Lee Geok Boi
Singapore: Ernst & Young LLP, 2010
ISBN: 9789810861117
This account of Ernst & Young in Singapore is a telling which entwines the history of the practice with Singaporean and global developments in accountancy, trade and corporate culture.
It is a story of young men with foresight who went into a profession that started with very few regulations but grew into one of the most regulated. It is also the story of people who saw the potential of an island surrounded by pirates, warring princes and opportunistic traders and empire builders. Long before the recognition of global economics as a powerful engine of growth - or destruction - Singapore has been part of a region with centuries of experience in international trade. Where there is money, there will be accountants, and accountancy as a profession developed in tandem with the growth of corporations, investment flows and capital markets in the 19th and 20th century.
The training of accountants and the practice of accountancy grew more standardised as corporations became more multinational and global economic ties became more connected. The need to improve abilities to invest in growth and penetrate new markets led to accounting firm mergers, drawing together Asian and international firms. Such mergers in Singapore and elsewhere are part of the bigger drive to enhance client service delivery and build on the expertise and skills that are much needed in today's complex world of corporate and financial services.
Thus, this is a story of how the profession of accountancy has developed - and how Ernst & Young grew with it.
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