Quarterly E-Newsletter July 2023



The global economy is rocked by waves of uncertainties. The International Monetary Fund (IMF) has generated a forecast for global growth to fall from an estimated 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. True enough, businesses across industries grapple with steep debt interest rates, rising operation costs, and competition woes. Amidst these challenges, how can you remain adaptive and competitive?

Find a summary of valuable industry updates in this article along with expert commentaries that can equip you with the knowledge and outlook to drive your business towards success.

Industry Roundup

Employment Pass Eligibility

Singapore’s Ministry of Manpower (MOM) will progressively implement changes to the Employment Pass (EP) eligibility framework and requirements in the coming years. In line with this, businesses can expect a higher compatibility rate among foreign talents who will join Singapore’s workforce in subsequent times and the need to match the Ministry’s requirements.

The changes cover a two-stage eligibility framework as highlighted below.

International Auditing and Assurance Standards Board (IAASB) Ongoing Projects

The International Auditing and Assurance Standards Board (IAASB) has several ongoing projects focused on improving the quality and delivery of the practice aligned with the rapidly changing business landscape, technological revolution, and the need for sustainability reporting. Below is a preview of the ongoing projects. Access the full details in this link.

Commentaries & Insights

The Role of Internal Audit in the Ever-changing Business Landscape

The fluctuating market dynamics, stricter statutory and regulatory requirements, tough competition, and technological advancement have brought about challenges and added layers of risks to businesses regardless of size and industry.

With Internal Audit, a business’ internal process, controls, and information are objectively assessed to identify bottlenecks, areas for improvement, and risks as they arise. Learn the role of Internal Audit in driving success to businesses.

Why Outsourcing your Accounting Needs is the New Normal

As statutory compliance gets stricter by the day, it’s a growing challenge to go through regulatory processes whilst keeping a business afloat amidst today’s tough times. Ana Ronquillo, the Director of Business Process Outsourcing Services at HT has shared her thoughts and recommendation for businesses to thrive.

How Generative AI is Changing the Profession and its Impact to your Business

In a comprehensive article, Institute of Singapore Chartered Accountants (ISCA) Journal featured ‘The Rise of Generative AI’, an authoritative view on the benefits and dangers that generative AI brings to the accounting practice. Find out the latest trends in the use of AI in the profession and its significance to your business.

Also see our take on the search for balance between the good and the bad that AI brings to the workplace and the profession.

Pursuit of Excellence

Institute of Singapore Chartered Accountants (ISCA) Annual General Meeting

Mr Helmi Talib, Managing Partner of the group, attended the ISCA hybrid Annual General Meeting held last 29 April. The event have allowed him to connect with fellow professionals in the industry where he also gained access to a wealth of knowledge, financial data, and information about ISCA’s initiatives toward continuously equipping accounting professionals with innovative skills to adapt with the changing demands of the profession.

Firm Training: Singapore Standards on Quality Management, Anti-Money Laundering & Counter-Terrorism Financing, and Personal Data Protection Act

We are keeping up with the standards and with our promise to continuously evolve.

Last 25 May, the whole Helmi Talib Group have undergone training on Singapore Standards on Quality Management and were enlightened on the revisions in the Ethics Code, the safeguards in battling AML-risky engagements and onboarding, and the importance of the PDPA in place in the Firm.

With our pursuit of excellence is our promise to always deliver only the best quality services to our clients and a positive impact to the rest of our stakeholders.

Interns Day

It was a transformative day for the HT interns as senior members of the Firm shared their work experiences and tips on how to navigate the tough demands of the accounting profession. The Managing Partner himself, Mr. Helmi Talib also pitched in some valuable insights on the future of accounting and how one can remain competitive and adaptive to the rapid changes in the industry.

Cross-Border Collaborations

Several Heads of Departments have visited HT’s Philippine Representative Office in the last quarter.

Jaypee Bautista and Mari Jane Tiburcio, Audit Partners of the Firm were able to connect in person with their teams, set-up work expectations, and further strengthened their bond through out-of -office hang-outs.

Rocel Magtibay, Director of Human Resources, met every one in PHRO and established a warm sense of belongingness and camaraderie with her stories and note-worthy acknowledgment of each one’s thoughts and opinions— something truly representative of the Firm’s values.

Institute of Singapore Chartered Accountants (ISCA) 60th Anniversary

Our Managing Partner, Mr Helmi Talib, along with Audit Partners, Mr John See and Ms Suriyati Yusof attended ISCA’s 60th year anniversary. Whilst building and strengthening their networks it was a rewarding opportunity to wish the best for the organisation as it continue innovating and improving the practice in the region and beyond.

The industry is changing. Along with it is our aim to continue innovating through the highest quality of service we provide our clients and the opportunities we offer our people.

Keep track of our progress.

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