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Dear friends,

I certainly hope it’s not too late to wish all of you a good year ahead despite all the pronouncements of gloom. In fact, realities have set in where millions go unemployed, factories and shops close and people walk the streets worrying where their next meal comes from and we keep reading about war-torn countries, floods, storms and all bad news. One wonders where all these are going to end.

Our profession is not spared. Never has there been a more challenging time for the profession since the Enron and Parmalatt days. Today we see the greatest disaster of our profession in the form of the Satyam scenario in India and with that we can anticipate even greater, more stringent adherence of rules and regulations in the assurance industry. It is almost too frightening to anticipate the direction of the audit profession vis-a-vis clients’ audits in terms of enhancing audit quality. At the moment, the identifying and weighing of risks in audit assignments are of paramount importance. The International Standards on Auditing and other compliance issues are so hefty that auditors have to balance the objective and subjective elements of an audit assignment. Subjectivity comes into play with concerns on fair value measurements and disclosures, impairment of assets and going concern assessments. In current economic situations, we face transactions that are significant, unusual or highly complex in nature. Be that as it may, there are still opportunities out there to assist our clients and ourselves to grow, and I’m sure AGN can play a part in realizing these opportunities.

Since the last WWLink, I have been to Syria, where the regional meeting of West Asia and Africa (WAA) was held in November 2008. It was wonderful to see that all those who were present felt the need to bond and to work together for the region. It was very well attended with several first timers who, at the end of the meeting, felt they would continue to attend such meetings. They all concur with the need to conduct training and some, like Bupathy and Mago, are willing to take on the role of trainers and also Jawad who has kept me and Nick up-to-date with their progress. Hanadi of the Syrian firm, hosted the meeting and it was well organized. I must say a big thank you to the participants who eriched my experiences by their individualism, strengths and hospitality. And todate, we are constantly informed of the Strategic goals which they have set up for the region and the developments thereof. It takes a few to set objectives but it takes all to be involved for a region to prosper and grow. We look forward to welcoming Mr. Sunil, the Regional Chair, who shall represent them at the International Board meeting in Paris in March.

On the eastern front, I have visited the offices of our new Vietnamese firm, IFC in Hanoi, who has 5 partners all originating from a Big 4 firm, 9 managers, all also originating from a Big 4 firm and has 5 branches in Vietnam . We are indeed pleased that they have come onboard and are prepared to host the Asia Pacific regional meeting in Ho Chi Min City (Saigon). Their communication skills and expertise for international assignments are by no means lacking. I have also visited our Indonesian office in Surabaya when I was there on a business trip. I would encourage you whenever you travel anywhere, to visit the associate offices to get to know them better.

AGN continues to expand. We do lack some representation in some countries but the Board is not rushing into it as we felt it necessary to change our strategies (being an Association) to ensure the first time review of interested firms are properly vetted and have the expertise to handle international work with competency in communication skills. It is with these thoughts and strategising that we are able to strengthen the overall competencies of our Association. Several of our regions have updated their websites and information in each region has become so comprehensive and delivers a lot more information. Do visit the sites which have been carefully and meticulously put together by Mireia.

By the time this issue goes into circulation, the International Board will have met at the end of March. We hope to bring to the table a reassessment of the Strategic Plan in place from last year, the way forward, membership matters and other administrative issues but mostly to see how member firms can benefit/restructure to obtain some advantage in this global financial crisis. We will be touch with you all.

Meanwhile, I shall leave you with a quote and wish you every success and good health.

“ It is good to appreciate that life is NOW. Whatever it offers, little or much, life is NOW - this Day - this hour.” Charles Macomb Flandrau

Esther Tan
Chair – AGN International
GEP Associates
Kuala Lumpur
Malaysia
esther@gep.com.my

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