BDO International NEWS & EVENTS - bdo singapore

BDO RafflesCertified Public AccountantsBDOCONNECTMICA (P151/11/2004) Q2 2006ContentsBDO Adapts to a ChangingEnvironment..................................1Latest update on taxation offoreign source income inSingapore ......................................2BDO Diamond Model ofBusiness Growth...........................4SMEs: Financing for Growth.....5BDO Raffles News & Events......6BDO International News &Events...............................................7Meet our people...........................8©Mr. Frans Samyn, CEO on how BDOadapts to a changing environment.WITH an annual revenue of over US$3.3 billion for 2005, BDOInternational is now the world’s fifth-largest accountancy organisationin the world. But what lies ahead for the network? Below is an excerptfrom the May 24th issue of International Accounting Bulletin with CEOof BDO International, Mr. Frans Samyn on how BDO adapts to achanging environment.With a presence in over 100 countries, BDO International iscurrently slowing down in its recruitment of new member firms. But having distinctgeographical split does not mean that the numerous member firms do not haveany standards being set to gauge their performances. CEO Frans Samyn revealedthat benchmarks are actually set for the member firms against competitive andquantitative criteria. Moreover, the various firms’ positions are determined byleague tables and comparisons the BDO network conducts internally, and thereafter,appropriate strategic development plans will be advised to under-performingmember firms.BDO ProfessionalAttachments...................................9DISCLAIMER:The information in this newsletter is for generalguidance only and is not a substitute forprofessional advice. BDO Raffles and its staffaccept no responsibility for any actions taken ornot taken on the basis of the information in thisnewsletter.Copyright © June 2006 BDO Raffles.All rights reserved.The core rationale for constant reviewing is to ensure that these member firms ofBDO will all have a position in their market, which not only makes them capable ofdealing with the type of work that are referred to them by other member firms, butalso having the ability to refer work to other member firms.Referrals within the network, and not the increment of firms in more countries, arethe most important aspect for BDO International currently. Other than referringwork to each other, it is also imperative for the firms to have the capability to handlethe work it receives. Samyn mentioned “apart from the Big Four, we are referring alot more work throughout the network than all the other networks do”.www.bdo.com.sg

BDO CONNECTIn addition, the implementation of IFRS marks a need forensuring consistency amongst the firms. As Samyn says,“You have, on one hand, the market. (With) your clients,there will be a need for consistent interpretation. On theother hand, (there is a need for consistency) within formsas well and then not only within your own firm, but withinthe other (member) firms.”Samyn also noted that there are times when two differentmember firms can have two different opinions. Hence,there are working parties within BDO International thatoperate as arbitrators whom also partake in IFRS debatesat a global level to alleviate any consistency issues thatarise.“...apart from the Big Four, weare referring a lot more workthroughout the network”than allthe other networks do.Frans Samyn also sees a need for heightening BDO’stransparency in operations for both the network andits member firms. This is crucial, especially since theemergence of corporate scandals in 2002, and how it canLatest updateon taxation offoreign sourceincome inSingaporedrastically affect global networks with a naming structurelike BDO. Samyn adds that the focus is also due to agrowing demand from other key players for a higher degreeof best practice. To rectify, the development of a documentfrom BDO International that accompanies the network’sannual statement is able to give protection to othermembers within the BDO network from being engaged inany potential lawsuit due to management fraud.Nonetheless, a regulation implemented following the eventsof 2002 have also enabled BDO to capture traditional BigFour clients and help BDO close its gap between the networkand the Big Four, as the strict rules on independence andconflicts of interest highlight the need for a second servicesupplier to these firms whom are clients of the Big Four.Lastly, Samyn added that following the successful internalbranding amongst the member firms, BDO Internationalis now in the phase of brand expansion and businessdevelopment, making BDO International known to themarket.Reference: Catherine Woods, “Adapting to a changing environment”,International Accounting Bulletin, 24 May 2006:4-5UNDER the territorial basis of taxation in Singapore,foreign source income is subject to tax when remittedor deemed remitted in Singapore and relief isavailable to Singapore resident taxpayers for foreigntax suffered on the remitted foreign income.With effect from 1 June 2003, any foreign sourced income inthe form of dividends, branch profits and services incomereceived in Singapore on or after 1 June 2003 would beexempt from Singapore income tax provided the followingconditions are met: -1. In the year the foreign income is received in Singapore,the headline tax rate of the foreign country from whichthe income is remitted is at least 15%; and2. The foreign income has been subject to tax in theforeign country from which they were remitted; and3. The Comptroller is satisfied that the tax exemptionwould be beneficial to the person resident inSingapore.

