The International Auditing and Assurance Standards Board, IAASB, has appointed Chiew Chun Wee, ACCA’s Regional Head of Policy for Asia Pacific, as a member of the board. He will serve an initial three-year term starting from 1 January 2018.
IAASB is an independent standard-setting body that sets international standards for auditing, quality control, review, other assurance, and related services, enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession.
Helen Brand, chief executive of ACCA, said, ‘We are delighted with Chun Wee’s appointment. He will be well supported by everyone in ACCA in this exciting new role. Apart from audit practitioners, ACCA’s membership comprises representatives from the full spectrum of participants in the global economy, and we certainly intend for Chun Wee to bring those diverse perspectives into IAASB’s standard-setting process.’
Chun Wee said, ‘I am honoured to join my esteemed colleagues on the IAASB. The board has built an exciting work plan for the years ahead and I am thrilled to be able to contribute to it. I am particularly keen to make sure the voice of the profession in my part of the world is heard, notably the many smaller-medium firms that are often faced with different opportunities and challenges in their practice.’
As the Regional head of policy for Asia Pacific, Chun Wee is tasked with supporting ACCA’s advocacy and policy work across the region, including Australia, China, Hong Kong, Malaysia, Mekong region, and Singapore. He works with key stakeholders to identify and drive new research initiatives, and provides evidence-based policy and thinking to impact the business community and profession.
Leong Soo Yee, ACCA’s director for Asia Pacific, said, ‘Chun Wee’s appointment is a testament to the great advocacy and research work he has undertaken for the profession. We are proud that he will now be placed at the heart of international standards setting, and are confident that he will continue to focus on serving public interests as he carries out his role on the IAASB.
Professor Arnold Schilder, IAASB’s chairman, said of the appointment, ‘The IAASB’s standard setting activities will benefit greatly from Chun Wee’s knowledge and insights as well as his access to the extensive network of ACCA members throughout the globe, and Asia-Pacific stakeholders in particular. He is especially well positioned to represent the views of the Small to Medium Sized Practitioners as the IAASB considers how the standards might be scaled for Small to Medium Sized Entities audits.’
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Notes to Editors
About Chiew Chun Wee
Chun Wee is currently acting as Technical Advisor to one of the International Auditing and Assurance Standards Board (IAASB) members, Brendan Murtagh. He previously served in the Working Group set up by the International Integrated Reporting Council (IIRC) that looked at, among others, implementation strategy for the International Integrated Reporting Framework, as well as the advisory committee that reviewed the IIRC’s training competence matrix. Chun Wee speaks regularly on international platforms in front of both finance and business leaders.
Prior to joining ACCA, Chun Wee was a key member of the Professional Practice Department of a Big Four accounting practice, where he focused on audit methodology and regularly delivered internal and external trainings on auditing and quality assurance matters. He has more than a decade of experience in public accounting and has worked in audits of and special assignments for multinationals and local listed companies.
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 198,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,291 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com
The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing, quality control, review, other assurance, and related services, and by facilitating the convergence of international and national standards. In doing so, the IAASB enhances the quality and uniformity of practice throughout the world and strengthens public confidence in the global auditing and assurance profession. The IAASB’s efforts are focused on development, adoption and implementation of international standards addressing audit, quality control, review, other assurance, and related services engagements.
The IAASB follows a rigorous due process in developing its pronouncements. Input is obtained from a wide range of stakeholders including the IAASB's Consultative Advisory Group national auditing standard setters, IFAC member bodies and their members, regulatory and oversight bodies, firms, governmental agencies, investors, preparers, and the general public. Exposure Drafts of proposed pronouncements are posted on the website and comments are invited; final pronouncements are accompanied by a Basis for Conclusions with respect to comments received. The Public Interest Oversight Board (PIOB) oversees the work of the IAASB and its CAG to ensure that the activities of the IAASB follow due process and are responsive to the public interest.
The IAASB is dedicated to operating as transparently as possible. IAASB meetings are open to the public and meeting agendas, agenda papers, and meeting highlights are posted on the website. In addition, the website includes project histories, audio recordings of the IAASB meetings, IAASB Exposure Drafts and all comments made on those drafts by stakeholders.
The International Auditing and Assurance Standards Board (IAASB) was founded in March 1978. It was previously known as the International Auditing Practices Committee (IAPC).