ICPAS’s Auditing and Assurance Standards Committee names Yeoh Oon Jin chairman

ICPAS aims to bring in fresh talents to AASC that would inject new ideas and represent diverse segments of the profession via its new members.

The Public Accountants Oversight Committee (PAOC) of the Accounting and Corporate Regulatory Authority (ACRA) and the Institute of Certified Public Accountants of Singapore (ICPAS) have appointed new members to ICPAS’s Auditing and Assurance Standards Committee (AASC), as part of a process to refresh the AASC through the rotation of talent.

The AASC develops Singapore’s auditing and assurance standards, in particular by adopting auditing and assurance standards issued by the International Auditing and Assurance Standards Board (IAASB) in conformity with Singapore’s regulatory environment, and by monitoring standards-related policy and implementation issues. The AASC performs this role under the oversight of the PAOC, which approves the audit and assurance standards to be followed by public accountants, as the regulator of the public accountancy profession.

The AASC comprises 19 members, consisting of 10 practitioners and 9 public members(comprising academics and users of auditing and assurance services). The PAOC appoints the AASC’s Chairman and Vice-Chairman and public members, while ICPAS appoints the public accountant members, according to an ICPAS report.

Mr Yeoh Oon Jin, Head of Assurance, PricewaterhouseCoopers LLP and out-going AASC Vice-Chairman, has been appointed Chairman. The new Vice-Chairman is Mr Shariq Barmaky,Professional Practice Director, Deloitte & Touche LLP and current AASC Committee member.

New members who have joined the AASC are:

• Mr Ravinthran Arumugam, Chief Executive Officer & Managing Partner, LTC LLP
• Mr Victor Chang Fook Kay, Audit Partner, Mazars LLP
• Mr Basil Chan, Council Member, Board Director and Treasurer, Singapore Institute of Directors
• Assoc Prof Seow Jean Lin, Associate Professor of Accounting (Practice), School of Accountancy, Singapore Management University
• Mr Jack Wang Ying Yang, Managing Partner, Lexico Advisory
• Mr Alex Lee Hoe Yuan, Deputy Director, Corporate Finance Division, Capital Markets Department, Monetary Authority of Singapore.

ICPAS President Dr Ernest Kan said, “The AASC plays an important role in the auditing and assurance standard-setting process in Singapore. With new members joining the AASC, we are refreshing its composition to facilitate injection of new ideas and representation from diverse segments of the profession.”

Mr Yeoh said, “This renewal process of the AASC has brought in new members with fresh ideas and perspectives to the committee. With almost equal representation from practitioners and non-practitioners, the AASC comprises prominent leaders from the industry, academia and regulators who will bring a broad and balanced perspective to the complex issues faced by standard setters. This committee will continue to play a leading role in developing high quality auditing standards to meet the increasing demands of stakeholders. It is my aim to bring the necessary rigour, transparency and stakeholders’ engagement so as to instill confidence in the AASC’s standard setting process.”

Ms Juthika Ramanathan, Chief Executive of ACRA and Registrar of Public Accountants said: “ACRA is pleased to have continuing involvement from experienced public accountants and stakeholders in setting robust and internationally reputable Singapore Standards on Auditing. With these standards in place, it is important for the AASC to stay engaged with international developments and to support Singapore’s public accountants in upholding these standards and sustaining a high level of audit quality.”