Presentation by Mr Don Ho, Council Member, ICPAS, IFAC SMP Forum, March 2012

1. Challenges and Opportunities for the SMP in Singapore
Mr Don Ho, Council Member, ICPAS
19th March 2012
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2. Being an SMP in Singapore (cont’d)
• Key Challenges:
– Rising Costs of rent and labour in Singapore
One of the most expensive cities in the world (ranked 9th
most expensive according to the Economic Intelligence
Unit Survey)
Singapore is a rising Financial Hub with Global reach
High inflow of Financial Capital ,new businesses &
competitiveness
Attaining Global city market status without boundaries/time
– Young professionals with high aspirations and expectations


3. Being an SMP in Singapore (cont’d)
• Result:
– The Accounting Profession is losing its
attractiveness in comparison to jobs in the
Financial Institutions, Commerce and
Industry. The Pressure is on!
Challenge: What are the possible solutions to
meet the Challenges?

4. Suggestions for the SMP
• Enhance Productivity:
– Commitment for training to raise productivity growth
– Increased Efficiency and effectiveness by relooking work methods 
restructure and remove duplication and redundancy of work
processes
– Acquiring specialised knowledge & skill
– Better understanding of complexities of business environment to offer
solutions to increasing demands.
– Right skills for the right jobs
– Singapore Government has a S$2Billion National Productivity Fund set
aside to support efforts to restructure and upgrade skills
The Change has to start from the top - Management have
to be receptive to suggestions to change for Better
Performance.

5. Suggestions for the SMP (Cont’d)
• Willingness to Invest in Human Capital and Human
Resources to reduce voluntary turnover:
– More attractive working conditions  much of the staff’s
waking hours are spent at workplace
– Build a framework for talent creation and retention  mid and
long-term perspective required for skill development, rather
than short term
– Relevant HR monetary incentives in place to motivate
performance.
 Delicate balancing is needed:
– Besides structured instructions, proper guidance is required for
staff motivation and career prospects
– But hands-on “on the job” experience are essential ingredients
for training of professionals

6. Suggestions for the SMP (Cont’d)
• With technological advancements, an SMP should
look to innovation and technology as powerful aids
to meeting challenges:
– Audit and risk management software capable of
performing multi audits. They enable :
• Easier documentation (linked working papers)
• Faster reviews (in built checklists and consistency checks)
• Explore productivity improvement & costs reduction
opportunities with cloud computing
– Staff and self-training to optimise efficiency and
productivity in the use of relevant software technologies.

7. Suggestions for the SMP (Cont’d)
– Joint collaboration or mergers amongst SMPs to develop
resources to overcome constraints in resources, budgets
and skills.
– Through combined efforts, SMPs are able to establish:
• Joint infrastructural enhancements to cope with
technological changes (i.e. Joint subscription plans for
secure IT network, shared database, shared storage)
• Range and skills and depth of business understanding
required to serve increasingly complex demands from
clients.
• Regional expansion for marketing with local partners to
capitalise on collaborative efforts.