Address By Mr Tan Boen Eng, President Of The Institute Of Certified Public Accountants Of Singapore At Icpas Annual General Meeting At 2:00pm On Saturday, 18 April 2009 At Marina Mandarin Singapore
Fellow members, a very good afternoon and a warm welcome.
It’s a great pleasure to see so many members here. Thank you very much for coming.
I am delighted to tell you that 2007 was another year of good performance and growth. Our membership grew by close to six-percent, which is an increment of more than one thousand members. The Institute was established in 1963. Up to 2006, it had 18,143 members. So to chalk up an increase to 19,168 members in 2007 is credible.
In the year, we continue to invest substantially in the development of the profession through countless seminars, talks and courses on topical and relevant subjects for practicing and non-practicing members to continually update themselves.
Our academy has also rolled out new programmes to provide quality academic and technical training. One such programme is the University of London’s BSc Accounting & Finance degree, enabling graduates to apply for ICPAS Professional Examniation and eventually become our members.
On international front last year, we signed two memorandum of co-operations with the Vietnam Association of Certified Public Accountants as well as Cambodia’s National Accounting Council and Kampuchea Institute of Certified Public Accountants and Auditors, which is a tripartite MOC.
We are happy to inform that we signed an Agreement of Co-Operation with the Chinese Institute of Certified Public Accountants early this month. With this in place, we will be promoting mutual co-operation for the advancement of accounting knowledge, professional and intellectual development and the interests of our respective members. We have also signed a Memorandum of Understanding with the Institute of Chartered Accountants in England and Wales to offer the ACA qualification in Singapore. This will provide an avenue for accounting as well as non-accounting graduates to qualify as CPA Singapore. Hopefully, this also helps to increase the supply of accountants.
We have also unlocked members’ value with the launch of the UOB ICPAS Professionals Platinum Card. The card also promotes greater recognition of the accounting professionals. Throughout 2007, the Institute has put together a variety of lifestyle programmes to encourage work-life balance and an all-rounded development for our members. Many of you have taken advantage of the myriad of activities and used the opportunity to network as well.
ICPAS has also made great effort over the last year in heightening the profile of CPAs Singapore and ICPAS. Our recent survey indicates strong brand awareness, with a high of 97% of the respondents indicating that they have seen or heard about ICPAS and CPA Singapore in the past year.
As the national accountancy body, the Institute would from time to time give feedback to relevant authorities about the concerns of the profession. Dialogues are held with the authorities such as ACRA and MAS.
The challenges ahead are many and we hope that together with members, we would tackle them effectively.
We have just launched the CPA Singapore identity. This is part of ICPAS continual efforts to raise the profile of CPA Singapore. The ICPAS logo remains as a separate corporate identity.
We have a very committed and knowledgeable team of Council members and Committee members who voluntarily devote many hours of their invaluable time to provide governance and support for the Institute. I would like to take this opportunity to extend my sincere appreciation to each of them for their time and efforts that have contributed to our progress.
I regret to inform that two of our long-serving Council members will be retiring today. They are Mr. John Seow Teow Han and also, Professor Chan Yoke Kai. As you know, John was also the Institute’s Treasurer in the past and also chairs the Public Accounting Practice Committee and the Membership Committee. Yoke Kai chairs the Management Accounting Committee. On behalf of the Institute, I wish to acknowledge their valuable contributions and wish them the very best. Please join me in giving them a big round of applause.
Finally, to all members of ICPAS, we know that we cannot achieve what we have today without your support. So thank you.