From Singapore Hotels & Singapore Lifestyle

Contents 1 Job Scope 2 Insolvency 2.1 Receivership 2.2 Liquidation 2.3 Bankruptcies 3 Personal Qualities 4 Entry Requirements 4.1 For Lower Positions 4.2 For Higher Positions 5 Career Opportunities

Job Scope

Your work includes, but is not limited to:-

• Corporate recovery and turnaround
• Advising companies and individuals with businesses facing financial difficulties, on whether or not these businesses can be restructured
• Assisting management in restructuring under-performing businesses and maximising shareholders' value through the implementation of relevant insolvency procedures

Insolvency

Receivership

Providing financial management to the troubled company, in the hope of selling it as a viable, going concern

Liquidation

Selling assets or business units, closing business units and/or carrying out fund-raising activities to achieve the greatest possible value for creditors and distribute any remaining assets to the shareholders

Bankruptcies

Advising directors of their legal responsibilities resulting from insolvency

Personal Qualities

Accountants, including the specialists, need to gain the confidence and trust of employers, clients and the general public. You should be:-

• Honest, reliable and trustworthy
• Diligent, independent and committed to your work
• Meticulous and detailed in your work
• Have a strong business sense
• Be good at communicating, analysis and problem-solving
• Have good organising and computing skills
• Have good interpersonal skills
• Be good with facts and figures
• Be able to work under pressure
• Have an inquisitive mind
• Be resourceful
• Have initiative with the ability to recommend solutions that satisfy creditors and statutory obligations
• Be empathetic and possess good inter-personal skills to deal with creditors

Entry Requirements

• Well versed with insolvency laws and procedures

For Lower Positions

• A Diploma in Accountancy, Business or Business Administration, or equivalent
• A partially completed Association of Chartered Certified Accountants (ACCA) or Chartered Institute of Management Accountants (CIMA) qualification
• A diploma in Accounting and Finance or Certified Accounting Technician (CAT) qualification issued by the ACCA Board
• Proficiency in Microsoft Office applications would be an advantage

For Higher Positions

• A recognised local or overseas degree in Accountancy
• A professional accounting qualification such as the one offered by the Association of Chartered Certified Accountants (ACCA) or Chartered Institute of Management Accountants (CIMA)
• Membership in the Institute of Certified Public Accountants of Singapore (ICPAS), the local professional accounting body

Note: - Non-practising Certified Public Accountant (CPA) status is available to all members of accounting qualifications recognised by the Institute of Certified Public Accountants of Singapore (ICPAS), such as the Chartered Institute of Management Accountants (CIMA), subject to completing a pre-admission course - Practising Certified Public Accountant (CPA) status is available only to someone who intends to set up his own practice. A Practising Licence must be obtained from the Accounting and Corporate Regulatory Authority (ACRA), previously known as the Public Accountants Board, upon completing the ICPAS pre-admission course. An interview might be required.

• Knowledge of Enterprise Resource Planning software is desirable, such as SAP, Oracle, PeopleSoft, JD Edwards and Great Plains
• Knowledge of software used by small companies is also useful, such as AccPac, Simply Accounting, MYOB, PeachTree

Career Opportunities

• You can advance to senior positions within public practice, such as Corporate Recovery Manager and Corporate Recovery Director
• You can also move into Commerce and Industry as a Corporate Recovery Consultant