Welcome Address By Mr Gerard Ee, President Of The Institute Of Singapore Chartered Accountants, At The Singapore Accountancy Awards Dinner 2014, Thursday, 31 July 2014, 6.30pm, Marina Bay Sands, Heliconia Ballroom

Our Guest-of-Honour, Mrs Josephine Teo, Senior Minister of State for Finance and Transport

Distinguished Guests

Sponsors and Partners

Ladies and Gentlemen

1. Good Evening. On behalf of the Institute of Singapore Chartered Accountants, it is my pleasure to welcome you to the inaugural Singapore Accountancy Awards. I am excited to be here this evening as we recognise outstanding firms and individuals within the accountancy sector.

2. The local business environment has evolved significantly over the past decade. Singapore now serves as an international hub for business, hosting a range of MNCs from various industries and geographies. In addition, Singapore has a vibrant SME environment, employing 7 out of 10 workers, and contributing almost half of national GDP. On the back of this vibrant business environment is a strong demand for professional services. This is where accountants and accounting firms play a key role in supporting and sustaining our thriving business environment.

3. The accountancy profession has been around for a long time, but it is not often we recognise and celebrate the good work done by the profession. We may have come across stereotypes depicting the accountancy profession as humdrum. But I think that is no longer a fair reflection of the work undertaken by our accountants today. On the backdrop of an increasingly complex business environment, the accountancy profession has had to adapt to rapid changes to stay relevant. For example, the introduction of new standards such as the standard on Revenue Recognition, and the shift towards greater use of Fair Value Accounting. Armed with a range of sophisticated skill sets and expertise, our accountants often take on the added role of strategic business advisors or enterprising problems solvers.

4. With such a key role to play, the accountancy profession has to stay consistently ahead of the curve. The Singapore Accountancy Awards is organised with the aim of recognising firms and individuals who are at the forefront of their game, who constantly push boundaries, take the lead in their respective domains, and are well-rounded in their contributions to the development of the profession and wider community.

5. Comprising two Award categories, the Business Excellence Awards recognise firms which have performed well technically, and excelled in the areas of people development, productivity & innovation, and client service, in addition to their corporate social responsibilities.

6. The Individual Excellence Awards on the other hand, recognise individuals who have exhibited professional qualities and knowledge during their course of work. On top on this, we are also recognising individuals who have contributed to the accountancy profession, and the wider community.

7. By organising these Awards, ISCA hopes to promote good practices, inspire individuals to excel, and also strengthen branding of the profession and industry. The judges had a challenging time selecting the winners of the Awards, given that we have received many highly qualified nominations. The winners of the Singapore Accountancy Awards 2014 have stood out as they have exemplified the spirit of the awards and we would like to extend our congratulations to them.

8. Having set the benchmark as the pioneer winners, I hope they will share their success stories and good practices with others in the sector, and maybe even share some tips on how to win the Awards next year! In this regard, we look forward to seeing even more nominations for the next Singapore Accountancy Awards.

9. Additionally, as this is the first time ISCA is organising the Awards, we are very grateful for the support we have received. We would like to thank our panel of judges, for lending their expertise and time, and making the difficult choices; our strategic partners, the Accounting and Corporate Regulatory Authority and the Singapore Accountancy Commission, for supporting this initiative; and our knowledge partners, for providing their expert insights to refine the judging criteria.

10. We would also like to thank Senior Minister of State for Finance and Transport, Mrs Josephine Teo, for taking time out her busy schedule today to grace this event.

11. In closing, I would like to once again congratulate all the winners who will be receiving their awards shortly.

12. Thank you.