TITLE: Welcome Remarks by Mr Huang Shze Jiun, President, Malaysian Institute of Accountants at Acctech Virtual Conference 2020 : Mobilising Accountants Towards IR 4.0

DATE: 25/06/2020

WELCOME ADDRESS BY

MR HUANG SHZE JIUN

PRESIDENT

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT THE

AccTech Virtual CONFERENCE 2020

Theme: MOBILISING ACCOUNTANTS TOWARDS IR 4.0

25 June 2020 (Thursday)

  • Dr Nurmazilah Dato’ Mahzan, Chief Executive Officer, Malaysian Institute of Accountants
  • MIA Council Members and Regional Chairpersons
  • MIA Digital Technology Committee Members
  • Distinguished Speakers
  • Ladies and Gentlemen
  1. Good morning and welcome to MIA’s AccTech CONFERENCE 2020 with the theme of MOBILISING ACCOUNTANTS TOWARDS IR 4.0.
  2. Thank you all for joining us at this inaugural virtual conference. I am sure that for many of you, webinars and virtual meetings have become a way of life over the past few months.
  3. Today’s AccTech Conference is part of MIA’s efforts to ensure that our members continue with upskilling and embracing digital transformation even in these challenging times.
  4. Digital transformation is a key pillar of MIA’s competency development for our members and to ensure the continuing relevance and sustainability of the profession to the markets and ecosystems in which we operate. We have several initiatives aimed at facilitating members’ digital transformation so that you remain relevant and future-fit.
  5. We are continuing to operationalise the MIA Digital Technology Blueprint Plan which was formulated and issued in 2018. Following that we have a 3-year operational plan that focuses on building awareness and capabilities of members; adoption of technologies; assisting members with funding challenges and solutions; and governance which addresses the risks and controls that need to be put in place when adopting technology.
  6. Tomorrow, we are officially launching the Industry-wide Electronic Bank Confirmation (EBC) Platform, which can achieve greater efficiency in handling statutory audit by replacing the paper-based confirmation process with secure electronic confirmation processes. Multiple stakeholders will benefit from this, so it will be useful to members across all sectors. So, I urge all auditors to sign up for this EBC Platform to make your lives easier and more productive, while expediting the profession’s digital transformation in line with global trends.
  7. Ladies and gentlemen, in today’s AccTech Conference, the content is aimed at equipping accountants and finance functions in organisations of all sizes and sectors for IR4.0 technologies. AccTech will focus on how AI, automation – especially robotics process automation, and big data analytics are adding value and relevance to accountants working in industry.
  8. These along with blockchain, cloud and cybersecurity have been identified as the technologies that are especially relevant for accountants today who need to be hybrid professionals. You need to be able to lead not only in the expert domain of accounting and finance but also in the emerging domain of technology, while demonstrating strong emotional intelligence, courageous, ethical and prescient leadership, and soft skills such as communications and empathy.
  9. Over the course of today and tomorrow, delegates can expect to learn about how AI is powering accounting and finance functions by supplanting routine tasks, improving systems and processes and freeing up humans for higher order tasks and value creation.
  10. There will be a session on how big data analytics can be used to optimise bottom lines, specifically with predictive manufacturing intelligence tools that can help manufacturers gain actionable insights into line and product team flexibility, determine predictive maintenance and optimise production schedules.
  11. Specially for SMEs that comprise the backbone of the Malaysian economy, there is a special session focusing on low-hanging fruit and best practices in digital transformation and automation for SMEs, this includes the small medium practitioners. Now more than ever, it is critical for SMEs to ingrain technology to enhance productivity, support the customer experience and become more competitive in a marketplace that’s pivoting towards e-commerce and B2B2C models.
  12. The final session on robotic process automation (RPA) will show you how to improve productivity by adopting RPA tools to help optimise cash conversion, prevent delays in accounts payable and accounts receivable, and reduce inventory turnover. Again, this will be very helpful to supporting business continuity now as well as in the days to come.
  13. Ladies and gentlemen, it is MIA’s hope that today’s agenda of digital transformation will help you and your organisations become more efficient and acquire the key qualities needed to navigate the digital economy and IR4.0 – such as agility, resilience and innovation in the new normal.
  14. Nonetheless, even as we transform, we must hold strongly to the core values that define the profession - integrity, accountability and trust. These values are the foundation of the profession as managers of value and providers of assurance, and will ensure that we remain relevant as new governance, financial and market risks emerge in a post-COVID 19 cyber-age.
  15. Lastly, on behalf of MIA, I wish to thank our distinguished speakers for their involvement and participation, and all our members, our sponsors, supporters and partners for helping to ensure the success of the virtual AccTech 2020. It is my hope that MIA will be able to bring more of these events and learning to members whilst managing the challenges of the COVID-19 crisis – in order to support the nation’s recovery and nation building. On that note, I wish you a productive conference.
  16. Thank you.