KPMG sending Thai staff to work across Asean

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KPMG sending Thai staff to work across Asean
Achara Deboonme
The Nation


Tham Sai Choy

BANGKOK: -- All companies including KPMG - one of the "Big Four" accounting firms - have come under heavy pressure from alterations in the global economic landscape and are forced to adapt to new challenges.

Ahead of the Asean Economic Community 2015, KPMG's Thai unit embarked on a training scheme by sending its staff to other Asean offices. China and Japan were also included, as investors there are using Thailand as their Asean hub.

"This is primarily to serve Thai companies that are looking for investment opportunities in other Asean countries," Kaisri Nuengsigkapian, CEO of KPMG Thailand, said last week.

"Before, we were sent to the US or Europe. The change fits our nature of business, geared towards Asean. Foreign investors don't look at individual economies, but overall Asean."

Since the scheme was initiated about three years ago, 20 people have served in an overseas office for a year and a half. Everyone showed better performance upon return, convincing her that they learn more from training than from a master degree.

However, these employees need to be trained before going abroad. Besides English proficiency, they are taught to communicate in English with confidence.

These employees are chosen under the "People Passion" initiative that was introduced to ensure that talents reach their full potential. Once overseas, they accompany their personal coaches to meet customers, investment promotion agencies and government agencies. Supervisors in Bangkok visit them to learn their problems.

"Human resource development is an individual issue. We need to know who is right for what," she said.

Having the right talents assures the company that it has the right workforce with the right knowledge in the industries that its customers operate in.

"Everyone shows over 100-per-cent improvement. I call this an employee innovation," she said.

Getting the right talents is important, but the number of graduates with required qualifications remains unchanged from 30 years ago, while demand is rising and not everyone wants to join an accounting company.

Auditing getting more difficult

"There are no longer natural places for talents. Choices are not just Thailand or New York. Some labour markets are not geographic but depend on the industry. People we demand are also demanded by banks and fund companies.

"We're paid by the hour but some are paid by yields or returns. They have to love being paid by the hour," Tham Sai Choy, chairman of KPMG Asia-Pacific, said during his recent visit to Bangkok.

Auditing work is getting more difficult. When most companies know the performance of a product even before its launch, auditors need to know better.

From individual challenges at the organisational level, a big challenge lies in the regulatory environment. Different sets of rules are imposed by different countries. As their clients, particularly international ones, have to comply with different rules, accounting firms must also constantly adjust to comply with different rules in scrutinising financial reports.

The latest change takes place in the European Union, which requires companies to replace their external auditor every 20 years. The UK Competition Commission is implementing rules that will place a 10-year cap on audit tenures. Under the rule, after using PwC for 120 years, Barclays will have to find a new auditor. KPMG could be a winner but it would also lose some.

Global regulators should push for the harmonisation of auditing standards, since recent financial crises - from the US subprime crisis to the banking crisis in Europe - did not stem from financial reporting.

Each country approaches regulations differently, while among companies, there are different types. Some pursue overseas investment and some focus on local business. Shareholders from many countries also need different information.

The pressure is mounting on auditors, to whom reliability is the heart of their service. Nobody remembers the 100 good things ever made, but they will never forget one big mistake.

"One mistake is a loss of credibility that takes years to rectify," he said.

"You should not just respond to rules and regulations, but to what markets require, to help shareholders make good investment decisions and companies raise capital from the right kind of shareholders," he added, referring what should be auditors' main focus.


-- The Nation 2014-04-07

[Soutpeel]

Since the scheme was initiated about three years ago, 20 people have served in an overseas office for a year and a half. Everyone showed better performance upon return, convincing her that they learn more from training than from a master degree.

Jeez the CEO of KPMG is only realising this now.......I wonder what made the CEO of KPMG actually think that anyone coming straight out of a university even with a master's degree, were competent to do a particular job in the real world in the first place and this not only applies to Thailand BTW

[PatOngo]

Great....they can spread Thainess throughout the region......just what the region needs.

[NongKhaiKid]

Great....they can spread Thainess throughout the region......just what the region needs.

Let's hope they are selected for ability and suitability and not because they are someone's relative or as a favour to someone with clout.

Apart from being able to communicate in English not Thailish they will need to be able to integrate and not take a leaf out of YL's book on overseas trips - " we only eat Thai food ."

[Ricardo]

But their Thai employees might come back, having seen things are sometimes done differently elsewhere, eroding 'Thainess' at home !

Edited April 7, 2014 by Ricardo

[samran]

Great....they can spread Thainess throughout the region......just what the region needs.

And apart from lowering the average IQ of those around you each time you open your mouth, your contribution to the human species is what exactly?

[noitom]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

But their Thai employees might come back, having seen things are sometimes done differently elsewhere, eroding 'Thainess' at home ! alt=facepalm.gif>

Yes, this is a big risk for Thailand elite that the Thais sent overseas may open their eyes and come back and challenge the establishment. Thainess is at risk.

[PatOngo]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

But their Thai employees might come back, having seen things are sometimes done differently elsewhere, eroding 'Thainess' at home ! alt=facepalm.gif>

Yes, this is a big risk for Thailand elite that the Thais sent overseas may open their eyes and come back and challenge the establishment. Thainess is at risk.

