Institute is operating in an increasingly demanding business landscape. Fuelled
by globalisation, rapid advancements in technology, and evolving regulatory
frameworks – which are some of the more pressing catalysts of our time, the
ability to adjust to changes has become perfunctory for all organisations. The
Institute is not spared of this phenomenon.
As we forge ahead, in order to achieve our vision to become a globally
recognised and respected business partner committed to nation building, we are
continuously facing challenges that affect not only the profession but the
Institute as well. In this context, the Institute recognises that the
implementation of proactive measures with the goal of achieving high levels of
efficiency is absolutely crucial.
From Secretariat to Management Centre
year under review, the Institute quickened its pace in adjusting to these
challenges by implementing strategies to enhance its operations. One of the most
significant transformational initiatives is the shift of the roles of the
Secretariat to become a Management Centre. This transition was conceived as part
of the Corporate Strategy Roadmap formulated during the Strategic Review Retreat
on 22 January 2006 as a follow-up to the Institute’s Strategic Blueprint which
was formulated in the year 2001.
Where previously the Secretariat was seen as the entity which supported the
Council and carried out the administrative tasks assigned to it, in its new
role, the Management Centre team is empowered to adopt dynamic and proactive
roles as providers of input in the formulation of strategic initiatives for the
Institute. In the meantime, the Council will continue to share their valuable
insights and understanding of the profession. Under this working relationship
arrangement, the Council Members and Management Centre employees will work hand
in hand to take the Institute to greater heights.
The rationale for the move has been predominantly to ensure that Management
Centre employees are empowered sufficiently to manage the Institute. This is
particularly important in ensuring the continuity of projects because the
Council memberships change every few years as Council Members complete their
terms of office.
Our People Strategy
period under review, the Institute put in place several measures to adapt and
adjust to this new environment. We actively pursued capacity building exercises
with much emphasis upon the enhancement of our human capital strategy. In order
for the Management Centre to provide service that surpasses members’
expectations and to effectively carry out the regulatory functions of the
Institute, certain key positions were filled during the year under review. Apart
from that, the Institute continues to groom its present pool of employees in a
bid to help them realise their fullest potential through relevant training and
The Institute itself aspires to excel in its endeavours through the use of key
performance indicators (KPIs) as outlined in the Institute’s Strategic
Blueprint. To further motivate and spur employees to achieve excellence,
employees are also evaluated based on key performance indicators which are set
out at the beginning of every year.
We realise that people are vital to all aspects of an organisation’s
performance. In boosting their morale and demonstrating appreciation for their
commitment and efforts, we believe that there is a need to reward them. During
the year under review, the Institute rewarded its employees with bonuses and a
family trip to Rompin, Pahang.
Looking to the future
operational perspective, the streamlining of internal processes and controls are
ongoing. Driven by the need to meet the expectations of our stakeholders, the
Institute is working hard to improve upon the Institute’s delivery system. This
is an ongoing exercise which is crucial in ensuring that public perception of
both the Institute as well as the accountancy profession in Malaysia is
maintained, if not improved upon.
We will also continue to manage the various projects of the Institute such as
the newly launched Financial Reporting Standards Implementation Committee, the
organising of the 18th World Congress of Accountants in the year 2010 and other
initiatives which have been or are being championed by the various committees of
the Institute to address relevant issues and spearhead development within the
Malaysian accountancy profession.
Time to celebrate
Moving on to
a lighter note, another significant milestone that must be noted is the fact
that the Institute is celebrating its 40th Anniversary this year. The
accountancy profession is Malaysia has moved from its formative stage and
experienced much growth in these years. The last few years have, as a matter of
fact been some of the more dynamic times. Forty good years is definitely worth
celebrating and the Management Centre has been busy throughout the year working
on activities and events to commemorate this special occasion and this has all
culminated in the Institute’s 40th Anniversary Royal Gala Dinner which will be
held on 7 November
All in all,
the Institute has had a busy year punctuated with many milestones and events
which indicate that we are moving in the right direction, as indicated in the
Strategic Blueprint. I would like to put on record my appreciation to the
Council of the Institute, members, the Management Centre team and all our other
stakeholders who have extended their commitment and support in contributing to
the various successes of the Institute.
Ho Foong Moi