Editor’s note: Audit is much more than a compliance requirement and is definitely not a declining industry, said Narissa Chen (pictured), Partner, Head of Audit & Assurance, Forvis Mazars in Singapore. She shared with FutureCFO what a career in audit offers and how female professionals can become audit leaders. The interview is part of the Female Leadership in Finance Series.
FutureCFO: When did you start to become interested in audit and assurance? What’s your career goal now?
Narissa Chen (NC): My journey in audit and assurance began unexpectedly when I joined the profession upon graduation.
While some might find the meticulous inspection of documents mundane, I appreciated its underlying purpose as my seniors provided insights into how my work fits into the grand scheme of things in the audit process. The nature of the job soon captivated me.
As my understanding of the auditor's role deepened, I found that the profession's commitment to upholding financial integrity, its impact on various stakeholders, and its inherent ethical considerations solidified my interest and resonated with my career ideals.
In addition, I realised that the skills and experiences I've gained as an auditor are highly transferable. The continuous learning required to stay abreast of professional standards and industry trends made my work engaging and intellectually stimulating.
A mid-career transition into technical and training roles further expanded my skill set.
After this, I found immense satisfaction in developing a team dedicated to optimising audit effectiveness and efficiency while fostering a deep understanding of financial reporting standards within a practical context.
Through my years of experience, I developed strong communication skills and believed in the importance of teamwork in working towards common goals.
I also learnt how to navigate different working styles across various industries and cultures in our fast-paced work environment.
I was also fortunate to be mentored by exceptional managers who generously shared their knowledge and empowered me to take ownership of my role.
Today, my goal is to collaborate with my partners to grow our firm, create opportunities for aspiring graduates or mid-career joiners to join the profession, and enable our team members to develop their careers.
The recent formation of the Forvis Mazars network has opened exciting possibilities for expanding and enhancing our services and contributing to the profession's growth. I'm particularly passionate about leveraging our expertise to address the challenges faced by the profession in recent years and to give back to society meaningfully.
The audit profession is constantly evolving, requiring auditors to be multidisciplinary and adaptable.
FutureCFO: What are some of the biggest challenges facing you as an audit and assurance leader today? How would some of these challenges evolve in the near future?
NC: One of my most pressing challenges today—as an audit and assurance leader—is the recruitment and retention of talent.
Audit's reputation has suffered in recent years due to negative publicity surrounding audit quality.
As a result, it’s been difficult to attract young professionals who perceive it as a declining industry. This is far from the truth, as the profession is constantly evolving, requiring auditors to be multidisciplinary and adaptable.
While there have been increased efforts to restore confidence in the profession and to attract more talent to join the profession, we are facing today a dwindling pool of local accounting graduates and this is compounded by the higher barriers to entry for foreign talent.
The younger generation often overlooks the diverse career paths available to experienced auditors, including specialisation in niche areas or transitioning to other industries.
In addition, the increasing use of technology is transforming the nature of audit work, offering opportunities for those interested in data analytics and automation.
To address this challenge, we need to actively engage young professionals and reframe their perspectives of the audit profession in today’s world.
Showcasing the diverse career paths available and the impact of technology on audit work can help dispel misconceptions and attract new talent.
Collaborating with universities and professional organisations to promote audit as a viable career option will also aid in projecting an exciting image of the profession.
Another significant challenge is bridging the gap between the profession and the market.
Many businesses view audit as a mere compliance requirement and the audit services as a commodity, focusing solely on cost minimisation.
This undervalues the unique expertise and insights that different firms and partners bring to the table and can potentially lead to mismatches between firms and clients, and other disruptions and inefficiencies when a change in service provider becomes necessary.
Hence, it’s essential to educate the market about the value of selecting an audit firm that aligns with their specific needs and future goals to enable companies to fully benefit from hired audit firms.
To bridge this gap, sharing case studies and testimonials highlighting the positive impact of high-quality audits can help shift perceptions and the market.
Engaging in open dialogue with clients and stakeholders to understand their specific needs and tailor our services accordingly will also effectively highlight the value of audit firms beyond compliance functions.
By tackling these challenges head-on, we can ensure the continued relevance and success of the audit and assurance profession.
As firms continue to invest in a more inclusive and supportive workplace, we will see more female leaders emerge, bringing diverse perspectives and innovative solutions to the challenges facing the profession.
FutureCFO: What’s your advice to female finance professionals who aspire to become audit and assurance leaders?
NC: My advice to aspiring female leaders in audit and assurance is simple yet powerful: believe in your capabilities and don't let self-doubt hold you back.
The times have changed and firms are actively working towards creating a more inclusive and supportive environment for all professionals.
While challenges still exist, I encourage female professionals to proactively communicate their aspirations and career goals to their superiors. Openly discuss them and seek guidance on navigating the various stages of your career, including balancing personal commitments and professional growth.
Equality may be elusive, but equity is achievable. Embrace your unique strengths and perspectives and don't hesitate to seek out mentors and sponsors who can champion your development.
Network with other women in the field, both within your firm and externally, to build a strong support system and share experiences.
Don't be afraid to challenge outdated stereotypes and biases. Advocate for yourself and others and seek opportunities to showcase your leadership potential. Remember that your voice matters, and you have the power to shape the future of the profession.
Most importantly, believe in yourself and your ability to achieve your goals. The path to leadership may not always be easy, but with perseverance, resilience, and the support of those around you, you can reach your full potential and inspire others to do the same.
As firms continue to invest in a more inclusive and supportive workplace, we will see more female leaders emerge, bringing diverse perspectives and innovative solutions to the challenges facing the profession.
I am positive about the future of women in audit and assurance.
FutureCFO: Tell me something about yourself: What are your hobbies? How do some of these help you relax outside work? Do some of them inspire your work?
NC: Outside work, I enjoy hobbies that help me unwind, de-stress, and recharge from my hectic work schedule.
Music plays a significant role in my life and occasionally I find solace in playing the piano to unwind and de-stress.
The melodies and rhythms help me disconnect from the demands of work and find a sense of tranquillity.
I also enjoy going to the gym for jogging and weight training, as exercise not only improves my physical well-being but also clears my mind and prepares me for the day ahead.
Reading and spending time with friends and family are other essential aspects of my life, as it allows me to relax, recharge, and gain new perspectives from conversations with others. It’s a good reminder of the importance of having a balance in life.
While my hobbies do not directly inspire my work, they contribute to my overall well-being and creativity.
Sometimes, a spark of inspiration may strike during these activities, leading to fresh ideas or new approaches to challenges at work.
The mental clarity and relaxation gained from my hobbies often translate into enhanced focus and productivity in my professional life.
