Having spent over 25 years in the accounting sector, Goh Thong has been a long-standing advocate for financial compliance and governance. In addition to helming the Audit and Advisory Division at JTC Corporation, he also serves as the Chairman of SAFRA’s Audit Committee, a team that works behind the scenes to ensure that funds are properly managed for the benefit of SAFRA’s primary stakeholders – its members.
We speak with Goh Thong to better understand the role of his committee, as well as the importance of transparency in fund management.
Checks and balances
When approached by SAFRA’s former Chief Financial Controller(CFO), Helen Goh in 2010 to join SAFRA’s Audit Committee as a member, Mr Goh was hesitant. While he thought it was a great opportunity to give back to a community that had given him so much, he was unsure if he could contribute meaningfully. He ultimately decided to take the plunge and since then, he has never looked back.
“SAFRA is more than an organisation. It’s a community that embodies a shared goal of improving the well-being of our NSmen,” he says. With many years of industrial experience under his belt, he worked alongside his team to make sure SAFRA’s funds are managed with financial prudence and accountability.
That said, what exactly does the Audit Committee do?
“We provide oversight to ensure there is transparency in our financial and operational dealings, working in tandem with management to uphold internal controls, mitigate risks and optimise resource allocation,” he summarises.
Whether it is funding major upgrading works or club initiatives, the Audit Committee essentially functions as the financial guard rail that guides SAFRA’s management team through the planning and utilisation of these funds. And Goh Thong wants to reassure that auditing is not the same as “cost-cutting”. “In reality, we are here to safeguard the various controls designed and implemented by the management team so that established policies and governance are properly complied with, and that processes are streamlined to improve efficiency,” he explains, “our role goes beyond cost-cutting.”
Now, as the committee’s chairman, Mr Goh intends to continue the honest and heartfelt dialogue that his and SAFRA’s management team have fostered over the years. “Together, I believe we can enhance financial governance within SAFRA while contributing to discourse on risk and control matters,” he shares. There is certainly a lot on his plate – reviewing auditing findings, preventing recurrence, overseeing the committee’s agenda as well as being the voice of prudence in SAFRA’s day-to-day transactions.
It’s a team effort!
Thankfully, he is not alone. With an entire team of passionate volunteers like himself, Goh Thong can always rely on the insights and opinions of his peers, especially when the solution is far from being straightforward. “In fact, the decision-making process can be really complex. There is the analysis of data, and consultations with various stakeholders in addition to discussions on the implications of any proposed changes,” he elaborates, acknowledging the “professional expertise of my fellow Audit Committee members” that he has come to leverage on.
Many may not know that volunteers in the SAFRA committee are actually appointed to their roles. They are evaluated on their professional expertise and personal alignment to SAFRA’s vision. “We value diversity of views within the Audit Committee, so we have professionals from legal, HR, IT and so many others,” he shares.
Not just all about numbers
Ironically, while Goh Thong was pursuing his Bachelor of Accountancy at Nanyang Technological University (NTU), his weakest subjects were his accounting and auditing modules. That however, did not deter his interest in the industry. Instead, it only pushed him to deepen his comprehension of these subjects. “I believe that having a keen numerical and inquisitive mind are just as important as technical expertise in the auditing field,” he reflects.
In fact, if you think about it, National Service has primed Goh Thong for his profession. Not only has it instilled a sense of adaptability in him, but it has also shown him what one can accomplish if he is simply forward-looking. “I refer to these qualities as personal guidelines during moments when leadership and quick decision-making is critical,” he shares.
Goh Thong’s passion and advocacy for National Servicemen has proven to be unwavering, and we wish him all the best in his mission to continue SAFRA’s legacy of transparency and accountability.
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