MEDIA RELEASE

ICPAS’ CFO COMMITTEE DISCUSSES THE CHALLENGES FACING PROFESSIONAL ACCOUNTANTS IN BUSINESS AT ITS INAUGURAL EVENT

The Institute of Certified Public Accountants of Singapore’s (ICPAS’) newly-established Chief Financial Officer (CFO) Committee is proud to bring you its inaugural event – a cocktail cum panel discussion on the “Challenges Facing Professional Accountants in Business (PAIBs)”.

The Institute’s CFO Committee was launched on 27 June 2006 to provide a platform to address the professional needs of ICPAS members who hold such positions. It is chaired by Mr Soh Gim Teik, CFO of Sincere Watch Limited.

The modern day CFO faces diverse and unique challenges in his work. These include the competitive pressures arising from globalisation, the increasing complexity and changes in accounting and other professional standards, the need to keep up to speed with changes in laws and regulations, upholding of organisational corporate governance and ethical conduct, the necessity to engage shareholders and stakeholders on financial and strategic matters and so on.

Professional Accountants in Business, PAIBs in short, face unique challenges in the competitive economic landscape. To excel in their role and contribute positively to the organisation’s bottom line, PAIBs need to work with various divisions in their organisations, listen to the issues faced on the ground, ponder about the appropriate responses and strategise about the future direction for the firm.

Other than compliance matters, PAIBs often find that their skills and knowledge are valuable to an organisation’s fund raising initiatives through the capital markets, investor relations activities with their investors and the press, IT and system rollout of new technologies that can impact the entire organisation, and so on.

In short, the challenges faced by PAIBs, when addressed positively, can produce tremendous uplift to the organisation’s long-term survival and profitability.

Mr Soh Gim Teik, Chairman of the CFO Committee, says:

“There are many new rules and regulations that have been introduced recently that will impact the accounting profession and the role of accountants in business. How to interpret these regulations and make them work in the increasingly complex business environment is important. We will discuss these issues and hope that today’s panel discussion will give PAIBs the opportunity to hear and share insights on the challenges facing the PAIBs, learn from one another and hopefully throw up a bunch of ideas which can be useful, interesting and thought provoking for all.”

The panellists are members of the CFO Committee, who are CFOs in their respective companies:

· Mr Soh Gim Teik (Sincere Watch Ltd) – Chairman

· Mr Jong Voon Hoo (Youcan Foods International Ltd)

· Ms Koo Tse Chia (SNP Corporation Ltd)

· Mr Loo Wen Lieh (Hengxin Technology Ltd)

· Mr Paul Tan (Keppel Corporation Ltd)

Dr Ernest Kan, Vice President of ICPAS, will also be on the panel to provide the auditor’s viewpoint:

“The CFO plays a vital role within the organisation and stands front and centre in the complex task of developing a dynamic growth strategy given the challenges both he and the organisation face in today’s globalised competitive economy. Tonight’s event will be a useful platform to share views and experiences.”

More than 60 Chief Financial Officers, Finance Directors, Financial Controllers, Finance Managers, key Finance and Accounting personnel will be attending the event.

About ICPAS

The Institute of Certified Public Accountants of Singapore (ICPAS) is the national organisation of the accountancy profession in Singapore. With a membership of more than 17,800 members, ICPAS’ mission is to develop, support and enhance the integrity, status and interests of the accountancy profession in Singapore.

About ICPAS’ CFO Committee

The terms of reference of the CFO Committee are:

1. To provide a platform to address the professional needs of ICPAS members in industry, trade and commerce like Chief Financial Officers, Financial Controllers, Finance Directors and other Finance and Accounting persons.

2. To discuss high level and relevant issues affecting such members and gather feedback from them on pertinent technical and professional issues including new laws, regulations, standards and guidelines.

3. To organise conferences, workshops, round-table discussions, forums, dialogue sessions and networking opportunities amongst such members in industry, trade and commerce.

4. To promote the relevance of having CFOs, FCs, FDs, etc who are Singapore CPAs.

The CFO Committee comprises:

· Mr Soh Gim Teik (Sincere Watch Ltd) – Chairman

· Ms Grace Goh (Hyflux Ltd)

· Mr Jong Voon Hoo (Youcan Foods International Ltd)

· Ms Koo Tse Chia (SNP Corporation Ltd)

· Mr Loo Wen Lieh (Hengxin Technology Ltd)

· Mr Paul Tan (Keppel Corporation Ltd)