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TITLE: Special Address for Yang Berusaha Encik Salihin Abang, President of Malaysian Institute of Accountants at the Malaysian Institute of Accountants at the MIA International Accountants Conference 2017

DATE: 07/11/2017

SPECIAL ADDRESS FOR

YANG BERUSAHA ENCIK SALIHIN ABANG

PRESIDENT OF

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT THE

MIA INTERNATIONAL ACCOUNTANTS CONFERENCE

7TH NOVEMBER 2017, TUESDAY AT 11.00 AM, KUALA LUMPUR

Salutations

  • Yang Berhormat Datuk Chua Tee Yong, Deputy Minister of International Trade and Industry
  • Yang Berusaha Dr Yacob Mustafa, Deputy Accountant General of Malaysia
  • Yang Berbahagia Dato’ Mohammad Faiz Azmi, Conference Organising Chairman, Malaysian Institute of Accountants
  • Yang Berusaha Tuan Haji Sudirman Masduki, Registrar, Malaysian Institute of Accountants
  • Yang Berusaha Dr Nurmazilah Dato’ Mahzan, Chief Executive Officer, Malaysian Institute of Accountants
  • Tan Sri-Tan Sri, Datuk-Datuk, Distinguished Guests and Conference Delegates
  • Members of The Media
  • Ladies and Gentlemen

1. Good morning and welcome to the MIA International Accountants Conference 2017.

2. I would like to express our heart-felt gratitude to Yang Berhormat Datuk Chua Tee Yong, Deputy Minister of International Trade and Industry for accepting our invitation to grace this occasion.

3. This Conference is a key event in our yearly calendar. Through the Conference, the MIA aims to groom accountancy professionals to become more skilled to support nation building, as part of our charter under the Accountants Act 1967.

4. Globally, technology and automation are rewiring business models and social rules thus expanding the horizons of business and the profession. Accountants and the profession must be ready to harness digital to heighten performance, marketability and future relevant.

Upskilling to support nation building

5. It is very important that MIA upskill accountants, to meet the demands of the market and to drive growth. Accountants practising in Malaysia, in all segments, across the public sector and the private sector, are responsible for improving financial management and making the country more competitive. This is our expertise and currently we plan and organise more than 900 CPD programmes, events and conferences annually to support this mission.

6. In particular, it is critical that accounting professionals, especially those SMPs serving SMEs, to widen their scope of financial advice to SMEs beyond audit and tax. SMEs account for 98.5 percent of the Malaysian economy as of 2016, according to SME Corp. Good financial management will make SMEs and Malaysia more sustainable, competitive and attractive globally.

Emphasising ethics and compliance to build public trust

7. At the same time, MIA is focusing on ethics – the core values of Integrity, Accountability and Trust. We want to infuse these values in all accountants practising in Malaysia, to support good governance and build confidence in the market and uphold public trust.

8. By educating accountants to be ethical, we hope to inspire better compliance. This will in turn help improve enforcement. Better compliance and better enforcement will enable the profession to be of greater service to the government, especially in areas where accountants add much value, like GST, taxation and public sector financial management.

Relevance to government policies and implementation

9. As we go forward, MIA and the profession hope to improve our partnership with our stakeholders, especially the Government, to support nation building. At the moment, we are closely studying how MIA and accountants can support the implementation of the National Budget 2018, which seeks to improve the rakyat’s welfare.

10. MIA finds that the Budget is highly relevant to the future direction of the Malaysian economy, with the focus on digital and Industry 4.0. MIA warmly welcomes the many allocations for developing micro entrepreneurs, which will support social welfare and better quality of life. These include RM500 million to Tabung Ekonomi Kumpulan Usahawan Niaga (TEKUN) and RM80 million to the Skim Pembiayaan Ekonomi Desa (SPED). The profession looks forward to helping these micro businesses by providing financial and management advice, especially in marketing, human resources and operations. Accountants can play an important role as trusted business partners by providing financial management and relevant business support.

Profession’s growth

11. At the same time, MIA thanks the government for relevant Budget incentives that will increase the demand for qualified accountants and grow the profession.

12. For example, the Government wants to encourage women who have been on a career break to return to the workforce, to tap their skills. The announcement on the tax incentive for women returning to work after their two-year hiatus would encourage more female accountants to contribute to the accountancy profession and the economy.

13. MIA also welcomes the Government’s allocation of RM90 million to the Program Peneraju Professional, Skil dan Tunas. The MIA has and will continue to work with Peneraju to increase the number of Bumiputera accountants in Malaysia, to grow the talent pool and meet market demand.

Conclusion

14. As the national accountancy body, the MIA welcomes the Government’s efforts to spur the country towards achieving the status of a high-income nation. We are committed to steer and support the accountancy profession to contribute towards sustainable development in Malaysia.

15. I am confident that the MIA International Accountants Conference - as a major learning platform for the profession – will help to upskill accountants and support the bigger picture of nation building.

16. On that note, I wish everybody a great day ahead. Enjoy the conference! Thank you.