Integrated Accounting Practice Seminar
A group of about 60 students from Diploma in Accountancy who chose the Integrated Accounting Practice (IAP) module as their final year project gathered together on 1st February 2012 to celebrate the completion of their yearlong project.
These students had started their project in April 2011. The project kicked off with the students creating their own fictitious trading and investment companies. They were led by Ms. Tan Yen Yen and Mr. Robert Tan, both of whom were advisers to the students during the course of their project. IAP students were expected to buy and sell shares based on the market information that they have gathered from the Singapore Stock Exchange. The next phase of the project was to prepare the full set of financial report for their individual companies. After the financial report was completed, the group would then exchange their financial report with another group within the same module. They were then required to audit the financial report of the group assigned to them and issue an audit opinion. The top 3 teams with the highest grades would be entitled to a cash prize of SGD900, kindly sponsored by the Institute of Chartered Accountants – England & Wales (ICAW).
The seminar was graced with invited guests from the industry. Ms. Teo Li Ling (Partner - Audit Assurance, Ernst &Young), Mr. Izam Ryan Bahri (Manager - Mergers & Acquisition, Deloitte Touche) and Ms Rachel Heng (Manager, ICAW) attended the event.
Mrs. Lee Tan Lin, Deputy Director of SP Business School gave the opening speech, congratulating the students on completing such a challenging module. Two groups were chosen to present their audit findings. The first group highlighted the issues which affected their company’s overall revenue and images and thereafter, solutions adopted by them for the problems encountered at each process. The next group presented the documentation of their audit processes, the situations that arose, and their eventual findings and opinions. The groups presentations captivated the student audience because many of them had yet to present their own audit findings and were curious and interested to know the outcome of their peers’.
The students were fortunate to gain an insight from the guest speakers. Mr. Izam spoke on the various ways to identify sources of values and future mega trend that may influence us financially and economically. He introduced the Ausoff Matrix which is used mainly by industry analysts to formulate growth strategies.
Ms. Teo focused on issues that would affect and influence future accountants in Singapore, such as Singapore government’s plans to develop Singapore into a leading global accountancy hub by 2020 and the changes and improvements that will be made to the Singapore Financial Reporting Standards. Ms. Heng encouraged students to consider the ICAEW qualification. which guides students to think and analyse current situations. DAC students from Singapore Polytechnic will enjoy module exemptions of up to 7 credits!
The event ended with a buffet spread filled with mouth-watering finger food which made it easier for the students to chat with other students, lecturers and guest speakers.
It was a bittersweet ending to the module. Gone were the days of sleepless nights and rushed preparations of documents required for their financial statements. This year long module was no simple feat. Kudos to all our final year students for completing it!