SOLVING business challenges with knowledge and critical-thinking skills allows accounting undergraduates to experience the real work in taxation and auditing.
The Deloitte Tax Challenge (DTC) and Deloitte Audit Business Challenge (DABC) organised by Deloitte Malaysia aimed to help undergraduates develop technical competency and explore issues that accounting professionals face.
“DTC has taught me to think out of the box. Instead of following rules, you need to come up with original solutions,” said Tunku Abdul Rahman University College student Lim Siew Fern, 20, who took home the crown in the individual category.
“The most valuable takeaway was the network I built with the tax partners and seniors, whom I never thought I would have the opportunity to meet,” she added.
Walking away with RM3,800, as well as internship and job opportunities upon graduation, Lim will be representing the country in the Deloitte Southeast Asia Tax Challenge 2020.
Feeling over the moon, she said being an individual participant had given her autonomy in tackling the competition’s challenges. But the biggest difficulty she faced was her lack of knowledge in Advanced Tax.
“When I joined DTC, it was in the middle of the semester and I was sitting for my first tax paper examination. I had to buy the Advanced Tax textbook and learn it on my own.”
There’s a popular saying that third time’s the charm. But for the Beyond Tomorrow team of Sunway University, it’s second time lucky when the members clinched the DTC group category champion prize.
Alice Voong Shew Yin, Yap Xiao Tong, Lim Qin Lee and Vivien Lee Yii Yune received RM10,000, besides internship and job opportunities upon graduation.
Voong, 21, said she and her team members were able to put the theories they learnt into practice.
“DTC enabled us to apply our tax knowledge. In class, we learned about tax laws and accounting. But in real life, it involves a lot more on planning.
“We had to solve problems that accountants faced at work.Rather than tax computation, the competition focused on tax planning, the 2020 Budget and the future direction of taxation,” said Voong.
Team AuRM of Monash University, comprising Joel Chan Kheng Hong, Kang Min Jou and Lee Zhe Yuan, emerged as the winning team of the first edition of DABC.
They received RM8,000, a tagging opportunity with one of Deloitte’s partners and internship offers.
Chan, 21, credited his teammates for their success. Having done their practical training, he said their technical knowledge had helped a lot. He also found DABC to be intellectually stimulating.
“Surprisingly, the challenge was very technical. The final round mainly involved assumed knowledge, so preparation was crucial. It was a good avenue to connect with the professionals at Deloitte. With their guidance, we know what to expect in the working world.”
As the best teamwork prize winner, Chan said the bond among his team members served as an added advantage.
Deloitte Malaysia country managing partner Yee Wing Peng said the firm believed in nurturing young students to ensure a sustainable pool of talent.
“I am proud to see students braving through the tough competitions and difficult questions, coming out stronger and more innovative every year. These are the key attributes we constantly seek. We are proud to have contributed in shaping their future careers,” said Yee.
This year, DTC recorded the highest number of participants with 3,942 students, while DABC attracted 642.
The competition was sponsored by ACCA Malaysia, CPA Australia, Universiti Teknologi Mara and publishing firm Wolters Kluwer.