Grant Thornton Malaysia 50th Anniversary

Press Release

Grant Thornton Malaysia 50th Anniversary

02 Dec 2024

Putting People First 

Sustainable growth is the ultimate goal of every business, and apart from focusing on business expansion and risk management, people are also a key element that should not be overlooked. As the saying goes, ‘Those who do great things must put people at the centre of their efforts’, and it is only by putting people at the centre of their efforts that they can achieve great things, and in turn, move towards sustainability.

Grant Thornton Malaysia, an audit, tax and advisory firm with 50 years of experience, has consistently upheld to this philosophy and has transformed itself from a small firm to a multi-faceted professional services firm that integrates audit, tax and advisory.

From the humble beginnings of the business, it was difficult to get started, but today, with steady expansion, the company is still actively changing without being restricted by age. Breaking away from the stereotype of long hours in the tax and audit industry where the need for working overnight during peak period, and Grant Thornton Malaysia has redefined work-life balance. More surprisingly, there are more and more ‘second generation’ who follow in the footsteps of their parents and join this big family to carry the banner called the future, aiming to shine even brighter in the next 50 years!

Nurturing New Blood and Vitality

In GT Malaysia, the term ‘second generation’ doesn’t refer to the second generation of business heirs, but the second generation of employees. Established in 1974, GT Malaysia has no shortage of second-generation employees after 50 years of intensive cultivation, and thanks to the addition and stimulation of these new blood, the business operation is not old-fashioned and is full of vigour. 

Ensuring sustainability of a company is the biggest challenge for many companies. Starting with just 45 employees, GT Malaysia has grown to nearly 1,200 employees and 40 partners across Malaysia, with its own set of sustainable business model and methodology. Chairman Dato' Jasani generously shared that the essence of this model is to focus on people first, and then focus on legacy so that people can grow with the firm.

‘Over the years, one of the ways in which we have been able to successfully grow our business is to have an equity partner framework, which means that we first bring in partners who share the same vision with the company, and then become directors, managers, senior managers and senior directors, and ultimately equity partners, so that we can all share in the market pie, and at the same time train up the second generation of employees, so that the young new blood can also move up the ladder. ’

Contributors can Become Partners

In short, those who contribute to the firm are given the opportunity to become equity partners, which, he fondly shares, is the sustainable development strategy of GT Malaysia.

‘People will gradually age and there is always a limit to what one person can do, so this model that we have been used has been the key to allowing everyone, and indeed the firm, to grow together in leaps and bounds.’

Fifty years isn't long, but it's definitely not short enough for a 20-year-old to reach old age, and for more second-generation employees to begin shouldering the burden of leading future growth. To mark the 50th anniversary of GT Malaysia, Sin Chew visited its office on the 11th floor of the Sheraton Kuala Lumpur Hotel to hear more about the challenges faced over the years and what the future holds for the firm.

Expanding Domestic Business and Establishing Overseas Presence

Despite being 75 years old, Jasani's eyes still sparkle and his thoughts are clear when he talks about business expansion and sustainability: ‘Apart from expanding our business in Kuala Lumpur, we have also expanded in Penang, Johor Bahru and Kuantan over the years, as well as setting up a presence overseas in Cambodia.’

Having worked together for many years, it is often the case that all he needs to do is to start the conversation, and the management team of Chief Executive Officer Kishan, National Audit Practice Leader Hooi Kok Mun, Senior Partner Desmond Tan Chee Beng and National Tax Practice Leader Datin Seah Siew Yun will naturally pick up the conversation and continue to add to the conversation.

When asked if there were plans to further expand its business domestically, Jasani said acknowledge the intention, with a particular focus on the East Malaysian market. Jasani added that he would consider partnering with a high calibre accounting firm, but only if the latter has the same high level of mindset and quality of service to its clients.

Two Generations of Employees as Mentors and Friends

In addition to the continuation of the business model, another important asset is the company's staff, which is also an aspect that GT Malaysia is most excited about, namely, there is no gap between the two generations of staff, in addition to effective communication, and also mentors and friends and family members of the work atmosphere is also very important.

Effective Communication and Good Working Atmosphere

Seah Siew Yun proudly shared that the company attaches importance to all employees and colleagues, which is what makes many people, including herself, started their first and last job of their lives here, and take a firm stance from the beginning to the end, a statement that draws the attention of other management.

‘There are many other colleagues like me who came in here for their first job and have made it to this day and are veterans of the company, and that speaks volumes about how relatable we are and how much we value our employees (thoughts and feelings), and I still remember that it was Jasani who interviewed me 35 years ago.’