BDO CONNECTFurther guidelines have now been issued by the InlandRevenue Authority of Singapore (IRAS) in a recentsupplementary circular dated 31 May 2006:Condition 1Previously, it was stated that the headline tax rate of aforeign jurisdiction refers to the highest corporate tax rateof the foreign jurisdiction and it need not be the actual rateof tax imposed by the foreign jurisdiction on the specifiedforeign income.It has now been clarified in the 31 May 2006 circular thatthe headline tax is the highest of the tax rate stipulated in aspecial tax legislation of the foreign tax jurisdiction (wherethis is independent of the main legislation which chargeson income) instead of the highest rate of tax specified inthe main legislation, provided the former is lower than thelatter and the lower rate of tax is not pursuant to a taxincentive granted for carrying out substantive activities inthat foreign jurisdiction.Condition 2Previously, this condition would not be considered as metif any of the following circumstances arose:-1. Under the law of the foreign country from which theforeign income is remitted, the income is taxable butan income tax exemption is granted by the foreigncountry. However, note that with effect from 30 July2004, by concession, the government is prepared toconsider this condition as met for the specified foreignincome which is exempt from tax (i.e. exemption fromtax on the specified foreign income itself, and in thecase of a foreign source dividend, exemption from taxon the income from which the dividend is paid as well)in the foreign jurisdiction from which the specifiedforeign income is received if the exemption is a directconsequence of that foreign jurisdiction granting atax incentive for carrying out substantive businessactivities in that jurisdiction; and2. After paying income tax on the foreign income in theforeign country where the income was sourced, theforeign income is moved to or invested in anotherforeign country that does not levy any income tax onsuch income before the income is remitted back toSingapore.country from which the dividend is paid covers only thefollowing:-a. The income tax on the dividend that the Singapore taxresident is subject to in that foreign country; orb. The income tax paid or payable in that foreign countryby the payer company (i.e. the underlying tax) on itsprofits out of which the dividend is paid.Due to feedback on the difficulties faced in proving this“subject to tax “ condition, particularly in the case ofportfolio investors receiving foreign-sourced dividends,pursuant to the 31 May 2006 circular, taxpayers can nowadopt any of the following 2 administrative methods:Method 1: Comparison of total dividends with total taxed profitsWhere the total amount of taxed income (including capitalgains which are subject to capital gains tax) of the payercompany is at least equal to the total amount of dividendsit paid, up to and including the year of payment of thedividend in question, this “subject to tax” condition will beconsidered met.Method 2: Use of audited accounts of payer companyThis “subject to tax” condition is again considered met solong as the audited accounts of the payer company forthe financial period ending in the year the dividend (whichis not subject to dividend withholding tax in the foreignjurisdiction) is received shows a positive current year(excluding deferred tax) tax expense.These 2 methods are non-prescriptive and taxpayers areat liberty to choose any of these 2 methods or any othermethods.Condition 3This condition essentially allows the taxpayer to opt outof the exemption if it is more beneficial to be treatedunder the existing foreign tax credit system, i.e. the foreignincome would be subject to tax in Singapore and a foreigntax credit is available for the tax paid on the incomeoutside Singapore.There is no change in this condition.Where foreign source dividend is concerned, tax paidor payable by the Singapore tax resident in the foreignArticle contributed by Simon Poh of our Tax Advisory Division

