Deloitte–ICAEW Business Challenge 2017: SP Accountancy emerged as the champions
On 6 April 2017, the Institute of Chartered Accountants in England and Wales (ICAEW) and Deloitte Singapore jointly held the inaugural Deloitte-ICAEW Business Challenge for polytechnic accountancy students at the SGX Centre where our SP Accountancy students emerged as the champions.
The competition was split into two segments. The first segment was the qualifying round. Each team were given 1 hour to complete 30 Multiple Choice Questions on Assurance & Accounting. The top 5 teams from the qualifying round entered the finals to present on a business case and battle it out for the coveted title and big prizes.
We are extremely proud that SP Accountancy clinched the 1st, 2nd and 3rd place for this competition and excelled in the individual quiz segment! As the champions, we will represent Singapore at the ICAEW Regional Business Challenge at Kuala Lumpur, Malaysia in May 2017.
ICAEW-Deloitte Business Challenge 2017
(Tan Chin Lin, Natale Tan, Guan Xiao Yan, Kong Clement, Kelvin Toh Zi Yuan)
1st Runner Up
(Joshua Chia, Guo Hong Yi, Angeline, Jamie, Yan Pheng)
2nd Runner Up
(Edward, Javin, Derrick, Vivien Ng, Ian)
During the MCQ qualifying round, we had to answer many accounting and auditing questions. We had the advantage as we were very familiar with the accounting questions which were similar to the ICAEW Certificate in Finance, Accounting and Business (CFAB) paper which we can obtain in SP Accountancy. Our audit lecturer also conducted a training workshop to prepare us for this competition and he went through the different auditing concepts. Hence we were confident that we would get into the top 5 teams for the business case study.
During the business case study round, we were only given 90 minutes to read, analyse, formulate our presentations and prepare for the presentation. We were in a panic mode! We even skipped our lunch because our team was too engrossed in the preparation! There were 4 questions in the case study and we split the questions among the 5 of us to maximise our time. The case study given to us consisted of 45 pages and we have to identify which page was relevant for our questions. This is also the first and the only time which we had an argument as some of us messed up the order of the pages of the case study. My teammates and I are all from different classes and even though it is the first time that we are working together on a project, this was the best team that I have ever worked with so far in my two years in SP.
During our presentation, we had to rush through our presentation as we only had 8 minutes per team. During the Q&A session with the judges, one of the judges asked a really tough question. I learnt a trick from my marketing lecturer that in such situations, I can ask the judge for an extra minute to discuss our group’s response and this would give us some time to come up with an appropriate answer. The judge only gave us 30 seconds but we were still able to come up with a satisfactory answer for him.
When they finally announced the results, we were extremely delighted to be announced as the champions to represent Singapore at the ICAEW Regional Business Challenge!
Overall, I enjoyed the experience of this competition. One take-away is that in any competition, one must have an open mind. Even though you are not confident that you will not deliver a good presentation, you still have to show the judges that you are confident because the first impression counts.
Lastly, it doesn’t matter if you win or lose because at the end of the day, it’s the memories forged with your friends in the competition that matters.
Written by : Kelvin Toh, DAC/FT/3A/01