NTU Audit & Accounting Challenge 2017
Written by : Ng Xian Huang, DAC/FT/3A/02
On 23 June 2017, our SP Accountancy students competed in the NTU Audit and Accounting Challenge (AAC) 2017 against other university and polytechnic teams. Our students emerged as 3rd runner up during the overall competition. Our students also emerged as 1st and 2nd runner up during the accounting and auditing jeopardy round. Four of our students also won prizes for being in the top 10 individual scores during the preliminary round.
The AAC is an annual competition organised by Nanyang Business School Auditing and Assurance Team (NAAT) which aims to develop interest in the auditing and accounting field and also to create awareness on the latest audit and accounting issues. Similar to prior years, the competition was held at Lee Kong Chian Lecture Theatre, NTU.
The competition started off with a preliminary round, comprising 40 multiple choice questions and a short essay question which were to be done by each of the participants. The top 4 teams with the highest scores would then proceed to the case study round. We were escalated when our team emerged as one of the top 4 teams!
The teams of the case study round were tasked to analyse the case and prepare a presentation on the proposed solutions within a tight one hour. This year’s case study was about the new changes in FRS 115 (IFRS 15 & IAS 11) – Revenue from Contracts with Customers which the students were unfamiliar with. After a round of competition with the other teams, team SP was able to clinch the title of 3rd runner-up and walked away with a cash prize and a trophy.
While the teams were preparing for the case study round, the remaining teams took part in the computational round where participants were required to answer a series of questions with the clickers distributed. Teams with the most correctly answered questions and the shortest time spent would walk away with a prize. Two teams from SP were emerged as the 1st and 2nd runner-up in this round.
Our students from SP also excelled in the preliminary round where four of them were able to secure a place among the top 10 individual scorers. Among the winners were 5 university students and another polytechnic student.
AAC this year was definitely a fruitful one as it served as an eye-opener to the participants on the current auditing and accounting world and provided a networking platform with the panel judges from renown accounting firms and organisations such as representatives from Deloitte Singapore, Institute of Chartered Accountants in England and Wales (ICAEW) and CPA Australia.
The winning teams from Singapore Polytechnic were:
1. Case Study Round 3rd Runner-up
Ng Xian Huang, Lee Shu Yun, Lim Yi Tian and Chow Shou Kai
2. Computational Round 2nd Runner-up
Lee Chee Yong, Lie Ke Hui, Chen Daoyi and Tan Shi Jie
Computational Round 3rd Runner-up
Natalie Tan, Chew Jun Xiang, Ng Wei Jie and Tan Yu Yang
3. Preliminary Round Top 10 Scorers
Ng Hui Min, Tan Yi Ling, Ong Jia Hui and Lee Zi Ying
3rd Runner-up of Case Study Round
(L-R: Lee Shu Yun, Lim Yi Tian, Chow Shou Kai, Ng Xian Huang)
1st Runner-up of Computational Round
(L-R: Lie Ke Hui, Tan Shi Jie, Lee Chee Yong, Chen Daoyi)
2nd Runner-up of Computational Round
(L-R: Ng Wei Jie, Chew Jun Xiang, Natalie Tan, Tan Yu Yang)
Networking Session with Representative of CPA Australia