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TITLE: Welcome Address by Yang Berusaha Encik Salihin Abang, President of Malaysian Institute of Accountants at the Malaysian Institute of Accountants International Accountants Conference 2018

DATE: 09/10/2018

WELCOME ADDRESS BY

YANG BERUSAHA ENCIK SALIHIN ABANG

PRESIDENT

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT

THE MIA INTERNATIONAL ACCOUNTANTS CONFERENCE 2018 – Riding the Digital Wave, Leading Transformation

9 OCTOBER 2018 (TUESDAY), 12.00, KUALA LUMPUR

Salutations:

  • Yang Berhormat Dato’ IR Haji Amiruddin Hamzah, Deputy Finance Minister, Ministry of Finance Malaysia
  • Yang Berbahagia Datuk Saat Esa, Accountant General of Malaysia
  • Yang Berusaha Tuan Haji Sudirman Masduki, Registrar, Malaysian Institute of Accountants
  • Yang Berusaha Dr Nurmazilah Dato’ Mahzan, Chief Executive Officer, Malaysian Institute of Accountants
  • Members of the Media
  • Tan Sri-Tan Sri, Datuk-Datuk, Ladies and Gentlemen

Assalaammualaikum wrt wbt, salam sejahtera and a very good afternoon.

  1. On behalf of the Malaysian Institute of Accountants, I am delighted to welcome everyone here to the MIA International Accountants Conference 2018 with the theme of ‘Riding the Digital Wave, Leading Transformation’.
  2. MIA chose this theme because we want to expose our members and delegates to the current potentials and challenges faced by the profession, especially those caused by digital disruption and changing regulations, to name two major developments impacting accountants.
  3. We are advocating for faster and better technology adoption among our members and the profession – for example, robotics process automation, artificial intelligence, and big data analytics – so that you can become more effective and relevant business partners who create value for your customers.
  4. At the same time, we are emphasising that our members and delegates keep up with the new standards, professional practices and regulations - such as the Companies Act 2016’s impacts on financial statements and reporting compliance. These are changing the landscape tremendously and placing increased pressure on accountants as managers of risk and custodians of the public interest.
  5. Increased expectations from society and Government are also placing more pressure on accountants. Today, we are privileged to have with us the Deputy Finance Minister Yang Berhormat Dato’ Amiruddin Hamzah. I am sure that he will deliver the Government’s message on how accountants must be competent, trustworthy and accountable to help improve governance and tackle wastage and corruption, in both the private and public sectors as these are interlinked. None of us live in a vacuum – all our actions have an impact on one another. We can all have a butterfly effect – whereby our small actions can bring about great social and economic change. Of course, the competency, trust and accountability of accountants is especially important in the public sector, to support excellence in public sector financial management and to protect the public interest.

Ladies and gentlemen,

  1. 2018 marks MIA’s 51st year, after celebrating our 50th anniversary last year. If external developments are moving at light speed, MIA as the regulator and developer of the accountancy profession must keep up. Therefore, we are continually working to improve our regulatory and development model and ecosystem for the benefit of members and all our stakeholders.
  2. One key initiative is that we are engaging with the Government and the MoF to lobby for improvements in the Accountants Act 1967. This Act empowers MIA as the regulator and developer of the accountancy profession, but we have asked for stronger sanctions and investigative powers in order to better enforce regulations and good governance in a more complex business environment. For 2018, we have already disposed of our backlog of cases and taken stern action against bogus accountants, and our consistent and just enforcement – backed by balanced education for members and all those offering accounting services in Malaysia, legal or illegal – will continue in future.
  3. The Conference will also talk about our other key initiatives and thought leadership at length. For example, our MIA Digital Technology Blueprint encourages technology adoption that is suited for accountants. Our MIA Competency Framework maps out the different roles and baseline competencies for accountants and members to enhance competency and business relevance. Our advocacy for audit quality, integrated reporting, UN SDG implementation, and paying the right tax, especially with the transition from GST to SST, supports better competency, transparency, accountability, and governance, all in the interest of the public and nation building.
  4. In fact, we have too many milestones to list but you can find out more if you read the new MIA Integrated Report that can be downloaded from our website.

Before I end, I would like to thank our guest of honour, Yang Berhormat Dato’ Amiruddin, for being here today. Dato’ Amiruddin is an engineer by profession, not an accountant, but recent trends in diversity show that when we welcome experts from other areas into business and the profession, we open up new vistas, integrate new knowledge, and become smarter and stronger.

We thank the Government and the Ministry of Finance for their continuous support of MIA, and we hope that the MoF will facilitate the necessary changes in the regulatory and legislative landscape – specifically, strengthening the Accountants Act 1967 - that will empower MIA to strengthen our regulation and enforcement of the profession. On our part, MIA will continue to support the public sector and the Government in areas where we can best lend our expertise – such as the implementation of accrual accounting and compliance with the International Public Sector Accounting Standards (IPSAS) or Malaysian Public Sector Accounting Standards (MPSAS) here in Malaysia, capacity and competency building for the Government finance function, and enhancing public sector financial management for good governance and to protect the public interest.

Of course, while we are stepping up our support to the public sector, we will continue to do our best for all our members and stakeholders in the private sector – in commerce and industry, public practice and academia. Again, I only have a limited time to speak, so do read our Integrated Report to find out more about how we are serving you now and in the future.

Finally, I would also like to thank all our partners and stakeholders – our delegates, speakers, ACCA, CIMA and all our sponsors, supporters and the MIA team who have all collaborated to make today’s Conference a success. It takes a whole year and a lot of stakeholder engagement and hard work to pull off an event of this scale, and I hope that you will continue to support us in our up-coming Conferences.

On that note, I wish everyone a productive Conference.

Thank you.