Singapore's accountants should go beyond providing traditional auditing work to offering more high-valueadded corporate advisory services as well, said Minister of State for Trade and Industry Teo Ser Luck on Thursday.
These additional services could include business valuation and risk management, he noted.
Mr Teo also told the Singapore Accountancy Convention, organised by the Institute of Singapore Chartered Accountants (ISCA), that accountants need to "stay ahead of the curve" amid the fast-changing global business environment and more complex regulations.
Apart from growing their service offerings, accountants could also advise on more than just company financials. In integrated reporting, for instance, corporate information is bundled with financial reports to present a more holistic view of a company, he said.
"As integrated reporting takes off globally, there will be an opportunity for the Singapore accountancy profession to lead the transformation and be a pioneer of the corporate reporting evolution in the region."
Mr Gerard Ee, president of ISCA, noted that Singapore-listed firms are on track to be fully compliant with International Financial Reporting Standards by 2018 and accountants need to gear up for that.
The ISCA also honoured four accountants and seven companies at the inaugural Singapore Accountancy Awards held in conjunction with the conference at Marina Bay Sands.
Deloitte Singapore chairman Chaly Mah Chee Kheong and DBS chief financial officer Chng Sok Hui were named accountants of the year in public practice and business respectively.
PwC senior manager Lim Kexin won the young accountant of the year award for public practice, while Ms Annie Seah Yi'En, operations finance manager at Resorts World Sentosa, won the same prize for business.
Six firms - PwC, Deloitte Singapore, Ardent, CA Practice, EY and K.G. Tan & Co - won business excellence awards, and Mazars took home a special commendation.