By Avelyn Ng
Themed “innovating business models for a sustainable future”, ACCA (Association of Chartered Certified Accountants) Singapore Annual Conference started off with addresses by keynote speakers and Guest-of-Honour NTUC Secretary-General (SG) Chan Chun Sing, followed by various sectoral panel discussions.
Over 500 industry practitioners attended the event on 19 July 2017.
Future Challenges
Sharing sentiments he had gathered from a group of accountants recently, SG Chan said: “The optimistic group said that technology will enable them to explore the world as their market. The cyberspace has levelled the playing field and collapsed distances.
“The pessimistic people also cited technology as the reason. They think that it is going to take away their jobs and they feel threatened by accountants in third world countries who demand a lower pay for the same services.”
According to SG Chan, the accountancy profession can thrive in tomorrow’s economy if it fulfills the following conditions.
#1: Sieze Opportunities Overseas
While the brand of trust and quality assurance puts Singapore in good stead on the global map, accountancy firms still have to work together to acquire the necessary market and technical knowledge needed to internationalise.
SG Chan highlighted that U Associates like ACCA and other partners under the U Network are there to support. They can cross-share their expertise on business cultures, legal systems and accountancy standards abroad.
#2: Build Adjacent Skills and Competencies
To maintain a competitive edge, it is critical for companies to groom their people, expand beyond accountancy work and offer a suite of solutions such as consultancy and integrated services.
NTUC Assistant Secretary-General and Future Jobs, Skills and Training Director Patrick Tay, who was also one of the panellists, suggested that accountancy firms can recommend their clients technologies to minimise fraud, maximise compliance and enhance processes to be more productive.
“Auditors has been cited as one of the key jobs that will become obsolete, because it is quite mechanical. However, artificial intelligence is still in the very early stages, we are not there yet.
“But, I think with technology, more roles will be created and accountants have more time to do analysis work that is real value to businesses as well. It can help us reach a state where we can make the right decisions all the time,” said Head of ACCA Singapore Reuter Chua.
#3: Form a Speed-to-Market Community
Noting that the cycle to develop and formalise new knowledge is too slow for the fast-moving economy, SG Chan urged attendees to explore new ways of learning.
As such, professionals can post issues on an online community and solve them together. With the latest curated insights pushed to them, they will be able to stay current and engaged on the go.
He added that NTUC is also working with institutes of higher learning and other professional bodies to see how they can shorten the continuous education cycle.
