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Don Ho - Challenges and Opportunities for the SMP in Singapore
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Don Ho - Challenges and Opportunities for the SMP in Singapore

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

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

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  • Presenter’s company logo: Please place logo in the area indicated by the green box. Kindly ensure size is visually similar to the ICPAS logo on the right.Font type: Verdana

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  • 1. Challenges and Opportunities for the SMP in Singapore Mr Don Ho, Council Member, ICPAS 19th March 2012 1
  • 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.