Creating awareness on the audit profession

  • Education
  • Sunday, 01 Dec 2019

Teo (fifth from left) and Yee (tenth from left) posing with their challenge partners and Deloitte Audit Business Challenge and Deloitte Tax Challenge winners.

DELOITTE Malaysia is on a mission to bring the glory back to auditing through its inaugural Deloitte Audit Business Challenge (DABC).

Its country managing partner Yee Wing Peng says: “audit has sort of been neglected” with taxation, financial advisory and consultancy taking the limelight among the accounting professions.

“The consultancy and advisory fields are perceived to be more glamorous.

“There is a need for us to create the awareness and profile the audit profession in the right way so as to continue to attract the top talents,” he adds.

Yee points out that audit is an important field.

“We need good auditors that can conduct audit to the highest standard and quality,” he says after the Deloitte Audit Business Challenge and Deloitte Tax Challenge Gala Dinner held recently.

He also believes that talented and capable auditors can command “a much higher compensation.”

Deloitte Malaysia audit and assurance leader Stanley Teo says: “The audit practice has been in existence since the time of ancient Greece and Rome.

“It has changed with time, especially to manage the expectations of stakeholders and the workforce and audit quality is a key imperative,” he adds.

He also says the participants were introduced to the practical aspects of audit and how audit has evolved over time throughout the challenge. DABC was held in partnership with CPA Australia and designed to provide undergraduate students with the experience of real life audit scenarios.

Engaging in quizzes, workshops and presentations, students had the opportunity to apply practical knowledge and utilise the latest auditing tools, while also enhancing their leadership, analytical and teamwork skills.

The competition, held earlier this month, is part of the company’s talent development initiatives together with the Deloitte Tax Challenge and Risk Intelligence Challenge.

The Deloitte Tax Challenge is one of the company’s longest-running student engagement platforms and is now in its 12th year.

The participants of this challenge had to work in teams or individually to complete a report and presentation on a real business challenge.

This was to train and assess their tax knowledge and ability to reason and think outside the box.

This year, the company hosted more than 5,400 undergraduates in these initiatives.

Yee says: “I am proud to see students braving through the tough competitions, difficult questions and coming out stronger and more innovative every year, through all three challenges.”

These initiatives are open to all students in private and public institutions of higher education in Malaysia and are held over the course of a month. Also present at the dinner were Deloitte Malaysia deputy audit leader Jimmy Lai, country tax leader Sim Kwang Gek, deputy tax leader Tan Hooi Beng and audit partner Izzad Shamsudin.

Inland Revenue Board Malaysia Technical Audit Assistance Division director Dr Zainal Abidin Md Yassin, CPA Australia country head for Malaysia Priya Terumalay, deputy president of the board Wong Chin Aik, Malaysia division council president Sharman Arumugam, Wolter Kluwer content management for Southeast Asia manager Azmin Mohd Khalib and ACCA Malaysia head of policy and technical Aaron Saw were also in attendance.

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