The panel – consisting of business and industry leaders – discussing on the topic of “The Future of Audit"

The panel – consisting of business and industry leaders – came together to discuss the role and scope of audit in the 21st century with a strong focus on Singapore and the region. The debate examined constructive and practical ways in which audit can evolve to continue supporting business, the economy and society.

Speakers included Mr Michael Izza, Chief Executive, ICAEW; Dr Ernest Kan, President, ICPAS; Mr Robert Hodgkinson, Executive Director, Technical, ICAEW; Dr Ho Yew Kee, ICPAS Council Member and Vice Dean, Finance & Administration, School of Business, National University of Singapore; Ms Julia Tay, Chief Inspector/Director, Profession Oversight Division, Accounting and Corporate Regulatory Authority; Mr Reggie Thein, Member of Executive Committee, Singapore Institute of Directors; and Mr Yap Chee Meng, Chief Operating Officer, KPMG in Asia Pacific.

Mr Yeoh Oon Jin, ICPAS Council Member and Chairman of its Auditing & Assurance Standards Committee and PwC Singapore Assurance Leader and Partner, was the moderator of the discussion. Mr Robert Hodgkinson also provided a brief outline of the European Commission’s Green Paper Audit Policy: Lessons from the Crisis, published in October 2010.

Mr Michael Izza, ICAEW Chief Executive, said: “In the wake of the global financial crisis, questions about the role of all market participants have been raised. Whilst auditors did not cause the financial crisis, everybody must learn the lessons from it. The on-going consultations and enquiries into the role and scope of audit are catalysts for important debates about how audit can evolve to continue meeting market demand”.

“Singapore is an attractive market for international investors, and this is supported by high quality and robust financial information. For Singapore to retain its position as one of the best countries to do business, as well as becoming a finance hub for the ASEAN region, it is critical that audit continues to evolve alongside business, which is why international discussions are so important.”