Speaking of that not-so-distant past, Jasani remembers it vividly, ‘I remember asking her if she was sure she wanted to join us, after all, it was just a small firm at that time, but Seah Siew Yun was very sure that she wanted to, and also said that she would be able to grow with the firm, and so many years have passed, and she's now our National Head of Taxation Practice, as well as Chief Executive Officer of Malaysia's Grant Thornton Tax Sdn. Sdn Bhd.

Desmond Tan Chee Beng, who has also been with the company for 30 years, also regarded Dato Jasani as a mentor and friend, and it can be said that he wouldn't be where he is now without Dato Jasani.

‘Dato Jasani was the supervisor responsible for helping me with his signatures, and also the sponsor who helped me continue my education to complete my Certified Public Accountant (MICPA) studies. At that time, going to university was not an easy task and when I first joined the company, he was willing to help me continue my studies, so I signed up with GT Malaysia and eventually completed my studies to become a CPA, and in the blink of an eye, 30 years have passed.’

He proudly shared that he started as a trainee, junior, senior to manager, and eventually became a partner and then an equity partner, and this is the place where he could grow.

‘We have found a life here and many of our colleagues have also found their other halves here.’

Hooi Kok Mun, who started his second career with CPA Malaysia, has been here for more than 30 years now, and has found a sense of belonging as well as a sense of fulfilment.

It is not surprising that people have been working here for 30 or 40 years, but what is most amazing is that after the second generation of employees joined the firm, there is not only no gap between the two generations, but they also co-operate with each other, highlighting the importance of communication.

Seah Siew Yun laughed that in such an atmosphere, the second generation of employees will be more mature in dealing with work matters, whereas the first generation of veteran employees’ mentality will be younger, likely influenced by the new generation of employees and naturally, both generations are able to meet the middle of the point of convergence.

Entrepreneurial Management

GT Malaysia is a multi-generational firm, and the relationship between colleagues is close and harmonious, with several families travelling together. However, Kishan points out that the firm has always been run on an entrepreneurial model, and under the leadership of a group of veteran accountants, tax practitioners and auditors, the inheritance of professional knowledge and mastery of expertise is not a problem.

50 Years of Testimonials

After 50 years, GT Malaysia believes that as long as we have a clear vision of our goals and a steady mind, we will be able to get through the tough times without being discouraged by the challenges and hurdles that come our way.

Jasani: Client Support Through Challenges

We are very happy to be celebrating our 50th anniversary. The challenges were more in the early days of our business when we were still a small firm and inevitably had cash flow problems, but with the perseverance and hard work from of all of us, we were able to successfully overcome these challenges in the end.

In addition, because of the support of other partners and directors, coupled with a good teamwork atmosphere, the company has accumulated a number of clients who have been with us for many years, we are very grateful for the support of our clients, and we will do our best to do our part to ensure that we maintain a good quality of service.

Seah Siew Yun: Witnessing Growth and Better Future

50 years is not short, half a century, and we are very happy to be here to share this journey, the passage of time we are still here, to witness the growth of the company, but also to see the second generation of employees to join, this is something to be happy about.

It has not been an easy journey, but we have made it, and GT Malaysia will certainly hope to have another 50 years, and we naturally hope that in the next 10 years, we will still be able to see the company grow even more and better.

Desmond Tan Chee Beng: Working Together, from Nothing to Abundant 

The past 50 years have not been a straight path, but we have done it with the co-operation of all of us, from zero to over 90 public listed clients today, which is quite a remarkable achievement for us. 

This is similar to the case of Initial Public Offerings (IPOs), where we had no experience in this area at the beginning, but today we are no longer in the same position. In 2023, for example, we have assisted 9 out of the 32 newly listed companies (IPO) in the Malaysian stock market, which is indicative of our progress and perseverance, and with everyone's hard work, we have made it to the position that we are at today.

Hooi Kok Mun: Serving Clients with the Same Goal

We have seen the firm grow from a small firm to what it is today, and this is mainly due to good teamwork, both from the management and other departments, who have given us a high degree of co-operation in order to achieve what we have done today.

No matter how much time has changed, we have only one goal, which is to serve our clients better, and it is because we share the same goal that we have come together and made us and GT Malaysia what we are today.

Kishan: A Seasoned Veteran Looking for New Opportunities

At 50 years of age, we are almost twice my age, and the key to our continued growth lies in the fact that we are experienced, yet still young and energetic, and we are actively exploring new markets to find new opportunities for growth.

Fifty is not a young age, but because over 70% of our staff are under 35, and almost half are under 31 to be precise, we are a matured firm on the outside, but a young accounting, tax and auditing firm on the inside because of the majority of our young staff. With seasoned practical experience, this helps the firm to continue to look for new opportunities and new markets.