BDO DiamondModel of BusinessGrowth ©Over the next three issues, BDO Raffles will showcasethe various stages of BDO DIAMOND Model of BusinessGrowth©, a useful tool developed by our UK Member Firm,BDO Stoy Hayward, to help you understand your businessbetter.Importance of GrowthAll businesses pass through the different stages ofgrowth.The managerial,organisational, strategic andoperationalrequirementsdiffer significantly from onestage to another. All theseplay a role in determiningthe likelihood of whether aSME will succeed or fail.Overview of DIAMONDA team of experts hasdeveloped the BDODIAMOND Model of Business Growth©. It is a tool we useto help you understand your business model and whatstrategies to adopt.The StagesDreamingD Dreaming up the idea of a new business, developingplans and defining start-up requirements. Many assumethat entrepreneurs are born, but in reality, many ofSingapore’s entrepreneurs achieve what they have throughdetermination. Essentially, entrepreneurs are risk takers,and possess attributes that enables them to locate forideas which the current market lacks, with the ability tohandle initial failures, and the attitude to tweak or markettheir products to suit current trends and needs.Entrepreneurs are not motivated by the prospect ofmaking a quick million, but rather goaded by the spirit ofindependence, and the wish to do their own thing in theirown way. All these, along with their business plans, will beseriously tested during the Dreaming stage.The many tedious journeys encountered by ourentrepreneurs highlight the importance to seek professionalBDO CONNECTadvice at the Dreaming stage. It is therefore, vital to haveexperts helping you on overcoming any gaps in knowledge,and to convert your plan into action. Without the rightpeople, all these can prove exceptionally difficult.Characteristics of the stage:• strong/emotional vision• nothing concrete• no commitment from others• contacts not wormed up to businessTransitional issues confronting organizations at thisstage:• overcoming gaps in knowledge• establishing business focus• converting plans into actions• company formationneed:• sourcing finance• reviewing business plan• making contacts• facilitating strategy• company information• securing finance• obtaining premises• sourcing stock/suppliers• improving quality ofbusiness plan• developing knowledge ofmarket• is the founder an inventor orentrepreneur? Can he do iton his own?• helping with shareholder agreement• government incentives for SMEs• credit facilities for SMEsHow BDO Raffles is able to assist you:• Business Transaction Services• Management ConsultingInitiatingIWhat companies at this stageInitiating the business plan and inspiring others inorder to establish a presence in the market. Many fail tounderstand that the quicker a business grows the morecash it will consume. But we need to first understand theworkings of working capital and the entrepreneur needs toknow if the product is priced correctly, and knowing howmuch one needs to sell in order to break even.Sadly, most entrepreneurs tend to under-price theirproduct to gain market share. But it should not be on along-term basis, as no business can run at a loss. It is

hence, very critical that price is not the only tool used tocompete because it can be detrimental to the health ofthe overall business.So after realizing the importance of pricing, how does thebusiness owner determine who to hire? This is a criticaldecision as the individual you hire will influence thedirection of the business in the early stages.Characteristics of the stage:• business starts to have income and expenditure• winning new customers/clients• employing resources, e.g. staff• tendency to under-price product in order to gainmarket share• owner acts as jack-of-all trades• desperate cash management• informal communications within organizationTransitional issues confronting organizations at thisstage:• basic systems for income and expenditure• basic systems for meeting customers/clientpromises• lack of focus• understanding the extent to which growth consumescash• identifying need for and recruiting new members ofsenior team• dealing with the unforeseen with little experience/skill• not understanding the customer• dealing with first reactions from the competition• ignoring ITWhat companies at this stage need:• advice on cash management• advice on product pricing• working capital management• setting basic financial management systems• basic employment and people management systems• recruiting of new staff• effective tax planningHow BDO Raffles is able to assist you:• Accounting Management• Management Consulting• Tax AdvisoryBDO CONNECTSMES:Financingfor growthSMEs have long been considered a significant sourceof entrepreneurship and innovation for Singapore’seconomy. The SME development survey conducted by DPInformation Group revealed that 55% of such businessesare experiencing growth, and that 47% of start-upsconsider operating cost to be the major key hindrance totheir growth.In addition, the study also revealed that SMEs nowadayshave a wider access to financing options. Majority of SMEsopted to use the Overdraft facility provided by financialinstitutions, albeit the trend is showing signs of decrease.However, it is worthy to note that Trade Financingexperienced the largest year on year increment. Althoughfinancial institutions are creating more term loans and tradefinancing