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President’s Message :

Future-Proofing the Profession
in the Face of Adversity

We have all weathered a highly challenging year as the
COVID-19 pandemic impact affected our lives and livelihoods.

Dr. Veerinderjeet Singh

- President

The MIA Member Satisfaction Survey 2020 found that :

87%

of respondents were satisfied with the COVID-19 resources and updates provided by the Institute

79%

of respondents are satisfied with the Institute

82%

of members are proud to be MIA members

CEO’s Statement :

Navigating Crisis with Agility
and Resilience

We live today in unprecedented times, where the COVID-19 crisis has created an environment of extreme volatility and uncertainty.

Dr. Nurmazilah Dato’ Mahzan

- Chief Executive Officer

We prioritised digital adoption, including the launch of eConfirm.my, the issuance of our first ever interactive
e-Book, the launch of our e-Library, and the issuance of several guidance and tools on technology adoption to accelerate digital transformation.

Special Focus:

Future-Proofing Accountants Through Digital Adoption

MIA Digital Technology Blueprint

As the global digital economy accelerates, it is critical that accountants embed digital skills and technologies in order to become and remain future relevant.

Case Study 1 :

How MIA is Navigating the
COVID-19 Crisis

Support
Business
Continuity

Facilitate
Regulatory
Compliance

Drive
Digital
Adoption

Advocate
for Future
Relevance of the
Accountancy
Profession
(FRAP)

Build
Institute’s
capacity and
competency

Case Study 2 :

SMPs - Towards Resilience and Future Relevance

MIA’s SMP Milestones

2015

SMP Department and Website set up

2016

  • Quality Assessment Programme (QAP)
  • Illustrative MPERS Financial Statements, with Commentaries

2017

  • Practical Auditing Methodology for SMPs Workshop
  • Specific CPE requirement for audit approval renewal (50% of structured CPE hours must be related to ISQC1, auditing standards, financial reporting standards and/ or professional ethics for audit licence renewal purposes)

2018

2020

  • eConfirm.my
  • Interactive e-bookon Illustrative MPERS Financial Statements, with Commentaries
  • COVID-19 Resources webpage
  • Professional Liquidity Scheme for MIA PC Holders

2016

  • Quality Assessment Programme (QAP)
  • Illustrative MPERS Financial Statements, with Commentaries

2018

Delivering On Our Strategy
Through Our Value Creation Model

5 Key Risks
Affecting Value Creation

Impact of COVID-19 to
Business Continuity

Governance

Relevancy of the
Institute and the
Profession

Competency Gap

Succession Planning

Market Factors Affecting Our Value Creation

Economic

  • Projected economic recovery
  • COVID-19 resilience
  • Business continuity

Sustainability

  • Climate risks
  • ESG momentum
  • UN Sustainable Development Goals

Social

  • COVID-19 norms affecting work and education
  • Public interest
  • Trust in the profession
  • Talent competency gap

Technology

  • e-Learning
  • Rapid technology evolution

Legislative

  • Global tax reforms
  • Accountants Act 1967
  • Financial reporting, auditing and ethics standards
  • CSAP
  • MACC Act
  • Companies Act

Future Relevance and Sustainability

Effective Regulation

Talent Development

Developing Intellectual Heft

Performance by Strategic Objectives

To effectively navigate the COVID-19 new normal, MIA continues to embrace operational transformation and implement various action plans that are geared towards protecting public interest, achieving the future relevance of the accountancy profession and sustainable nation building.

75
Total
Outputs

2020 - 2021

Financial Summary

INCOME
RM
34.96
Million

2020: RM41.19 Million

SURPLUS BEFORE TAXATION
RM
2.89
Million

2020: RM2.01 Million

ACCUMULATED FUND
RM
49.59
Million

2020: RM46.73 Million

Sustainability Statement

As the regulator and developer of the accountancy profession in Malaysia, MIA is entrusted with enhancing the value and the future relevance of the accountancy profession to help drive sustainable nation building.

The UN SDGs that are most relevant to how we create value for our stakeholders are:

Strategic collaboration with diverse stakeholders

Future Relevance of the Accountancy Profession

Agile and Strong Regulation and Enforcement

ESG and Climate-related Advocacy

Talent
Development

Digital Adoption of the Profession

Support Business Continuity for
the Profession and the Institute

Instead of requesting for a hard copy, you can help to reduce the environmental impact of this integrated report by downloading the PDF version.