPA Australia! We applaud your achievements in growing the professional community over the years. Nexia TS is honoured to support your internship programme, professional education and other collaborative efforts to promote the accountancy profession to nurture professionals who listen, think and help clients to grow in Asia.

Henry Tan FCPA (Aust.) Managing Director Nexia TS Public Accounting Corporation

Our heartiest congratulations to CPA Australia on celebrating 60 significant years of excellence in Singapore as one of the world’s leading accountancy bodies. This recognition and growth are undoubtedly the result of its vision, commitment, contribution and leadership in supporting the accountancy profession. Wishing you continuing success in coming years.

Jerry Lee FCPA (Aust.)

Managing Partner

Ng, Lee & Associates - DFK


Congratulations, CPA Australia! Your mission and dedication over the last 60 years have left an inspiring and lasting impact on the Singapore accounting profession and the generations of accountants whom you have developed. At PwC, we look forward to working closely with you for your next 60 years and beyond.

Yeoh Oon Jin FCPA (Aust.) Executive Chairman PwC Singapore

Heartiest congratulations to CPA Australia on your 60th anniversary in Singapore. As a global accounting body, you have embraced robust professional examinations and life-long learning. You have done much to build a credible profession and develop your Singapore members. We wish you success as you propel to greater heights.

Philip Liew FCPA (Aust.) Senior Partner Philip Liew & Co

CPA Australia has been very active in the Singapore market over the last 60 years in caring for your members’ needs. You have grown alongside Singapore as a nation and made great strides in contributing to life-long continuing education. Congratulations on your many achievements. This is indeed a momentous occasion.

Loh Hoon Sun FCPA (Aust.) Managing Director Phillip Securities Pte Ltd

Congratulations to CPA Australia for your 60th Anniversary. The tangible marks of a progressive professional organisation are its relevance for members and impact on the practice. CPA Australia has been a shining star of relevance and impact. Indeed it has the attributes and recognition of a global accounting professional body.

Professor Ho Yew Kee FCPA (Aust.) Head, Department of Accounting NUS Business School


Congratulations to CPA Australia on a remarkable six decades in Singapore. Your ‘Singapore Story’ tells an inspirational journey of dedication and unstinting contribution to developing the accounting profession. It’s a story to be truly proud of as you celebrate your many achievements. We wish you continued success. Happy 60th Anniversary!

Steven Lim FCPA (Aust.) Chief Executive Officer SG Trust (Asia) Ltd

My heartiest congratulations to CPA Australia on this significant milestone. SIM Global Education is privileged to have CPA Australia’s support in granting awards and scholarships to our graduating students. I wish CPA Australia every success for your 60th Anniversary celebrations and look forward to many more years of collaboration.

Dr Lee Kwok Cheong Chief Executive Officer SIM Global Education

Congratulations to CPA Australia on your 60th Anniversary in Singapore. Through the decades, you have established prominence in the country and contributed significantly to the profession in terms of vitalising and developing talent and capabilities. You did it with great style and flare. I wish you many years of success.

Ravi Arumugam Chief Executive Officer & Managing Partner RT LLP

Singapore Institute of Technology congratulates CPA Australia on your 60th anniversary in Singapore. You have made monumental progress advancing the accounting profession and created many in-roads. SIT has benefitted from your insightful industry advice in launching our new Accountancy degree programme. We hope our partnership will continue to strengthen.

Professor Tan Thiam Soon President Singapore Institute of Technology

CONGRATULATORY MESSAGES 213212 CONGRATULATORY MESSAGES 213212

As the SMU School of Accountancy’s valued partner, CPA Australia has actively supported our research collaborations, consistently encouraged knowledge exchange and contributed significantly to our students’ initiatives. Happy 60th Anniversary CPA Australia. We wish you many more to come!

Professor Pang Yang Hoong FCPA (Aust.) Dean, School of Accountancy Vice Provost (Undergraduate) Singapore Management University

I would like to congratulate CPA Australia’s Singapore Office on celebrating its 60th Anniversary. SPRING Singapore is proud to be CPA Australia’s partner under its Recognised Employer Programme and look forward to working closely together to develop accountancy talent for SPRING and for Singapore’s enterprises.

Tan Kai Hoe Chief Executive SPRING Singapore

CPA Australia has played an instrumental and influential role in governing and enhancing the standards of accountancy in Singapore, as well as promoting the continued development of talent. Sincere congratulations to CPA Australia as it celebrates 60 memorable years in Singapore, and wishing it many more fruitful years to come.

Sanjeev Agrawal Chief Financial Officer, Singapore & ASEAN Standard Chartered Bank

215214

REFERENCES1. Linn, Rob (1996), Power, Progress and Profit: A History of the

Australian Accounting Profession, Melbourne, Australian Society of Certified Practising Accountants, pp. 170-1.

