MIA is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has 29652 members.
MIA's responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.

Its regulatory role is carried out through the following approaches:-

	Having an effective and competitive assessment framework in admitting members into MIA to ensure that the profession is able to meet public expectations where its human capital is concerned
	Meeting the education and development needs of members as part of a commitment to help members be knowledgeable and maintain their relevance in today’s markets
	Implementing professional standards and practices based on internationally accepted guidelines as standards and By-Laws for members to comply with in maintaining the integrity of the profession
	Having in place a robust disciplinary system for those who fail to comply with these standards and By-laws.

Since its establishment more than 40 years ago, MIA has also been an active partner in nation-building as it actively contributes views and ideas for the well-being of the nation and its economy. In addition, MIA monitors international and local accounting trends and developments, and consults regularly with the government and regulatory bodies.

In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as:-

	Asean Federation of Accountants (AFA)
	International Federation of Accountants (IFAC)

MIA’s involvement in these bodies also enables Malaysian accountants to have a voice on these global and regional platforms, also enabling the latest developments overseas to be brought home for the betterment of the profession.

The use of the word ‘accountant’

In Malaysia, the word ‘accountant’ is protected as provided for under the provisions of the Act which states that no one can hold himself out or practise as an accountant unless he is registered as a member of MIA.