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Don Wee on Accountants (Amendment) Bill

05:30 Min

Enhancing the audit regulatory regime will help to elevate Singapore's standing as a trusted business hub, said MP Don Wee. Speaking in Parliament on Monday (Oct 3), he noted that firms would have to adjust their internal processes and systems to effectively and efficiently implement the new standards. He pointed out that while big firms have been preparing for the changes, smaller firms are likely to have less time, knowledge and resources to do so. He said the Bill comes at a time when there is a severe shortage of audit professionals in Singapore. He wanted to know how the Government can support these firms, especially the small and medium-sized audit practices. He proposed funding for public accounting entities to train their staff or employ consultants to help implement the new quality management standards. Mr Wee also called for support in manpower. He said audit professionals should be included in the shortage occupation list of the Complementarity Assessment Framework. 

Enhancing the audit regulatory regime will help to elevate Singapore's standing as a trusted business hub, said MP Don Wee. Speaking in Parliament on Monday (Oct 3), he noted that firms would have to adjust their internal processes and systems to effectively and efficiently implement the new standards. He pointed out that while big firms have been preparing for the changes, smaller firms are likely to have less time, knowledge and resources to do so. He said the Bill comes at a time when there is a severe shortage of audit professionals in Singapore. He wanted to know how the Government can support these firms, especially the small and medium-sized audit practices. He proposed funding for public accounting entities to train their staff or employ consultants to help implement the new quality management standards. Mr Wee also called for support in manpower. He said audit professionals should be included in the shortage occupation list of the Complementarity Assessment Framework. 

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