Highlights from the 122nd AFA Council Meeting

The Lion City welcomed AFA members to the 122nd AFA Council meeting held on 18 June 2016 at the Grand Hyatt Hotel. The busy Orchard Road became the meeting venue for representatives of the nine Primary Members and six Associate Members of the Federation.Among the usual attendees, this meeting was also attended by the representatives of the World Bank, Mr. Christopher Fabling, of IFAC, Mr. Adrian Lim and former Deputy Chair of IAASB, Mr. Dan Montgomery.

As part of the Singapore meeting, the AFA Council held a session looking at the New Auditors Report to provide an update to the AFA members on the latest issue in the profession. IFACs participation in the meeting was also key in the Federations continuous efforts in strengthening the cooperation between the two bodies, particularly in developing the accountancy profession in the ASEAN region.

As part of the meeting, AFA also launched its AFA Annual Report for the financial year 2015. The Report provides key highlights on the Federations and AFA members activities throughout 2015 – available for download from the AFA website.

The 123rd AFA Council meeting will be held in Bangkok, Thailand on 21 October 2016.

CPA Australia Regional Technical Session

Back to back with the 122nd AFA Council Meeting, CPA Australia supported by AFA, held a regional technical session on audit quality – an analysis of global regulatory findings. This session was held in CPA Australia Singapore Office on 16 June 2016 and was attended by more than 40 participants from the region.

To support the objective of the session – to provide regional CPD/CPE opportunities for AFA members in obtaining the latest update on the profession, CPA Australia invited Ram Subramanian, Policy Adviser for CPA Australia to present an overview of the International Forum of Independent Audit Regulators (IFIAR) findings. The session also included a panel discussion consisted of Julia Tay, Deputy Chief Executive, Accounting and Corporate Regulatory Authority (ACRA), Yeoh Oon Jin, Executive Chairman, Pricewaterhouse Coopers LLP Singapore, Lo Wei Min, Managing Partner, Lo Hock Ling & Co, looking at some key audit quality indicators and the role of relevant stakeholders in improving the quality of audit.