Tan Theng Hooi answers your 10 questions

Deloitte Malaysia country managing partner answers ....
What is the one thing that any business can do to best improve its risk management? Tan Kim Siong, Kuantan
The
key for any organisation is to be “risk intelligent” by taking a
holistic and unifying approach for building an effective and efficient
risk management programme that incorporates risk governance (strategic
decision-making and oversight), risk infrastructure and management
(designing and implementing a programme led from the top) and risk
ownership (measuring and monitoring). Activities across all these
levels should be integrated into a systematic, enterprise-wide
programme. This embeds a strategic view of risk into all aspects of
business management and gives leaders a clear view into the challenges
and opportunities that risk can create.

[You must be registered and logged in to see this image.] Tan Theng Hooi When
you were appointed country managing partner of Deloitte Malaysia in
October 2008, you said the public accounting practice has a major role
to play. What did you mean? M. Ramesh, Puchong
Public
accounting practice has a major role to play in today's demanding and
challenging business environments. We set the standards for quality and
integrity. And we work with all stakeholders including clients,
professional bodies and regulators to uphold integrity and confidence
in the marketplace. Besides that, we provide opportunities for fresh
graduates and young qualified accountants to be trained and prepare
them for the challenges ahead.
What is the most valuable lesson you have learnt as country managing partner of Deloitte Malaysia? Mansor Razak, PJ
One
of the most valuable lessons I've learnt in recent years is how
individuals can collaborate and work together to achieve extraordinary
results. Deloitte people in South-East Asia work together as one firm
across eight countries, demonstrating that we can achieve greater
results by pooling and sharing our resources. With the setup of a
shared services centre based in Malaysia, we are able to provide backup
support for our practitioners across the region without having to
duplicate such resources in each of the country. This has helped us
achieve great results by reducing costs, increasing productivity,
retaining talents and delivering greater value to our clients.
The accounting sector is a business opportunity under the Economic Transformation Programme. What are your thoughts on the proposed ETP measures relating to accounting? Joseph Francis, Malacca
The
ETP is expected to require increased level of accounting expertise and
I am glad that the Government recognises this and has proposed a number
of accounting sector measures to ensure a successful transformation
programme. In view that accountants today play a pivotal role in
businesses, it is anticipated that the proposed ETP measures will
ensure that Malaysia will continue to have competent accountants of
international standards. Increasing the number of accountants is a
critical success factor for the Malaysian economic development. Whilst
we are eagerly producing high quality accountants, effective talent
retention strategies are necessary to slow the flood of talent out the
so-called “brain drain”. Being English-speaking and culturally diverse,
we are renowned for our adaptability and agility; naturally our
talented accountants have become targets for other countries. The
measures to encourage highly-qualified Malaysian talent to return home
as well as the initiatives to enhance the accounting services sector
are positive steps under the ETP.
Malaysia has a reputation for producing a lot of talent in accounting. Do you think this is the case and why? Ken Lee, KL
Malaysia
indeed has a reputation for producing a lot of accounting talent where
Malaysian universities produce approximately 3,500 fresh accounting
graduates and additionally an estimated 3,000 accountants with
professional qualification join the workforce annually. The
professional accountancy bodies like MIA, MICPA and other foreign
professional accounting bodies like ICAEW, ACCA and CPA have done very
well in promoting the accounting profession and encouraging students to
pursue professional accounting qualifications. In addition, the Big
Four accounting firms have been working closely with the professional
accounting bodies and institutions of higher learning to ensure
graduates are well trained and professionally certified. It is proven
that Malaysian accountants are very much in demand as some are heading
top conglomerates locally and abroad. Aside from being professionally
qualified, they are also multilingual and are renowned for their
ability to adapt and work in different cultures and environment.
Name three issues that your firm considers the most challenging and what are you doing about these? Bulbir Singh, Seremban
The top three issues that we consider most challenging are talent, regulatory issues and professional fees.
