PwC to IFAC board: Josephine Phan's stellar career

Parents often know best. Just ask Josephine Phan FCPA.

A former partner at PwC Malaysia, Phan enjoyed a 30-year stint in auditing and IT risk assurance. However, she concedes that an accounting career had not been on her mind when she first weighed up her job options.

“I had initially wanted to be an aeronautical engineer, as I was fascinated by planes when I was young,” says Kuala Lumpur-based Phan. “My dad, who was an engineer, advised against it and encouraged me to take up accounting instead. He had friends who were in the auditing profession and I’m grateful that he knew me better — as I have no regrets now.”

Three years into retirement, Phan is still professionally active. Around visiting her adult children in her second home in Melbourne, Australia — Phan serves on the board of two publicly listed corporations, and late in 2024 she joined the board of the International Federation of Accountants (IFAC).

This arrangement gives her balance, as well as an ongoing opportunity to deploy her considerable skills. At PwC Malaysia, Phan forged a reputation for providing risk assurance and advisory services to companies relating to their IT systems, internal controls and financial processes.

Her considerable work experience also extends to statutory financial statement audits, internal and external IT audits, information security, and IT risk, governance and regulatory compliance.

A curious mind

Growing up in Malaysia, Phan was a fan of the sci-fi show Star Trek, plus Big Blue Marble, a children’s TV program that championed global diversity while exploring the lives and cultures of kids around the world.

She credits the shows with giving her a wider view of the world and its possibilities, as well as a sense of curiosity that proved invaluable later in life. Phan says her “questioning mind” has always been an asset as an auditor. “I won’t take things at face value.”

After graduating from university and joining what would become PwC Malaysia following the merger of Price Waterhouse and Coopers & Lybrand, Phan first made her mark in business advisory services. “I had the opportunity to be involved with a few business turnaround receivership projects.

This experience gave me insight into how business operations are managed, dealing across the spectrum of the business from HR, finance, treasury, marketing, logistics, manufacturing, costing and inventory management, to name a few.”

 

"It’s not just about the collection of data, reporting it and making sure all the boxes are ticked. It’s a journey as we learn from each other in the profession, and develop and improve our knowledge and competencies. And it’s a journey worth taking."

 

Phan says this early turnaround experience fast-tracked her auditing skills as it allowed her to get her “hands dirty” and understand businesses from the ground up. “That gave me some insight as to how business operations are managed, rather than just auditing the organisation’s financial statements.”

Later, she set up PwC Malaysia’s IT risk assurance practice, utilising her Bachelor of Economics in Accounting and Computer Science from Monash University in Melbourne. “I enjoyed working with clients in managing their technology risk, understanding their business strategy and processes, and advising them on their IT governance framework, including the right level of controls in managing their risks.”

In addition to her audit portfolio, Phan also relished the chance to grow an important arm of PwC Malaysia’s business. “For me, it wasn’t just about my passion and interest in auditing, but also making the practice work and developing a business opportunity as well.”

Giving back

Phan retired in 2022 after serving almost 20 years as a PwC Malaysia partner, but she always intended to stay engaged in the accounting and business sectors.

She is excited to contribute through her IFAC board and audit committee appointments, in which she can pass on her IT risk-management, governance and compliance knowledge at a time when technology advances are occurring at a rapid rate.

Phan believes her public practice experience in the field of IT risk assurance and advisory “will be of great relevance in view of digital innovation for the accounting profession,” at a time when greater technology use has exacerbated risks.

Part of the appeal of joining the IFAC board is the chance to give something back to her profession, just as she has done in the past through leadership roles, including as president of CPA Australia (Malaysia Division) and vice-president of the Information Systems Audit and Control Association (Malaysian Chapter).

Risks and rewards

As she observes a sector that is grappling with the rise of artificial intelligence and the question of whether automation could one day take over human jobs, Phan believes that there is still a strong need for professional accountants who provide advice around sustainability practices, and associated reporting and assurance services.

“To be truly effective and play a major role for an organisation’s sustainable business growth, it goes beyond just complying with regulations and standards,” she says. “The accountant plays a very significant role in all these, but the value the accountant can offer is the ability to understand sustainable opportunities and risks that impact the organisation, its investors and other stakeholders.

“It’s not just about the collection of data, reporting it and making sure all the boxes are ticked. It’s a journey as we learn from each other in the profession, and develop and improve our knowledge and competencies. And it’s a journey worth taking.”

 

"I believe strongly in the accounting profession working to serve the public interest and the crucial role it plays in building trust in our financial markets. For me, it’s a way of giving back, contributing and sharing my experiences and knowledge."

 

Phan believes the CPA designation will continue to be invaluable, noting that it aided her career by giving her “global recognition as an accounting professional, as well as the opportunities to contribute to the profession at a global level”.

While spending her time split between Kuala Lumpur and Melbourne, Phan is enjoying seeing her children more often, while still being able to contribute to the accounting profession that has been such an important part of her life.

“I believe strongly in the accounting profession working to serve the public interest and the crucial role it plays in building trust in our financial markets.

For me, it’s a way of giving back, contributing and sharing my experiences and knowledge.”

One piece of advice

Have an open mind to learn, innovate and upskill at your own pace in your area of interest. Share and learn experiences from each other in the profession.