NEW PATH FOR A NEW YEAR
A new year always heralds new resolutions and it’s an opportune
window for change. MIA intends to ring in several changes concomitant
with our priorities in 2017.
One, structural and legislative reforms. MIA is ushering
in changes which will create an enabling environment for
the profession and business, as per the government’s CSAP
reforms. Specifically, in June 2016, the CSAP Implementation
Committee was formed and was given the mandate to implement
in full, the fifteen recommendations of CSAP. After
seeking views and feedback on how to operationalise the
recommendations, we have issued the Operational Model to
the relevant authorities at the end of last year. Next, we hope
to amend the Accountants Act in 2017 to
pave the way forward.
Two, enhancing competency. Aside
from focusing on certifying professional
accountants in public practice i.e. public
practitioners and auditors, MIA will
also continue to develop the quality and
competency of professional accountants
working in other strategic segments,
such as corporate and business, public
sector, insolvency, valuation, Islamic
finance, and forensics, to name some.
MIA intends to set up “faculties” dedicated to developing
these professionals. Recently, at the CFO Dialogue 2016,
I spoke about certifying professional CFOs of the future
who are expected to assume the role of strategic partners,
and thus will need the relevant competencies, in areas
such as technical, strategy, operations, compliance, talent,
leadership, and technology. To support them, MIA is developing
a competency framework for CFOs. MIA has also
created linkages with bodies such as IPSAS (International
Public Sector Accounting Standards Board) and CIPFA
(Chartered Institute of Public Finance and Accountancy) to
help Malaysian public sector accountants attain professional
qualifications. Other similar initiatives will be in the pipeline going forward.
Three, improving governance and enforcement. Apart from strengthening the MIA enforcement
team by bringing in fresh blood and working closely with other regulators and authorities
like the Companies Commission and the Inland Revenue Board, MIA is working on the new Accountants Act which
will strengthen powers to govern members and better protect public interest. We are also putting a great deal of
emphasis on audit quality and integrity which affects the profession’s
credibility and public trust. Apart from implementing
the enhanced auditor reporting rules, MIA will launch its
new practice review framework effective January 2017.
Four, embracing the digital economy. We are firmly in a digital world, with
fintech, artificial intelligence, robotics, Internet of things and big data gaining
traction. Accountants must embrace digital tools and platforms to become more
efficient and innovative in delivering services to our clients. We have to craft
digital strategies that make us more costefficient and advanced and more in tune
with trends like mobile and data analytics.
MIA is walking the digital talk. Last year, we moved to our new headquarters in Bangsar South
City, which is part of the MSC Malaysia Cybercentre. We are moving more of our content and training online and because
mobile is the way of the future, we launched our proprietary app with more to come in 2017.
And that’s not all. Appropriately, 2017 is not only MIA’s Year of Transformation but also our Annus Mirabilis or Year
of Wonders and our Golden Jubilee. To commemorate MIA’s 50th anniversary, we are planning major events throughout
the year, culminating in a grand gala for all members. Details will be announced at a later date. So let us truly make 2017 a
year to remember.
Dato' Mohammad Faiz Azmi
Malaysian Institute of Accountants