2. Australian Government Department of Foreign Affairs and Trade, Australia and the Colombo Plan 1949-1957, 23 May 2005, accessed from website: https://www.dfat.gov.au/publications/colombo_plan/

3. Australian Society of Accountants, Annual Report 1953, p.16.

4. Linn, Rob (1996), Power, Progress and Profit, pp. 170-1.

5. Ibid, pp. 170-1.

6. Ibid, p.172.

7. Ibid, p.172.



10. Australian Society of Accountants (1954), Internal Papers.

11. Linn, Rob (1996), Power, Progress and Profit:, p. 171.

12. Australian Society of Accountants, internal papers, April 1961.

13. Kwan, F. (2014), Letter to CPA Australia, 10 March 2014.


15. Singapore Update: Message from the Singapore Branch President, CPA News, No. 38, Vol. 1, June 1995, p.4.


17. State of Singapore (1963), Government Gazette Ordinances Supplement, No. 14, 28 June 1963.

18. Australian Society of Accountants, Internal Papers, 1963.

19. Australian Society of Accountants, Annual Report 1963, pp.13-4.

20. Linn, Rob (1996), Power, Progress and Profit, p.173.

21. Australian Society of Accountants, Internal Papers, 1962.

22. Confederation of Asian and Pacific Accountants, About us, 16 March 2014, accessed from website: http://www.capa.com.my/article.cfm?id=38.



25. Dickson, J., Director’s Message, CPA News, No. 1 Vol. 3, February 1996, p.1.

26. Kwan, F., 1st Regional Conference: 12th and 13th April 1995 Pan Pacific Hotel, CPA News, No. 3, Vol. 1 June 1995, p.4.

27. Linn, Rob (1996), Power, Progress and Profit, pp194-8.


29. Linn, Rob (1996), Power, Progress and Profit, p.196.

30. Morton, J. (2000), Name change reflects new corporate identity, Australian CPA, May 2000, p.3.

217216

We are grateful for the outpouring of support from so many instrumental individuals who have generously made time to tell their CPA story for this commemoration book.

We also deeply appreciate their contributions of valuable information from their personal archives and photo albums that went into the research for this publication.

In no specific order, we thank especially:

•Our global and divisional Presidents for sharing their significant memories, insights and guidance for this book: Loh Hoon Sun, Soh Yew Hock, Steven Lim, Chaly Mah, Deborah Ong, Themin Suwardy and Low Weng Keong.

•Philip Yuen, Deputy Singapore Divisional President (2014), who chairs the CPA Australia 60th Anniversary Advisory Committee, and his team who provided much strategic direction in the planning of activities and initiatives for this momentous year: Bill Bowman, Chan Lai-Koon, Albert Ho, Lisa Liew and Loh Hoon Sun.

•The many Singapore Divisional Councillors past and present who gave valuable inputs for this publication: Bill Bowman, Albert Ho, Lee Wee Jean, Lisa Liew, Ong Pang Thye, Christopher Wong.

ACKNOWLEDGEMENTS•The pioneers who shared their old photos and critical inputs on

our early history: Francis Kwan, Lily Lim, Wee Seng Tiong, Chia Meng Teck, Lo Hock Ling, Wong Hoo Tung, Kong Pak Fee.

•CPA Australia President and Chairman of the Board Penny Egan; Chief Executive Alex Malley; and COO - Member Services Jeff Hughes for their deep support of the activities of the Singapore Division.

•Past CPA Australia National Presidents Bob Jeffrey (1994) and Joycelyn Morton (2000) for sharing their memories on their engagement with the Singapore Division.

•Kenneth Yap, Julia Tay and their team at ACRA for facilitating access to historical company information of CPA Australia in Singapore.

•All our important stakeholders from the Singapore Accountancy Commission, Recognised Employer Partners and Tertiary Institutions for their contributions to the production of this commemoration book.

•Past and present CPA Australia staff who provided valuable research, background, context and feedback: Chan Lai-Koon, Jim Dickson, Kerrie Ludekens and Eunice Yan.

•The Singapore Divisional Office team that researched years of archives, photo albums and records to source materials for this publication: Teresa Chung, Sheryl Koh, Lucas Lam and Carol Lau. Thanks also to Janael Choo for research support on Singapore’s early history, elements of which have been incorporated into the narrative.

The sources for this book also include a number of unpublished reminiscences, interview transcripts and internal papers.

An important reference was Linn, Rob (1996), Power, Progress and Profit: A History of the Australian Accounting Profession, Melbourne, Australian Society of Certified Practising Accountants.

Much useful information is also contained in annual reports and other internal documentation produced over the years. Also essential were various member publications dating back to the 1950s, most notably Australian Accountant, Australian CPA, CPA News International and CPA Update.

We honour and acknowledge every individual who has contributed to the success of the Singapore Division over the years.

October 2014

MELvIN YONGGeneral Manager – Singapore

CPA Australia

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CPA AUSTRALiA OUR SiNGAPORE STORY · in 1990, and to CPA Australia in 2000. These names are used...

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Transcript of CPA AUSTRALiA OUR SiNGAPORE STORY · in 1990, and to CPA Australia in 2000. These names are used...