products tailored specifically for SMEs, thereexist significant differences and drawbacks in the choice ofan appropriate financing tool for your business. Moreovervarious tools have different specifications that an averagebusiness owner may not be able to fully comprehend.The most popular financing options for SMEs seekingoverseas expansions include Retained Earnings, TradeCredit, Overdraft and Trade Financing. But manyexperienced great difficulty when trying to seek externalsources of funding for overseas expansion. Externalissues like overseas competition and uncertain economicenvironment are also cited as main concern.It is therefore, best to seek advice from professionalsto help gauge which route will be the most suitable andappropriate for your business to prevent any financialstress, and also to offer the best strategy for growth.To seek advice on growing your business, please contactBDO Raffles’ Management Consulting Division.Look out for the next issue of BDO Connect where we willdiscuss the Attacking and Maturing stages of businessgrowth.Article contributed by Gerald Toh and Tah Wee Han of ourManagement Consulting DivisionArticle contributed by Gerald Toh and Tah Wee Han of ourManagement Consulting Division

BDO CONNECTBDO Raffles’ NEWS & EVENTSAPR 2006‘Uncovering Your Business Potential’Seminar 2006ON 18 APRIL, our Tax Manager, Hu Fung Lingspoke at a half-day seminar organized by IESingapore and sponsored by BDO Raffles.The seminar was aimed at RepresentativeOffices (ROs) based in Singapore coveringtopics on corporate taxation, business registration andfinancing programmes catered specifically for our ROs.Fung Ling gave a presentation on “Introduction toCorporate Taxations for Business Entities”, highlightingthe key distinctions in tax assessments and exemptionsfor the different business entities.New Head of Business AdvisoryMr. Tan Soon Liang joined BDO Raffles Advisory’sCorporate Finance Division in April and brought alongwith him interesting dynamics intothe department. Other than his vastand strong financial backgroundknowledge, from being an investmentbanker to a financial managementderivatives risk managementprofessional, Soon Liang also spent2 years in Shanghai, China, wherehe set up and managed a high end financial managementconsulting and education business for the country’s elite.Moreover, he was also an Associate Director in a privateventure consulting firm locally.The wealth of experiences have made Soon Liang realizethe importance of encompassing a clear direction for acompany and where it wants to see itself in the future. Heholds a holistic approach for companies seeking expansionand helps determine their strength and vision with anintrinsic measurement gauge developed in-house, throughan approach akin to reverse engineering to showcasea company’s possibilities. Soon Liang labels this a formof “shortcut learning process” for companies to fullyunderstand themselves to remain ahead of competition“in today’s competitive business surroundings”.Conducting ACCA SeminarSoon Liang conducted a seminar on June 24 at ACCA thatfocuses on IPO processes and valuation techniques. Hehopes to showcase BDO Raffles Advisory and how thedepartment can assist financial managers in fosteringpartnerships to raise their capital standing capacitycapabilities.Upcoming Event:Financial Reporting Standards:Practical ApplicationWednesday, 6th September 2006, 1.00pm - 5.00pmMeritus Mandarin SingaporeObjective: To enable companies to appreciate the newrequirements of certain FRSs and provide suggestionson how companies can effectively address the commonapplication issues arising from them.Speakers: BDO Partners and Managers who, withmany years of experience between them, will be sharingworking knowledge of the practical issues arising fromthe application. You can find our more about our Partner,Lim Ai Leen, who will be speaking at the event, over thepage.FRSs: 39, 8, 16, 21, 24, 32, 36 among others.Fees: Client: $80*, Non-client: $100* including GST,seminar materials and refreshments.*10% Discount for groups of 3 or more participantsTo register for the seminar go to:www.bdo.com.sg/seminar/reg_form.htmlFor more information contact Samantha from ourCorporate Communications Division on 6828 9151 oremail samanthajames@bdo.com.sg.ACCA ExaminationAwardsCongratulations to Liu Jianhuifrom our Audit Division. Agraduate of Chang ChunUniversity, China, Jianhui wasawarded 3rd placing for Paper2.4 and Paper 3.6 at his recent ACCA examinations. He ispictured left with the Global President of ACCA.Anticipating an upcoming lunch cruise with Mr. AllenBlewitt, Chief Executive of ACCA, to be held in July, Jianhuihopes to communicate his experiences with the currentstudents.

