Man vs Machine The Future Economy - ISCA · The Future Economy – Preparing ... ASEAN is projected to rank as the fourth largest economy by 2050. ... corner, and anticipate and advise

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ISCA Breakfast TalkThe Future Economy – Preparing Accountants in the Global Game of Change

By Sarjit Singh

Copyright © 2017 Sarjit Singh. All Rights Reserved.No part of this document may be reproduced or copied in any form or

by any means. Reproduction or translation of this work is unlawful.

The Future EconomyPreparing Accountants in the

Global Game of Change

Sarjit SinghBBM, PBM, FCA (Australia), FCA (Singapore)

Executive Chairman

Ardent Associates LLP

Mobile: +(65) 9363 5888

Email: [email protected]

Copyright © 2017 Sarjit Singh All Rights Reserved.

No part of this document may be reproduced or copied in any form or by any means. Reproduction

or translation of this work is unlawful.

Man vs Machine

Welcome and Introduction� Name: Sarjit Singh

� Tel: +(65) 9363 5888 Email: [email protected]

� Executive Chairman, Ardent Associates LLPWinner for Best Practice Award (SMP), Singapore Accountancy Awards 2016

� PricewaterhouseCoopers – 16 years

� Chief Financial Officer, AIA – 5 years

� Chief Financial Officer, Aviva Asia – 3 years

� BBM, PBM, FCA (Australia), FCA (Singapore)

� Chartered Valuer and Appraiser, Institute of Valuers and Appraisers of Singapore (IVAS)

� District Councillor and Chairman of Finance Committee, Central Singapore CDC

� Chairman, Learning and Assessment - FP, Singapore Accountancy Commission (SAC)

� Board of Education and Examiners, Institute of Singapore Chartered Accountants (ISCA)

� Master Facilitator for Singapore CA – Business Value, Governance and Risk Module

� Board of Advisors – NTU Investment Interactive Club

� President of Nanyang Business School Alumni

� Committee on the Future Economy – Legal and Accounting Services Working Group

� National Honours : Public Service Medal (PBM) 2007 & Public Service Star (BBM) 2011

� University Award : Nanyang Alumni Achievement Award in 2012

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By Sarjit Singh



The

ArdentStory

The

ArdentStory

2008

Humble Beginning

Accredited Training

Organisation

PaperlessAudit

Software

Winner of 2 Singapore

AccountancyAwards

Admitted as member of Kreston Int’l

+ New Office

2010 2013 2014 2015

� Winner of the Best Practice Award (2016)� Winner of the Practice of the Year Award (2014)� Winner of the Excellence in People Development (2014)

Winner of the

Best Practice Award

2016

Sarjit Singh [email protected] Tel: 9363 5888

Find Me on LinkedIn @ https://www.linkedin.com/in/sarjit-singh-22828528

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By Sarjit Singh



Finding the

Alignment

Finding the

Alignment

Building a

Strategy

Building a

Strategy

Developing

Future-Ready

Skills

Developing

Future-Ready

Skills

What’s Happening at ISCA Breakfast, Today!

What Inspires You?Talk to Your Neighbour

Please spend 2 minutes to introduce yourself to your neighbour

If still got time, discuss either:

� What Inspires YOU on this topic?

� What is it that YOU want to get from this Breakfast Talk? Your Wish List.

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By Sarjit Singh



Be a Future-

Ready

Accountant,

Today!

Here’s Your Opportunity To Be A

Future-Ready Accounting Genius

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By Sarjit Singh



First Team to Complete Two (2) Straight Lines -

One Across and One Diagonal … WINS!

We Are FUTURE-READY!

RememberTogether as

One Team, You SHOUT …

be engage & proactive

ask questions

have fun

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By Sarjit Singh



Building a

Strategy

We Have Several Things Going For Us

� First, we are where the growth is. We are right smackin the middle of the biggest upcoming demand forprofessional services.

� Asia is the world’s fastest growing economy and ASEANis the world’s seventh largest economy. With a combinedGDP of US$2.5 trillion in 20163, ASEAN is projected torank as the fourth largest economy by 2050.

� The CAGR of the global accountancy market isforecast to grow at a rate of 3.7% from 2016 to 2021.Similarly, the Asia-Pacific accountancy servicesmarket is expected to grow at a higher CAGR of 6.5%in the same period.

All these figures add up to one thing - huge potential demand.

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By Sarjit Singh



We Start with a Position of Strength

� Singapore’s trusted brand.

� Hub status - we are a hub for many things, includingfinance, transport, infrastructure, intellectual propertyand professional services.

� Connectivity - geographically, logistically and digitally,Singapore is the best place from which to connect withpeople and places in Asia.

� Strength of our accounting profession - Singaporeaccountants are highly regarded for theirprofessionalism, strong substantive knowledge andskills, and reputation for quality, honesty and integrity.

