The winning team holding up their mock cheque and trophies (from left to right): Wendy Lee, Sha Fei, Diney Chan, Wai Zhan.
In the 21st edition of the National Inter-Varsity Accounting Quiz (N-IVAQ), TAR UMT has once again demonstrated its excellence by securing the Second Runner-Up title in the final round on 10 June 2023. The winning team consists of Bachelor of Commerce (Hons) students, Chan Wai Zhan, Wendy Lee Yan Weng, Diney Chan Dyi Nie, as well as Chan Sha Fei who is pursuing the Bachelor of Accounting (Hons) programme.
In the qualifying round of the competition, students were tasked with answering 60 multiple-choice questions and in the final round, they were required to analyse a case of a company’s business and industry, propose a solution, and make a concluding decision based on the questions. The students were tested on their knowledge of management accounting, auditing, taxation, financial management, advanced financial accounting, corporate governance ethics and more. Altogether, there were 45 teams from 29 universities and colleges participating in the competition.
According to Chan Wai Zhan, they adopted a systematic approach as a team to achieve success in the challenge. “We established a sequence for starting and concluding the presentation to ensure a smooth flow. Each team member utilised their individual strengths during the preparation phase, with one focusing on calculations, another on creating slides, and two others on case analysis and overall checking. We collaborated closely, providing support and feedback to one another and collectively brainstormed ideas on how best to present our respective parts,” she said.
Wendy shared how Ms Lai Thong Yan, Programme Leader in the Department of Accountancy of the Faculty of Accountancy, Finance and Business (FAFB) and the team’s mentor, played an instrumental role in guiding them throughout the challenge. “She initiated the formation of our team and provided us with the necessary materials required by the organiser. Ms Lai also reminded us of important details and deadlines as well as had frequent discussions and training sessions to ensure we were well prepared for the competition,” she said.
The team learnt valuable lessons from the experience of participating in the competition: “It is very important to thoroughly understand the scenario given in the competition, practice effective time management, embrace teamwork and collaboration and think about solutions from the perspective of the audience you are addressing.”