BDO Raffles’ NEWS & EVENTS cont’d.Managing Partner appointed BoardMember of AVABDO Raffles Managing Partner, Mr. FrankieChia (pictured) has been appointed BoardMember and Chairman of the Financeand Audit Committee of the Agri-Foodand Veterinary Authority (AVA). The AVA,which is a statutory board, was establishedon 1 April 2000 to ensure a resilient supply of safe food, tosafeguard the health of animals and plants and facilitateagri-trade for the well-being of the nation.Our New Listed ClientsHosen Group Ltd import and export householdconsumable goods with operations in Singapore, Malaysia,and other countries.China Precision Technology Limited shares werelisted on 8 May 2006 on the SGX Mainboard. ThisGroup operates predominantly in China and providesmanufacturing services for office automation equipment,telecommunication and automotive industries andprovide precision engineering processes such as metalstamping, plastic injection die-casting and mould designand fabrication.Raffles Education Corporation, formerly known asRaffles Lasalle Limited, has a market capitalisation ofmore than S$1 billion and is in the business of provisionof training programmes and courses in various areas ofdesign and management.Also, Congratulations to Natural Cool Holdings Ltdon a successful IPO. Founded in 1989, Natural Cool is aSingapore-based business specializing in installation andservicing of air-conditioning systems. Shares were firstpublicly quoted and traded on 10 May 2006 on the SGX2nd Board, SESDAQ. Its IPO raised a gross amount ofS$4.4m. BDO Raffles were the Reporting Accountants fortheir IPO.BDO CONNECTBDO InternationalNEWS & EVENTSNorway Partner elected Chairman of Institute ofPublic AccountantsON 7 June 2006 Norunn Byrkjeland waselected chairman of the Norwegian Instituteof Public Accountants for a period of twoyears. Norunn is only the second femalechairman in the Institute’s history – the first was electedin 1986. Norunn is currently the Norwegian BDO MemberFirm’s Managing Partner.Canada Partner elected President & Chairof Institute of Chartered Accountants ofOntarioKEITH Farlinger, partner of BDO DunwoodyLLP, has been elected President & Chair ofthe Institute of Chartered Accountants ofOntario (ICAO) for a period of two years fromJune 2006 to June 2008.UK Partner challenges PwC StatementIn an article that appeared inAccountancy Age on 18 May, Jeremy Newman,Managing Partner of BDO Stoy Hayward inthe UK, challenges a statement made by aleading PWC figure that the ‘best people’ inthe industry are to be found in big 4 firms.The head of professional affairs at PWC also claims‘...greater capacity... international coverage’ and ‘industryspecific knowledge’, to which Jeremy Newman’s responseis that ‘greater does not necessarily mean better’.Source BDO e-Connect ,June 20062006 BDO Asia Pacific Regional Executive ConferenceBDO WUHAN Zhonghuan CPA’s, one of BDO’s Member level Chinese officials, in particular Mr. Shouhai Wang,Firms in the People’s Republic of China, was delighted to Vice-Chairman of Hubei Province People’s Congresshost this year’s BDO Asia Pacific Conference, which took Standing Committee, Mr. Dong Xingang, Deputy Generalplace from 11 - 12 May. The theme of the conference was Secretary of CICPA and Mr. Rongsheng Qin, PartyClosing the Gap: On the way to further success.Committee Secretary of Beijing National AccountingThe conference was honoured with the presence of high-Institute.

