Write-Up for AAC 2014
Audit and Accounting Challenge (AAC) is a competition hosted by NTU to provide a platform for tertiary students to compete based on their audit and accounting knowledge. It is our honor to be able to take part in this yearly-held competition. The competition started off with a preliminary round of 40 MCQs and a short essay question, to be done individually within 45 minutes. The top 4 teams with the highest team’s score would enter to the final round – Case Study. In the midst of tabulation of all the teams’ scores, representatives of ICAEW and ISCA shared with us the path towards being a Chartered Accountant as well as other career options that we could consider. After a lunch networking session, we were back in the theatre for the announcement of the finalists. The announcement totally took us by surprise! Never did we expect to get into the Top 4 since the competition was fierce and intense. It was definitely a rare opportunity for us to be able to compete with three other teams from NUS and NTU for the case study round as we were the only polytechnic team in the finalists. What was even surprising was the topic of research – IFRS 15! With absolutely no idea of what IFRS 15 was about, we began our research. Time was tight as we were given a mere one hour to research and prepare a PowerPoint. With the best of our ability, we stood before four judges and delivered our presentation as the third team. Furthermore, the presentations of other universities gave us shivers as we saw them presenting confidently and professionally. After all four teams had presented, we believed that the judges must have had a hard time in determining the winners. While waiting for the results, the emcee announced the Game Round and Lucky Draw winners and marvelous prizes were given out such as iPad Mini. Finally, the long-awaited moment came. Once again, it was beyond our expectation to even emerge as the second runner-up! Overall, the competition was indeed an eye-opener for us. It was a huge achievement for us since this was our first time joining the competition. Nevertheless, our achievement could not have been attained had it not been the consistent efforts of our SP lecturers who taught us when we were in our Year 1 & 2. We definitely owe a big thank you to all our Accounting and Auditing SP lecturers.
Peixuan: “It was an eye-opening experience for us to gain both accounting and auditing knowledge! Accounting is definitely not just about Debit and Credit.”
Daphne: “We did not expect to have gained so much from this wonderful and fruitful experience. It will definitely be a good exposure and benefit us in the future.”
XiaoJing: “It was just like a dream. Thank you for giving us this platform to display our knowledge of Accounting and Auditing. I believe that all accounting students will be a great asset to any organization in the future as long as you have what it takes.”
Xiaoqi: “The competition with other universities may be seen as an unfair platform to many polytechnic students. However, I thought otherwise. Life is fair whereby everyone has no more and no less but just 24 hours per day. Preparation is necessary for everything. Therefore, it is our efforts that lead to our success. As long as you try, a dream could become a reality.”