RSM Malaysia’s Victor Cheong emphasises continuity is key to business success

He discussed the evolution of audit, embracing technology, and fostering trust through transparency and sustainability.

Malaysia's dynamic economy is reshaping how businesses operate, with digitalisation and governance becoming key priorities. Companies across industries face mounting pressure to enhance financial reliability, adapt to technological advancements, and align with global sustainability goals.

Offering valuable insights is Victor Cheong, Partner, Audit & Assurance at RSM Malaysia, joining the firm in January 2022 after an accomplished career with a Big Four accounting firm and a prominent Chartered Accountants practice.

With extensive experience coordinating and managing audit engagements, Victor has worked with a diverse portfolio of clients, including small and medium-sized entities as well as public listed companies in various industries, including trading and retail, manufacturing, construction and property development, logistics, and information technology. He has also led due-diligence engagements for the proposed listing on the LEAP Market of Bursa Malaysia and various Agreed-Upon Procedure engagements.

In a recent interview, Victor as a judge at the Malaysia International Business Awards 2025 and Malaysia National Business Awards 2025, shared his insights on the evolving role of audit, corporate governance, and the impact of technology on financial reliability.

In your opinion, how has the role of audit evolved in recent years in Malaysia, particularly in the context of technological advancements and digital transformation in businesses?

Audit has gone through tremendous change with the onset of technological advancements and digital transformation, which allows auditors to now focus on the objective of an audit rather than its routine nature. It is no different in Malaysia where things are done much faster with better results, which allows the general public to appreciate the benefits of an audit.

What are some common challenges you observe companies facing in maintaining financial reliability, and how can they effectively address these issues?

One key word comes to mind regarding the common challenges that companies face, and that key word is continuity. Businesses sometimes fail to understand the importance of continuity of people and knowledge. With the world being a more connected place due to digitalisation, businesses tend to overlook the human factor or element, which is neglected to the point of no return, and this impacts the reliability aspect of financial reporting.

Given the increasing emphasis on corporate governance and transparency, what steps can businesses take to ensure compliance and foster trust with their stakeholders?

I think it is important for businesses to be transparent and honest in all that they do. Nothing beats the good values of transparency and honesty when it comes to corporate governance, as these values foster trust amongst stakeholders to ensure sustainable growth.

How important is it for businesses to invest in technology and innovation when it comes to enhancing their audit processes, and what specific technologies do you see making the biggest impact?

It goes without saying that investment in technology and innovation is important for growth. The biggest impact we see now is the investment in cloud computing, where information can be retrieved at any place and at any time, which has made the audit process more efficient.

What trends in consumer behaviour do you think will impact how companies structure their business models in the future?

The emergence of the internet-enabled information flow has impacted consumer behaviour since the 2000s. The key point for businesses would be to focus on their critical success factors and manage their weaknesses and threats to remain competitive and relevant in this information age.

As a judge for the Malaysia International Business Awards 2025 and Malaysia National Business Awards 2025, what criteria do you consider when evaluating nominees?

In my opinion, the key qualities in my assessment would be businesses that can prove their ability and initiative to remain relevant and to spur growth, in line with the United Nations Sustainable Development Goals.