In
the aspects of talent, retaining Gen-Y talent is a prevailing issue not
only among the Big Four accounting firms, but across all industries and
businesses. Our key initiatives in driving talent retention,
particularly the Gen-Y, include offering opportunities to work in
various locations via our Global Mobility Programme, job
diversification and building deeper engagement with our talents. We
constantly ensure that the work place and activities are appealing
while we strive to meet work-life balance expectations of our talents.
In
terms of regulatory issues, the accounting profession has become highly
regulated following the financial crisis and corporate failures. These
scenarios have resulted in the introduction of Audit Oversight Board,
new accounting and auditing standards and other regulatory measures
which potentially pose some challenges to all stakeholders. To ensure
that our people are kept abreast with these ongoing regulatory changes,
we invest in additional resources to ensure that high quality work is
consistently delivered to our clients. Additionally, we provide support
in training and implement continuous learning programmes where
professionals spend the required hours annually being updated on the
latest developments.
Fees remain a challenge with the
professional services industry. Comparatively, accounting fees in
Malaysia are among the lowest in the region. This poses a challenge in
retaining talents and attracting overseas talents to return. To
overcome that, we invest heavily in hiring senior professionals with
foreign experience from the Deloitte network to ensure that we deliver
world-class quality and value-added work to our clients. Very often, we
found that when we deliver high quality work, our clients are prepared
to pay the fair fee that matches our work value.
What do you look for when recruiting young auditors, tax consultants and management consultants? Jenny Ng, Penang
We
look out for a solid academic track record to ensure they are highly
trainable. Additionally, graduates who are all-rounders possessing
leadership qualities, a strong command of English, good communication
skills with the ability to work in a team and deal with complicated
issues have an added advantage. High performers who desire to excel in
the accounting profession are in great demand.
Branding
wise, how does Deloitte fare when compared with the rest of the Big
Four? PricewaterhouseCoppers (PwC), KPMG and Ernst and Young
immediately ring a bell, but that is not necessarily the case with
Deloitte. William Ng, Johor Baru
Globally, Deloitte
and PwC are the largest of the Big Four by a significant margin and the
gap between these two is very small. Deloitte has consistently been the
fastest growing organisation around the world for many years, which led
to us catching and overtaking our competitors. However, in Malaysia,
the market is more competitive and Deloitte is the youngest of the Big
Four. Although we were founded in 1968, we were known as Kassim Chan & Co until 2000 when we rebranded our practice to Deloitte.
We
are now taking steps to invest and to build a stronger brand presence
in Malaysia and the region. The consistent message we are receiving
from our clients is that they are extremely satisfied with our services
which are seamless and consistent with the global standards of “the
Deloitte difference” as we deliver the Deloitte promise to our clients.
Today, we are well known in the marketplace as the leading tax and
consulting practice besides having a strong audit client base serving
many large renowned multinationals and local public listed companies.
When did you decide on a career in audit and why? Eugenie Devan, Bangsar
I
decided to pursue a career in accountancy after completing my A-levels.
Coming from a family background where all family members were running
businesses of their own, I was naturally influenced to start a career
related to business. Hence, the accountancy profession was my preferred
choice as I perceived that it pays relatively well at that time whilst
offering a secure and stable profession. When I was offered to do my
accountancy articleship with Deloitte, I jumped at the opportunity and
never looked back.
After I qualified as a professional
accountant, I was constantly given new opportunities in varied roles
and responsibilities within the organisation and this has kept me going
until today. I find these new opportunities in my career very exciting
and challenging yet truly inspiring and rewarding.
Auditing
isn't exactly the most exciting job in the world. What are the benefits
of having auditing knowledge and how does this apply in everyday life? Shahril Cheh Buang, KL
The
auditing profession inculcates core values on integrity, independence,
ethical behaviour and conduct as well as professional skepticism. These
are valuable attributes gained by the professionals and are
tremendously beneficial when applied to everyday life. Auditors are
also trained to exercise professional judgment with business sense.
Personally, I find this is very important in making sound, professional
business decisions.