September 30, 2023


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Accounting Standards Council gets new chairman, Business News & Top Stories

Mr Quek See Tiat will become chairman of Singapore’s Accounting Standards Council (ASC), while Mr Desmond Chin will join as a new member, starting tomorrow.

The Ministry of Finance (MOF) made the announcements in a press statement yesterday.

Mr Quek, currently chairman-designate, will succeed Mr Kevin Kwok, who has helmed the council since November 2015.

Under Mr Kwok’s leadership, the ASC issued the Singapore Financial Reporting Standards (International) to achieve full convergence with the International Financial Reporting Standards for Singapore-listed issuers.

Mr Quek is also the audit committee chairman on the board of the Monetary Authority of Singapore and the president of the Council for Estate Agencies.

He also serves on the boards of Singapore Technologies Engineering, Temasek Foundation Connects and Singapore Press Holdings, which publishes The Straits Times and The Business Times, among other titles.

Mr Quek was deputy chairman of PricewaterhouseCoopers until 2012, and had worked at the firm since 1987.

MOF said Mr Quek has extensive audit and business advisory experience. He has been involved in planning, executing and managing audits of large listed companies in Singapore.

Meanwhile, Mr Chin will be the commissioner of charities and executive director of the Registry of Co-operative Societies and Mutual Benefits Organisations from next month.

He joined the Singapore Prison Service (SPS) in 1990 and was appointed Commissioner of Prisons in 2016. During his stint, new regimes at SPS were implemented, which lowered the recidivism rates of young offenders and drug inmates over time.

Mr Chin also served as chief executive of Yellow Ribbon Singapore from 2005 to 2010. He was awarded the Public Administration Medal (Gold) this year.

He is coming on board as Mr Ang Hak Seng retires from ASC.

Other ASC members include deputy chairman Cheung Pui Yuen, who is also chief executive of Deloitte & Touche; the Accounting and Corporate Regulatory Authority’s chief executive Ong Khiaw Hong; Accountant-General Ow Fook Chuen; and Far East Organization executive director and chief financial officer Koh Kah Sek.


This article has been edited for clarity.