Using Technology to Recruit New Talent

Accounting, taxation and auditing have always been regarded as long hours and stressful jobs, but GT Malaysia is committed to using technology to balance work and life, change the stereotypes of the profession, and increase the attractiveness of recruiting ‘new blood’.

Tan pointed out that accounting, taxation and auditing is a challenging field and that the supply of new recruits is dwindling, so something needs to change.

‘When you talk to universities, they will tell you that a lot of students think that the profession is very stressful and the hours are long, but we have our own training to help newcomers to grow, and we bring all our auditors together for annual residential training.’

In addition to training, Kishan disclosed that making good use of technology to balance work and life would be a plus in attracting new recruits, and the firm also cares quite a lot about staff welfare, including young mothers, making sure to take proper care of everyone.

‘We are also one of the few accounting, tax and auditing firms that do not require 100% accounting graduates, but of course if you are interested in obtaining professional qualifications such as the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants in England and Wales (ICAEW), the Malaysian Institute of Certified Public Accountants (MICPA), etc., we would welcome that as well.’

He pointed out that GT Malaysia is fair and impartial in recruiting newcomers, no matter who they are, they have the same opportunity, and if they are able to perform, they can naturally do so, and if they are unable to do so, then the company will give appropriate advice.

Award for Caring for Young Mothers

The company's care for young mothers was also recognised with a runner-up award in the Private Limited Company/Small and Medium Enterprises/Public Sector category under the Women in the Workplace category of the Life at Work Awards 2024, organised by Talent Corp.

Sin Chew Business Excellence Awards Independent Auditor for the 11th year 

Grant Thornton Malaysia has been the independent auditor for the Sin Chew Business Excellence Award for 11 consecutive years. GT Malaysia believes that the awards are of great significance to the local business community, especially the Chinese businesses. It has been a successful collaboration for more than 10 years.

Long-standing Collaboration with Sin Chew Daily

‘I think it's good to have a long term relationship, plus the award has credibility, which is good for the business community. During the Movement Control Order (MCO), the whole audit process was quite challenging, but we still came through it hand in hand.’

Hooi said it has been a beautiful journey working with the Sin Chew Media, as we understood each other better and were able to work well together. Desmond Tan added that Sin Chew Media had given them full autonomy to work in their own way, and that GT Malaysia had gained a lot from the process, including being able to connect with more small and medium-sized enterprises (SMEs) and understand their needs and difficulties.

Organised by Sin Chew Daily, the Sin Chew Business Excellence Awards is regarded as the most credible and prestigious business awards in the country, and has also become an award that Malaysian SMEs value, trust and want to be recognised for, attracting a large number of companies to participate in it every year, and this year, there are a total of 13 awards categories.

Cloud-based Audit Software to be Launched by Year End

The digital age is changing the face of the tax and audit industry, and GT Malaysia, which introduced its cloud-based audit software LEAP in the middle of this year, is on track to fully implement it this month after receiving positive feedback.

Reviewing Documents Remotely

Hooi noted that the firm has already started using the software, which provides auditors with great convenience and flexibility in reviewing documents remotely.

‘For example, if my Penang subordinate is reviewing the relevant documents on the cloud, the moment he/she finishes his/her work, I being in Kuala Lumpur can start reviewing it right away, and that's how convenient this software is for us.’

He added that the company is also exploring the possibility of allowing auditors to handle their day-to-day tasks through the recording mode of their mobile phones or tablets.

‘All in all, technology has made life easier for auditors, especially a plus point for young people who are accustomed to using such technological tools, and this is an advantage that has allowed us to attract young people.’

However, the arrival of AI is making waves in all sectors, with some studies pointing out that auditors will be one of the jobs to be replaced, but Kishan believes that AI is a tool that can assist auditors in their work, such as the compilation of big data, but human involvement is still needed in decision-making, judgement and understanding of the situation.

Utilizing Technology in 3 other Service Lines 

‘We want to go further with technology, not only in audit, but also in our other three businesses, because digitalisation does bring a lot of benefits. Apart from the Leap software, we also have a client platform, Connect, which allows clients to upload and download files, search for data and collaborate closely.’

He said that apart from the convenience of work, digitisation also reduces corporate carbon emissions, which is an important element of Environmental, Social and Governance (ESG).

Written by: Lim Yii Shin, Reporter, Sin Chew Daily

Published in: Fortune Investment Weekly, Sin Chew

Link to article: https://www.sinchew.com.my/news/20241202/finance/6112671