Q&A with Edward Loon and Arvin. S. Velasquez

In line with our ongoing commitment to nurturing talent, particularly among the younger professionals at Alliott Global Alliance (AGA) member firms across the APAC region, we had the opportunity to speak with Edward Loon, audit assistant, and Arvin S. Velasquez, accountant, both of whom work at AGA accounting firm JBS Practice PAC in Singapore. We invited them to discuss their reasons for choosing a career in accounting, their sources of motivation, and the benefits they see from being part of the Alliance.

Edward Loon:

POSITION AND TITLE:
I am an Audit Assistant at JBS Practice PAC in Singapore.

WHY DID YOU CHOOSE ACCOUNTING AS YOUR CAREER?
The ever changing dynamics and landscape of the business world intrigues me. Through accountancy, I hope to promote transparency and accountability through quality audits. This will enhance corporate governance and ethics amongst corporations which ultimately translates to strategic value creation and also a better working world for all.

WHAT IS THE BEST PART OF YOUR JOB?
Being able to advise clients on proper accounting practices and provide reasonable assurance to the public that the financial statements are true and fair, in line with relevant accounting standards such as IFRS or the US GAAP. Strict adherence in principle and letter of the Standards is imperative as economic decisions made are based on the audited financial statements and may have significant impact on not just the business itself, but different stakeholders as well.

WHAT IS YOUR FIRM'S DIFFERENCE IN YOUR OPINION?
Besides having more than 25 years of extensive experience, we also aim to look beyond numbers by providing our clients with the best professional services and advice significant to timely decision making to achieve their business goals.

WHAT DO YOU CONSIDER TO BE YOUR BIGGEST ACHIEVEMENT TO DATE?
Professionally, my biggest achievement is obtaining a score of 77 in my ACCA Strategic Business Leader Paper in June 2024 in my first attempt, while working full time as an auditor with a heavy work load and tight datelines to meet.

WHAT MOTIVATES YOU?
In his book “7 Habits of Highly effective people”, Stephen Covey explains how beginning with the end in mind can be a powerful source of motivation that can help me achieve my goals and objectives. This habit motivates me to achieve not just my personal goals, but also my professional goals.

NAME ONE THING YOU CANNOT DO WITHOUT?
Music and badminton.

Arvin S. Velasquez:

POSITION AND TITLE:
I am a Director in the Audit and Assurance department of JBS Practice PAC.

WHY DID YOU CHOOSE ACCOUNTING/AUDIT AS YOUR CAREER?
Accounting has various disciplines and areas of expertise. During my early years of practicing my profession as a Certified Public Accountant, I was fortunate to have experience in both accounting and finance operations which includes maintaining, reviewing and analysing financial information and recording and performing internal audits. I also have experience of teaching  financial accounting, management advisory and auditing courses.

These experiences have equipped me to embark into the field of Audit and Assurance which I have been doing for more than 15 years now.

Audit particularly external/financial statement audits enables me to work with different clients in various industries. Each client has their own sets of accounting/financial and operational policies and procedures depending on the industry the business is in, its operations and industry risk profile. This provides me with an opportunity to strengthen and broaden my knowledge in the areas of accounting, statutory requirements, corporate governance and risk management.

WHAT IS THE BEST PART OF YOUR JOB?
It occurs when the client expresses trust and confidence in my work and offers me the chance to provide them with advice and additional value-added services.

WHAT IS YOUR FIRM'S DIFFERENCE IN YOUR OPINION?
JBS Practice and the management team have been in the industry for approximately 25 years. At JBS Practice, we aim to look beyond numbers by providing personalised and focused professional services to meet our client's needs. JBS Practice forges long-term relationships with our valued clients, we care and focus on meeting client's needs while maintaining the quality of work the clients' and regulators require. Every staff member has the opportunity to be involved in all sorts of audit and assurance engagements from small, medium to multinational enterprises in various industries and jurisdictions. This approach enables every staff member to gain broad and robust knowledge and expertise in providing audit and assurance engagement in a timely and cost-effective manner.

My initial eight years with JBS Practice schooled and prepared me to tackle complex engagements, including the audits of publicly listed entities and initial public offering projects while at other audit firms. Drawing on my experience, and the trust that the management has placed in me, I decided to re-join JBS Practice earlier this year to contribute to the firm’s ongoing success. I believe that my professional aspirations and goals are in line with those of JBS Practice.

ARE YOU A MEMBER OF ANY COMMERCE, CULTURAL OR COMMUNITY ORGANISATION?
Member of Philippines Institute of Certified Public Accountants and Member of ASEAN Chartered Professional Accountant.

WHAT IS THE ONE THING YOU WOULD LIKE TO SEE ALLIOTT GLOBAL ALLIANCE IMPLEMENT?
Collaborating with other member firms via online training and establishing technical working groups showcases technical and industry expertise, as well as best practices, across various jurisdictions.

Thank you to Arvin and Edward for their great insights. 

More reading:

Latest tax updates in Singapore

About JBS Practice Public Accounting Corporation:

As AGA's accounting member firm in Singapore, JBS PRACTICE PUBLIC ACCOUNTING CORPORATION (“JBS Practice”) is a progressive boutique firm offering audit and assurance services to a diverse range of clients, from large privately held corporations, subsidiaries of listed companies to private businesses, entrepreneurs and individuals across a wide range of industries. Clients operating out of Singapore are mainly from Europe, U.S. and India.

At JBS Practice, the goal is to look beyond numbers and compliance issues, and to provide clients with practical advice to resolve problems and help them achieve their business goals.