NEWS

 

TITLE: Welcome Address by Encik Salihin Abang, President, Malaysian Institute of Accountants at MIA 32nd Annual General Meeting

DATE: 29/09/2018

PRESIDENT’S ADDRESS BY

YANG BERUSAHA ENCIK SALIHIN ABANG

PRESIDENT

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT

32ND ANNUAL GENERAL MEETING

29 SEPTEMBER 2018 (SATURDAY), 10.00 a.m., KUALA LUMPUR

Salutations:

  • Council Members
  • Members of MIA

Assalaammualaikum and a very good morning to everyone.

Welcome to our 32nd Annual General Meeting. I am delighted to see so many members here today, as MIA strongly believes that member engagement is key to our success. Thank you for making time on your weekend to join us.

Before I talk about our achievements and future plans, please allow me to introduce and recognise the people of MIA, who are the key pillars of the Institute, helping to drive our purpose of nation building.

Will our dedicated Council Members please stand up? A big round of applause please for our Council Members for their commitment to MIA, nation building and public interest. Please be seated, thank you.

May I also humbly request that our hardworking Management Team, led by CEO Dr. Nurmazilah, stand up as well. Please give them a huge round of applause for their passion and commitment in driving the Institute’s strategies. Please be seated, thank you.

Finally, could all the members of MIA, who are the backbone of the Institute and the profession, please give yourselves a big round of applause. Without the members, there is no Institute and no profession. So, thank you for your professional roles and contributions.

Value Proposition through Enhanced Member Engagement

Now, I wish to start on the core of my presentation. First, I will talk about the value proposition to our members.

Given that the primary function of the Institute is as a regulator, MIA emphasises the strengthening of our surveillance and enforcement activities to protect the public interest and raise the reputation of the Malaysian accountancy profession. Our priority has been to dispose of the backlog of complaints at MIA including high-profile cases and act against bogus accountants and auditors, while emphasising education and engagement.

In order to enhance regulation and compliance through our implementation of Balanced Enforcement, the Institute focuses on developing and educating members through extensive engagement.

The Institute also engages members across the different segments – Public Practice, PAIBs, Public Sector and academicians, with value creation activities that are targeted to their unique development and education needs. Notably, we conducted a total of 60 complimentary outreach programmes to educate stakeholders and the public on accounting, auditing, taxation, digital economy, capital market, ethics and <IR>.

We also drove several thought leadership initiatives to develop members, such as launching the MIA Digital Technology Blueprint that guides members on how to adopt technology for their future relevance in Industrial Revolution 4.0 (IR4.0), publishing the second edition of the MPERS Illustrative Financial Statements as guidance for compliance with financial reporting standards, and launching the Competency Framework for CFOs in PIEs.

To improve the value of MIA membership, we strengthened stakeholder linkages and enhanced member benefits through various MoUs, such as the renewal of Mutual Recognition Agreements and MoUs with international and local professional accountancy bodies. We advocated for qualified members to become certified as ASEAN CPAs, which elevates the perceived value of accountancy professionals, facilitates talent mobility, enhances the provision and regulation of regional accountancy services, and drives the adoption of standards and best practices.

Moving Forward

Ladies and gentlemen,

MIA is committed to enhancing member engagement and member wellbeing as we go forward, and members can anticipate many new initiatives in the future.

One important initiative is to focus on legislative reforms that will enhance the Accountants Act 1967. The proposed revision to the Act will elevate MIA’s regulatory role on par with our fellow regulators, and empower MIA to impose the necessary sanctions and deterrents that enable balanced regulation, whereas stalled reforms could undermine the profession’s reputation and governance. We will continue to strengthen our strategic partnerships with the Government and stakeholders to achieve the required regulatory reforms needed to transform the accountancy ecosystem and support our nation building purpose.

Another key aspiration is to enhance member competency through our various Competency Frameworks. One ongoing initiative is our Competency Framework for Finance Functions, which focuses on the CFO agenda in the context of market and business needs, the expectations of the customers of finance (such as the Board, CEO, investors and regulators) and the key trends impacting business, finance and accounting.

We also intend to launch and implement our MIA Competency Framework which encompasses the entire profession. The MIA Competency Framework has been completed pending relevant approval. The Framework is expected to define the baseline competencies of accountancy professionals and enhance the inclusivity and diversity of the profession by widening the pathways to become MIA members.

To further understand members’ expectations and measure satisfaction, we launched the MIA Membership Survey 2018. The Survey received more positive feedback relative to our immediate past Survey in 2016, with total satisfied members increasing from 78% to 79% across all sectors, signifying the importance of our membership value proposition initiatives.

Nation building and conclusion

Ladies and gentlemen,

As members of the Institute, we have contributed significantly to the building of our beloved nation Malaysia. As loyal MIA members, you add value to yourself and to the economy and society, the state and the country. We will continuously pledge to contribute to nation building in our capacity as C.A. (Malaysia).

Before I end, I wish to thank all our stakeholders and supporters, especially all those who volunteer their time and resources to make MIA and the profession much better. I also wish to sincerely thank our Vice President Dato’ Jasani, who has been a very strong second in backing me up as I carry out my duties as President.

I also wish to thank the Council Members who are retiring today - Dato’ Jasani, Brian Wong and Ng Kean Kok – as well as the Council Members who retired earlier in the year - Dr Veerinderjeet Singh, Yeo Tek Leng and Dr Yacob Mustafa. The Institute and the members greatly appreciate your valuable contributions. On behalf of MIA, I look forward to welcoming our new Council members, who bring substantial and diverse experience to enrich the Institute.

In concluding, we would also like to thank all our members for your support. We trust you will continue to play your professional roles and contribute to the profession as we seek to achieve greater heights.

And now without further ado, I am very pleased to hand over to Dr. Nurmazilah for her presentation.

Thank You!