TITLE: President's Retirement

DATE: 26/07/2017

Today marks the end of my two year term as President of MIA. The new President will be elected at the next Council meeting on 24 August 2017.

During my tenure as President, MIA has made significant changes to address the recommendations of the Committee for the Strengthening of the Accounting Profession (CSAP) as well as preparing for the future of the profession.

We have had a successful transition in leadership of MIA with the retirement of Ms Ho Foong Moi and the appointment of Dr Nurmazilah Dato’ Mahzan as CEO. MIA has moved seamlessly from our Brickfields home to our new headquarters in Bangsar South.

The Council has made several key policy decisions to improve the governance of MIA, such as streamlining the roles of Committees, creation and enhancement of the Technology, Valuation and Capital Markets Advisory committees, the creation of taskforces and the setting up of a formal assessment process of Committee members.

MIA has reenergised the management team with new team members and a revamp of the organisation structure. This has enabled a number of new initiatives to be conducted:

  • A membership survey to assess membership needs and expectations
  • Widening the pool of potential Council members
  • Relaunching the brand in the eyes of the media and key stakeholders
  • The use of technology, such as the launch of the MIA app, to better reach out to members and give value
  • Relooking at the infrastructure needs of MIA including the replacement of the MIS system
  • Improved our enforcement actions, to the extent permitted by the current Act
  • Responding to the challenges of implementing GST and the new Companies Act
  • Helping to set up the MyPAC centre to encourage more bumiputera professionally qualified accountants
  • Helping to promote the value of audit via the publication of a booklet and engagement with stakeholders
  • Specific new initiatives to engage younger members and to promote awareness of digital technology
  • Getting more involved with academia to determine the education of future accountants, and finally
  • Developing a MIA Strategic plan 2018 to 2030 to chart out the path and direction of MIA

On the CSAP report, MIA has worked with the CSAP Implementation Committee to work on the operational model and changes to the Act, which hopefully will be revealed in the last quarter of this year. Many of the recommendations that do not require a change in the Act,

have already been adopted or initiatives put in motion, to do so. A critical one is the development of a Malaysian Competency Framework to determine what is expected of a future accountant in Malaysia.

This year in particular, MIA has also embarked on a number of activities to celebrate the 50th anniversary of the MIA. We have had commemorative lectures by prominent members on the theme of Integrity, Accountability and Trust, regional events, commissioned a video and it will all culminate in a Gala dinner on 30 September this year.

A lot has been done in the last two years and there is still a lot more to be done, particularly with the change in the current Act. However, I am confident that my successor, together with Council, will be able to navigate the various challenges and implement those changes needed to preserve the importance and relevance of the accounting profession into the future.

Finally, I would like to thank the Accountant General, Dato’ Hj Che Pee Samsuddin, for his support and confidence in me and also to my Vice President, Datuk Zaiton Mohd Hassan, who herself, retired on 15 July 2017 from the Council, who had worked tirelessly and passionately for the profession over the last four years. Datuk Zaiton has represented us on the IFAC PAIB Board, was instrumental in setting up the SMP Department and led the Education Committee during her term. She was also the driver behind the creation and success of the MyPAC initiative.

I would also like to thank my Council members for their support and guidance over the period. In the spirit of the season, I would like to end by apologising to those I may have offended and for my own shortcomings.

Thank you all for the privilege of serving MIA and all of you.

Mohammad Faiz Azmi

President - Malaysian Institute of Accountants

26 July 2017