Good morning everyone,
It is a real pleasure to be here in Singapore, and I am grateful to Accounting and Corporate Regulatory Authority (ACRA) for the invitation and for the outstanding support in organizing today’s event and the parallel initiatives around it.
My sincere thanks also go to all of you - regulators, firm leaders, professional accountants, and other stakeholders - for taking the time to join us today.
For us, this is a particularly relevant opportunity.
ACRA is widely recognized for its strong commitment to international standards, to regulatory cooperation, and to the public interest. From the IESBA’s perspective, that commitment makes Singapore a natural place for outreach, dialogue, and partnership, and a place where it makes sense for the IESBA to be at this moment,
Asia, and Singapore in particular, stands at the forefront of global economic and regulatory leadership. And high-quality accounting, audit, and ethics are not peripheral to that success; they are foundational to it.
Actually, according to OECD data, Asia is today the world’s main growth engine, contributing more than 50% of global GDP growth, with higher medium-term growth prospects than the United States or Europe. It consistently ranks among the highest globally in GDP per capita and is widely recognized as a regional leader in living standards and well-being, including strong performance in international quality-of-life and happiness indices.
Capital markets tell a similar story. Asia has the fastest-growing capital markets globally. It now hosts around 55% of the world’s listed companies, its equity markets account for roughly 27% of global market capitalization, and its corporate bond markets have grown significantly faster than those in the US or Europe over the past two decades. At the same time, global capital allocation is becoming more Asia-centric, with the region increasingly both a destination and a source of cross-border investment. This growth is underpinned by stronger bank resilience and ongoing regulatory modernization that is essential for long-term confidence.
Within this regional story, Singapore stands out.
Singapore is one of Asia’s most important economies. It combines strong growth with world-class capital markets and financial services. Its economy is supported by advanced manufacturing and by its pivotal role as a global trade and logistics hub.
This is not accidental.
Of course, geography, policy choices, education, and institutions all matter. But first-class economic and market performance also depends on something less visible, yet absolutely essential: trustworthy, transparent, and decision-useful corporate information; trusted business and trade relationships and well-informed investment decisions.
This is where accounting and audit come in.
High-quality accounting and audit are central to successful economic systems. They provide the information infrastructure on which markets rely. They enable trust - between investors and companies, between governments and taxpayers, and across borders in international trade and investment. Accountants and auditors are key contributors to value creation when they deliver high-quality information, reliable tax services, and ethical judgment aligned with the public interest.
Successful systems do not emerge by chance. They depend on quality and reliability of services, of firms, and of institutions. That quality, in turn, depends on education and talent development; on firm culture and governance; on adherence to high ethical standards; and on credible, effective enforcement and oversight. It also depends on a long-term perspective, one that places public-interest value creation above short-term gain.
And no single actor can deliver this alone.
Standard setters contribute by providing globally recognized principles and frameworks that support cross-border business and investment. Firms contribute by embedding those principles into their culture, governance, and daily decision-making, going beyond compliance to genuine and intrinsic commitment. Regulators and supervisors contribute by lending credibility to the system through enforcement, but also through guidance, persuasion, and a focus on outcomes, not enforcement for its own sake.
Singapore offers a compelling example of how these elements can work together.
- You have a sophisticated and forward-looking professional organization in ISCA, with a strong emphasis on education, ethics, and the purpose of the profession from an early stage.
- You have firms that, by and large, demonstrate strong adherence to ethical and performance standards, reflected in relatively fewer headline accounting and audit scandals compared with many other developed economies, high levels of trust in the profession (ranked among the regions where chartered accountants are highest trusted), and strong performance on international anti-corruption indices.
- And you have a regulator, ACRA, that is deeply embedded in global regulatory networks, equipped with advanced supervisory tools, and known for a balanced approach that combines enforcement with persuasion and a clear focus on public-interest outcomes. Just as examples, I’ll refer to the alignment of Singapore with the IESBA Code of Ethics or its recent Financial Reporting Practice Guidance in the context of higher economic uncertainties, urging boards and audit committees to exercise “heightened vigilance” in financial reporting, with a focus on impairment risks, the impacts of supply chain disruptions, and customer creditworthiness.
The adoption and application of international standards, including IESBA’s Code of Ethics, form part of this success story.
At the IESBA, we see our role as more than just setting standards. We aim to support their effective implementation, to engage with stakeholders, and to anticipate emerging risks and opportunities that may affect trust in the profession.
By contributing to successful systems like Singapore’s, we help support not only strong markets, but also higher living standards and broader societal well-being.
That requires constant reflection: on where we can add the most value; on which topics matter most; on emerging trends, risks, and business models; and on how our strategy, work plan, and processes can best serve the public interest.
Today’s discussions on the IESBA’s refreshed strategy and work plan, on firm culture and governance, on private equity investment in accounting firms, and on technology, are concrete examples of this forward-looking approach. Ethical culture, governance, and ownership structures, just like technology, can profoundly influence professional judgment and behavior - and therefore the quality of services delivered by the firms to the public.
We very much look forward to an open and constructive dialogue with all of you as we explore these issues together.
Thank you again to ACRA, and thank you all for being part of this important conversation.
