PwC assurance experts demystify the complexity of financial instruments

The guest lecture session was attended by over 200 UTAR Accounting students

Audit and assurance experts from PricewaterhouseCoopers (PwC) Malaysia gave two consecutive guest lectures on Malaysian Financial Reporting Standards (MFRS) 132 and MFRS 9, focusing on Financial Assets and Financial Liabilities, to over 200 Accounting students at UTAR Sungai Long Campus on 7 and 14 August 2024, respectively. The sessions were organised to complement the Financial Reporting lessons that the students are currently undertaking.

The PwC team included senior partner Mr Tiang Woon Meng, directors Mr Wong Ding Yan and Mr Shakir Ab Razak, and senior manager Mr Dheepan Dorai Raj. They were joined by PwC Human Resource representative, Cik Syahirah. Also attending the events were the Dean of the Faculty of Accountancy and Management (FAM), Dr Pok Wei Fong, FAM Head of Department of Accountancy Cik Zufara Arneeda binti Zulfakar, FAM Specialist Dr Yong Mun Ching and FAM lecturer Ms Puvaneswari Veloo.

Organised by the FAM in collaboration with the UTAR Sungai Long Accounting Society and PwC, the guest lecture sessions aimed to deepen students’ understanding of financial instruments. The sessions also sought to enhance their grasp and application relating to the recognition, measurement, and presentation of financial instruments. The sessions further provided students with insights from the accounting advisors’ perspectives, better equipping them for the corporate world.

Experts from PwC sharing their insights with more than 200 Accounting students

During the lecture talks, Mr Shakir simplified topics related to financial assets and financial liabilities, including amortised costs, fair value and the use of amortisation tables. His detailed explanation of these topics helped to demystify these complex concepts, making them accessible and relevant for the students. Meanwhile, Mr Dheepan delved into the topic of derivatives, offering an overview of the four primary types—Forwards, Futures, Options, and Swaps. He illustrated each type of derivatives with applicable real-life examples, thus enhancing the students’ understanding of how derivatives function in various financial scenarios.

Mr Tiang and Mr Wong played a crucial role in the sessions by collaborating with both speakers to provide additional context and practical insights. Their contributions included real-life examples that connect theoretical knowledge with practical application. For instance, Mr Wong emphasised a key principle of accounting, stating “Accounting doesn’t drive a business; instead, the business model drives accounting. Accounting should not dictate what a company does.”  This perspective emphasised the importance of understanding accounting as a tool that reflects and supports business operations, rather than defining them.

Lastly, the guest speakers shared their extensive experiences working at PwC, where each of them has served for at least seven years. They provided insights into the unique aspects of working in a global professional services firm such as PwC, sharing its distinctive culture, client engagement, and career development opportunities. They shared how PwC’s collaborative environment and emphasis on continuous learning, differentiate it from other corporate firms, thus offering students a glimpse of the benefits and challenges of a career in a Big 4 accounting firm.

Clockwise, from top left: Mr Shakir, Mr Dheepan, Mr Wong and Mr Tiang delivering an engaging lecture session

At the end of the last session, Cik Syahirah captivated the audience with a dynamic sharing session where she introduced PwC and highlighted exciting career opportunities available within the firm. She emphasised PwC as one of the Big Four accounting firms in Malaysia, with seven offices across the country located in Penang, Ipoh, Kuala Lumpur, Melaka, Johor Bahru, Kuching, and Labuan. Additionally, she discussed the requirements and information for internship opportunities with PwC Malaysia. The session concluded with Dr Pok and Cik Zufara presenting tokens of appreciation to the guests from PwC and a group photo session.

Ms Syahirah explaining career opportunities in PwC

Dr Pok and Cik Zufara presenting tokens of appreciation to guests from PwC

 

From left: Dr Pok, Cik Zuhara, Ms Puvaneswari, Dr Yong, Mr Shakir, Mr Wong and Mr Dheepan

Group photo with the organising committee from UTAR Sungai Long Accounting Society