Meet our people….Lim Ai Leen, Audit PartnerLIM AI LEEN joined the BDOfamily in October 2002 asSenior Audit Manager and atthe beginning of this year wecongratulated her promotionto Audit Partner.As a CPA with over 10 yearsexperience in auditing andproviding business assuranceservices to a diversified portfolio of clients including listedcompanies and MNCs, Ai Leen has climbed up the ranksto Partner in comparatively record time. BDO Connectmanaged to drag her away from her team for 20 minutesto have a chat about the promotion and what makes hertick.What does the promotion mean to you?It provides me with an elevated platform, throughpartners’ meetings, to have the voices and good ideas ofthe professionals on the ground heard and implementedmore quickly.How has the promotion changed your life,professionally and personally?Nothing has really changed professionally. If I had to nameone change, it would be the bigger pool of talents I cantap into. I used to manage an audit group and work witha dedicated team of auditors. With the promotion, I cannow work with the entire audit practice and even crosspractices. I look forward to that.My personal life has not changed at all. I am still a down-toearthdaughter, mother, wife, friend, colleague and mentor.Buy me coffee and you can have my time for free!What are your plans for BDO Raffles in 2006 and thefuture?In the short-term, we have to focus on building up a criticalmass of professional resources to help us manage risks andserve our growing portfolio of clients. The other missionis to equip all our professionals with the relevant tools tocomfortably embrace changes and thrive. Such “tools”include technical knowledge and relevant skill sets, amongothers. In this fast changing accounting environment,our professionals need more sophisticated tools to helpclients manage risks. Gone are the days where auditing isjust about meeting statutory requirements.BDO CONNECTLim Ai Leen Bio-dataQualifications: CPA AustraliaInstitute of Certified PublicAccountants of SingaporeProfessionalAffiliations: Practising member of the Instituteof Certified Public Accountants ofSingaporeMember of CPA AustraliaMaritalStatus: Married to wonderful husband,Sean, with beautiful son, Marcus.Hobbies/Interests: Reading, movies, outings with sonOur counterpart in the UK, BDO Stoy Hayward, has beenvoted “Employer of the Year” and “One of the 100 BestCompanies to work for in the UK”. So our long-term plan isfor BDO Raffles to replicate this achievement in Singapore.We have started on some initiatives and I am optimisticthat we can do it.What traits would you like to see more of in the peoplewho work with you?I hope to see more of our people think out of the boxand dare to try new methods and approaches to work.Don’t misunderstand me…I am not referring to “windowdressing”! It could simply be new approaches to recruitingand retaining people, managing resources, improvingservice quality or internal work flows. If we do not leaveour comfort zone, we will forever be in the status quo andreacting to changes.Companies locally are all starting to realize the impacton their accounting and financial reporting throughthe FRS changes. How do you think BDO Raffles cancome in to help them (the businesses)?We can definitely help the companies but they have to helpthemselves first. Companies do not have to be “experts”in those FRSs changes but they definitely need to knowenough to identify potential issues arising and the impacton their financial statements. They can then seek advicefrom their professionals to address them. Sad to say, somecompanies did not even realise that there were issues thatneed to be resolved.We will assist by conducting a workshop this comingSeptember to highlight the practical issues arising from theapplication of the revised/new FRSs. For my major clients,