These are precious assets which have taken years to bring about.

Where We Want To Be

� Singapore as a trusted global exchange for financing,brokering, structuring and dispute resolution forinternational transactions.

� Accounting professions moving beyond the domesticmarket to provide professional services to the regionand Asia.

� Accounting practices being transformed:

� Larger ones becoming regional and global in practice.

� Medium sized ones breaking into the next tier or developingniche specialisations.

� Smaller firms becoming more productive, leveraging on sharedresources to grow their businesses.

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By Sarjit Singh



Where We Want To Be

� Our accounting profession developing new areas of

practice, acquiring new skills and capabilities to meetnew needs.

� Widespread technology adoption for greaterproductivity, cost reduction and time savings.

� More business innovation and our firms leadingprofessional practice in Asia.

� It’s a big vision. Can we get there? We think so. Itwon’t be easy. There will be the inevitable challenges.

� But everything starts from a vision of where we wantto be. Then we work out how to get there and do it.

Finding the

Alignment

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By Sarjit Singh



Getting There

To achieve this vision, the Working Group identified four key thrusts for accounting services in alignment with the CFE strategies, namely:

� Strengthening our global market position;

� Transforming our accounting sectors;

� Equipping accounting professionals to be future-ready; and

� Building thought leadership.

Nine High Growth Practice Areas

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By Sarjit Singh



Some Personal Observations

� People do business with people they know, like

and trust.

� Relationships make us what we are. So ourprofessional values of trust, responsiveness, quality,integrity and collaboration underpin everything we do.

� Technology will not replace the professional but it

will change how accountants work, client

expectations of their professional advisors, and what

clients are willing to pay for. More importantly, it willdifferentiate the professional.

Are we agile enough to dance with this rapid change? Can we find our focus in this world of disruptions?

Ready Developing

Future-Ready

Skills

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By Sarjit Singh



Equipping Accounting Professionals to be Future-Ready

Clients say what is needed over and above coreattributes (eg high integrity, strong domain andtechnical knowledge) are accountants with:

� Multi-jurisdictional capability who can provide cross-border advice, project management and coordination;

� Ability to provide integrated cost-effective solutions(i.e. solutions which are cheaper yet better. It’s a bigask, but that’s what the clients say they want and theywill go to the ones who can deliver it);

� Strong industry knowledge, who can see round thecorner, and anticipate and advise clients on newtrends.

In Short, Clients Want More

Value-Add

Singapore plans to build capability andcompetencies to meet demand in a varietyof ways:

� Cross-disciplinary and practice orientedcurricula and internships in universities;

� Executive programmes for professionalswho are already working; and

� On-the-job training through secondmentsto clients and other industry players.

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By Sarjit Singh



DIFFERENTIATEyourself

In Conclusion …

� The path ahead will not bewithout challenges. Somethings we can do immediately.Others will be years in themaking. This is a sharedendeavour.

� Whether we succeed inachieving our vision or not willdepend greatly on mindset,attitude, execution and

implementation.

� However this is a journeyworth undertaking.

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By Sarjit Singh



Q&AClarifications of Fuzzy Points

Be a Future-

Ready

Accountant,

Today!

Remember …

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By Sarjit Singh



Who Wants to be a Future-Ready Accountant?

Let the Game Begin …

It’s Quiz Time!

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By Sarjit Singh



It’s Feedback Time! Greatly Appreciate it!!

Thank You for Your Wonderful Support.

It’s Truly Inspiring!

Learning is a treasure that will follow its owner everywhere ~ Chinese Proverb

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By Sarjit Singh



About the Trainer

Prof Sarjit Singh Sandhu FCA has extensive experience working within thefinancial markets sector in Asia. He has deep technical knowledge coveringlisted companies, multinationals, initial public offerings and mergers andacquisitions due diligence gained over 17 years at PricewaterhouseCoopers.He was also the CFO of AIA Singapore and Aviva Asia for over 8 years. He isa Fellow Chartered Accountant in both Australia and Singapore, and hasprovided advisory services to many public listed companies, multinationals andGLCs on the development of financial reporting standards. He has won manyawards, accolades and recognitions as a CFO and educator.

Prof Sandhu is a highly sought after speaker at financial seminars and coursesaround the world and has authored and contributed many publications oncorporate governance, risk management and international accounting standards.He is highly rated by participants who have attended his programs.

He is particularly well-known for his ability to translate complex and difficultfinancial concepts into plain language, and the use of real life experiences,easy to understand illustrations and case studies. Prof Sandhu adopts ahighly interactive approach in his workshops which makes learning both fun,enriching and memorable.

My Key Notes

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“Price is what you pay, value is what you get” – Warren Buffett

Documents

Man vs Machine The Future Economy - ISCA · The Future Economy – Preparing ... ASEAN is projected to rank as the fourth largest economy by 2050. ... corner, and anticipate and advise