New chairman for Public Accountants Oversight Committee

New chairman for Public Accountants Oversight Committee

SINGAPORE - Professor Tan Cheng Han, S.C. has been appointed as the new Chairman of the Public Accountants Oversight Committee (PAOC) by the Minister for Finance.

A statement released by the Accounting and Corporate Regulatory Authority (ACRA) also named him as a member of the ACRA board. Both positions will take effect from April 1, 2013.

Established under the Accountants Act, the PAOC comprises selected members of the ACRA board.

The PAOC promotes audit quality and protects the public interest through functions such as registering public accountants, determining professional standards, and administering the Practice Monitoring Programme, under which public accountants' audit work is inspected.

The PAOC plays a key role in ensuring high quality auditing of company financial statements, which is crucial to upholding a trusted business environment in Singapore.

Professor Tan brings considerable legal, commercial and arbitration experience to the PAOC. He is currently a Professor of Law at the National University of Singapore, and has previously served as Dean of its Faculty of Law.

Prof Tan is also concurrently a Consultant at TSMP Law Corporation and is on the panel of arbitrators for the Singapore International Arbitration Centre.

The outgoing chairman, Mr Thean Lip Ping, is retiring from the PAOC and ACRA Board after more than seven years of exemplary service. A former Judge of the Supreme Court of Singapore and Judge of Appeal, Mr Thean is also a respected arbitrator and mediator in private practice.

Under his leadership, the PAOC has conducted fair and rigorous oversight of public accountants' work as external auditors. It has protected the interest of investors and strengthened market confidence in the reliability and integrity of financial information in Singapore.

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