No problem there....Thainess only goes one way.....there's nothing to learn from the outside world.

[NongKhaiKid]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

But their Thai employees might come back, having seen things are sometimes done differently elsewhere, eroding 'Thainess' at home ! alt=facepalm.gif>

Yes, this is a big risk for Thailand elite that the Thais sent overseas may open their eyes and come back and challenge the establishment. Thainess is at risk.

No problem there....Thainess only goes one way.....there's nothing to learn from the outside world.

At least they might learn there actually is an outside world albeit totally, and quite wrongly, out of step with LoS.

[tim armstrong]

Not all young graduates are infused with 'thainess.' Some at least recognize the shortcomings of their education, and the craziness of politics. They are keen to learn, open to new ideas, and want to learn from major players like KPMG. I've helped a few and taught a few, and they have just the same aspirations as mid 20's young people anywhere else. The big problem, as in other countries is the 'brain drain' as they see opportunities O/S.

[Ricardo]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

But their Thai employees might come back, having seen things are sometimes done differently elsewhere, eroding 'Thainess' at home ! alt=facepalm.gif>

Yes, this is a big risk for Thailand elite that the Thais sent overseas may open their eyes and come back and challenge the establishment. Thainess is at risk.

It's an equally-big risk for the Shin-elite PTP/UDD political-machine, when ordinary Thais return having succeeded & generated capital through working-abroad, and see how corrupt and manipulative their supposed party-of-the-poor also is, compared to socialist/populist political-movements in other countries.

And a good thing too !

Wake Up, Thailand ! You're Being Used ! The New Boss is almost the same as the Old Boss !

[chainarong]

Just so long as they don't get to close to Corruption , I seem to recall an accountant with KPMG being murdered for getting to close to a corrupt sugar barron, what did happen to that case DSI , being a foreigner , it probably didn't matter.

[bulekee]

Not all young graduates are infused with 'thainess.' Some at least recognize the shortcomings of their education, and the craziness of politics. They are keen to learn, open to new ideas, and want to learn from major players like KPMG. I've helped a few and taught a few, and they have just the same aspirations as mid 20's young people anywhere else. The big problem, as in other countries is the 'brain drain' as they see opportunities O/S.

No problem,no brain no drain.

[bigbamboo]

Great....they can spread Thainess throughout the region......just what the region needs.

Let's hope they are selected for ability and suitability and not because they are someone's relative or as a favour to someone with clout.

Apart from being able to communicate in English not Thailish they will need to be able to integrate and not take a leaf out of YL's book on overseas trips - " we only eat Thai food ."

Did she really say that?

I do remember seeing her give an toe curlingly embarrassing speech to an increasingly disinterested audience at the launch of Thailand Kitchen of the World or something so it would be a very daft thing to say Thais only eat their own food. Thai food is nice ( when they don't murder it with a spice gun) but there are many other cuisines as good or better in the world.

With all that spare rice perhaps they should called it Thailand Larder of the World.

[worzel]

hope they had to do 90day report to imigration in the countries they were sent and charged more as they were foreigners

Sent from my GT-P1000T using Thaivisa Connect Thailand mobile app

[NongKhaiKid]

Great....they can spread Thainess throughout the region......just what the region needs.

Let's hope they are selected for ability and suitability and not because they are someone's relative or as a favour to someone with clout.

Apart from being able to communicate in English not Thailish they will need to be able to integrate and not take a leaf out of YL's book on overseas trips - " we only eat Thai food ."

Did she really say that?

I do remember seeing her give an toe curlingly embarrassing speech to an increasingly disinterested audience at the launch of Thailand Kitchen of the World or something so it would be a very daft thing to say Thais only eat their own food. Thai food is nice ( when they don't murder it with a spice gun) but there are many other cuisines as good or better in the world.

With all that spare rice perhaps they should called it Thailand Larder of the World.

Some time ago there were reports in the media, for what's that's worth, on the cost of her overseas trips which supposedly stocking the plane with very expensive local meals. There was more information but it escapes me.

[samran]

Not all young graduates are infused with 'thainess.' Some at least recognize the shortcomings of their education, and the craziness of politics. They are keen to learn, open to new ideas, and want to learn from major players like KPMG. I've helped a few and taught a few, and they have just the same aspirations as mid 20's young people anywhere else. The big problem, as in other countries is the 'brain drain' as they see opportunities O/S.

No problem,no brain no drain.

tell us how you became an exception to that rule?

[Arkady]

The truth is that KPMG, like the rest of the big 4 in Thailand, take their pick of the best Thai accounting grads who then have to pass the CPA exams which are extremely difficult, particularly while working full time on grueling audits. So we are not talking about the run of the mill here.

[MaxLee]

"BANGKOK: -- All companies including KPMG - one of the "Big Four" accounting firms - have come under heavy pressure from alterations in the global economic landscape and are forced to adapt to new challenges."

We do it our way, we'll always do it Thai way, Face saving way, nepotism way, and if anybody has a problem, Mai pen rai, because you are to Falang to understand. Just pay your money and be gone...

[FangFerang]

It is a start, and a real one...but 20 people in 3 years is 7 a year -- hardly a trend or strong initiative.