Building a Culture of Compliance in 3E Accounting – ACCA’s October 2017
3E Accounting Pte. Ltd. was pleased to be mentioned in ACCA’s article on how to build a culture of compliance, on 1 October 2017. The article discussed the issues of ethics and compliance, and how business leaders must step up on their compliance education programmes.
For business leaders in Asia Pacific, navigating the issues of ethics and compliance has become more difficult than ever as regulations become more sophisticated. And when competition is fierce and businesses are trying to survive, blurring the boundaries between being competitive and being unethical becomes tempting.
‘There is a misunderstanding of what compliance is, especially among millennials – they are more likely to rationalise unethical practices,’ says Chris Fordham, managing partner of EY’s fraud investigation and dispute services unit in Asia Pacific. ‘I think it comes down to a lack of experience and a lack of education in this area. They may not be aware of the long-term ramifications of unethical practices, such as the possible fines, loss of the company’s reputation and loss of their own career. It is so important that business leaders make sure their employees are educated in compliance.’
One issue is a perceived lack of ethical leadership. Compliance policies may be in place but, under pressure to deliver results, some senior managers are turning a blind eye to unethical behaviour to achieve targets.
‘The top management is the key to implementing ethical standards,’ says Lawrence Chai, managing director of 3E Accounting, which has operations in Singapore and Malaysia. In order for this to happen, the owners and founders must be committed and emphasise the importance and seriousness of these standards. Only the top management can do this.
‘At 3E, we consider the background of clients first, and talk about fees only as the last thing,’ Chai continues. ‘If you talk about fees first then it won’t be ethical. Money is always the problem, so whether the partners and top management are willing to put value first before money is the key.’
ACCA – October 2017
ACCA are the world’s most forward-thinking professional accountancy body. They have more than 198,000 fully qualified members and 486,000 students worldwide. They’re among the world’s best-qualified and most highly sought-after accountants – and they work in every sector you can imagine.
3E Accounting Pte. Ltd. wishes to thank ACCA for the mention and all staffs and clients for their tremendous support.