BDO CONNECTmy team will conduct workshops that are customized tosuit their needs.What is important to you?Personally, for my close family members to be healthy andsafe. Professionally, knowing that I am contributing toBDO Raffles and helping its people succeed.How would you describe yourself as a superior inthree words?“Strategic”, “demand quality” and “objective”. I spend timedevising strategies I think are good for the audit practice.“Demanding” because I am not apologetic about tellingmy staff off if I find their work sloppy or if they have nottried their best. Without quality, we have one less goodreason for clients to stay with us. And “objective” becauseI make sure that those who contribute is rewarded.What are some methods you use to keep youremployees motivated?Creating opportunities for them to succeed. People liketo know that they have done a good job and that theircontributions matter.What are your most important work place ethics?To have transparency, honesty and lots of initiative! Andlots of humour too!Any advice to colleagues who inspire to be apartner?Do not just focus on the “partnership” per se lest they aredisappointed if they are not eventually promoted withinthe time frame intended. They have to enjoy whatever theyare doing so that whatever the outcome is, they can stilllook back and tell themselves that their journey has beenmeaningful and enjoyable. In other words, focus on theprocess, not the end result. Also, remember that nothingcan match patience and hard work!Lastly, what do you like about this industry?I am never alone. I am supported by a pool of professionalsand we work as a team. Also, I can always turn to my fellowpartners for advice and guidance. Of course with BDO, Ican always tap into the international network for resources.Not many industries have that kind of support.Who would you like to thank for the promotion?Of course my fellow partners who are willing to give methe opportunity!BDO Professional AttachmentsTo show its continuing support with providing studentsfrom various tertiary institutions an insightful workingexperience BDO Raffles extended its invitation to a total of22 students from Nanyang Technological University (NTU)an Singapore Management University (SMU) for their 10week long internship beginning in May.They were placed in departments ranging from Auditto Business Recovery and Restructuring to CorporateCommunications. BDO Connect interviewed some of theinterns to find out if they found their experience to bebeneficial so far. Here is what they said:“This is my first understanding of working in acorporate setting, and I think that BDO Raffles is adisciplined organization. The highly professionaland routine corporate culture (within my department)was very helpful and made this an enriching experience.”Dalvi, CHAITANYA, Penultimate Year Accountancy StudiesStudent at Singapore Management University, internedwith our Business Risk Management Division.“The most enriching experience would be thechallenge of being involved in important issues,given real-life responsibility. These (experiences)are all new to me at the moment, and I appreciatethe fact that my boss has trust in how I choose to perform;in what I say and do. Moreover, I perceive my work tohave existent impacts on deal progression and maypotentially affect the result.” Eugene, KHOO, Final YearBusiness Management Student at Singapore ManagementUniversity, interned with our Corporate Finance Division.“I have a keen interest in Company Law, hencemy choice for this department. What surprisesme is that BDO Raffles really involve interns intothe daily job scope and made us feel part of theteam, and the company. The good and conducive corporateculture, coupled with helpful and friendly managers andcolleagues made this an enriching experience for me.”Jiaquan, LU, Penultimate Year Accountancy StudiesStudent at Nanyang Technological University, internedwith our Business Recovery and Restructuring Division.For more information on professional attachments andcareers at BDO Raffles please see our website:http://www.bdo.com.sg/Career/index.php

BDO CONNECTFor more information about our services, contact the following divisions:Audit & Assurance Lim Ai Leen aileen@bdo.com.sgBusiness Recovery & Restructuring Gary Loh garyloh@bdo.com.sgBusiness Risk Management Koh Yee Luang yeeluang@bdo.com.sgBusiness Transaction Services Ross Limjoco rosslimjoco@bdo.com.sgCorporate Secretarial Lim Swe Jian swejian@bdo.com.sgCorporate Finance Tan Soon Liang soonliang@bdo.com.sgManagement Consulting Tah Wee Han weehan@bdo.com.sgAccounting Management Lim Siew Ming siewming@bdo.com.sgTax Advisory Simon Poh simonpoh@bdo.com.sgWhat would you like to see in future editions of BDO CONNECT? Let us know byemail. Send your feedback to Samantha James at newsletter@bdo.com.sg.10