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TITLE: Welcome Remarks by Dr Nurmazilah Dato’ Mahzan, Chief Executive Officer, Malaysian Institute of Accountants at the Higher Education Strategic Financial Management Conference 2019 - Innovating for Financial Resilience

DATE: 27/08/2019

WELCOME REMARKS BY

DR NURMAZILAH DATO’ MAHZAN

CHIEF EXECUTIVE OFFICER

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT THE

HIGHER EDUCATION STRATEGIC FINANCIAL MANAGEMENT CONFERENCE 2019,

Innovating for Financial Resilience

27 August 2019 (Tuesday), Kuala Lumpur

  • Distinguished speakers
  • Ladies & Gentlemen

Good Morning!

  1. Welcome to MIA’s 2019 HIGHER EDUCATION STRATEGIC FINANCIAL MANAGEMENT CONFERENCE, which has become very popular among academics and financial professionals working in higher education.
  2. As an advocate and champion of financial literacy and sound financial management, MIA has focused over the past few years on helping higher education institutions (HEIs) develop sustainable financial strategies in order to manage their costs and diversify their income streams.
  3. This is part of our ongoing engagement with academicians, Government and relevant ministries and departments to build capacity and competency, and to reform accountancy education and talent to support nation building.
  4. Some of our key initiatives that directly impact academicians and education stakeholders are as follow:
  5. One, we are in the middle of finalising our MIA Competency Framework (CFM) and have completed our public consultation on the Exposure Draft of the Framework. The Framework defines the baseline competencies for accountancy professionals in line with the International Accounting Education Standards Board (IAESB) This will help MIA to map the roles, skillsets and competencies expected of accountants. The Competency Framework will benefit all stakeholders as you will better understand the skillsets and competencies that must be embedded in students in order to match market and economic demands especially in the IR4.0 era.
  6. We have also increased capacity building initiatives for academicians teaching at different levels from different states and expanded our Train the Trainer programmes, which have received positive feedback. Post-training, academics reverted that they have a better grasp of current developments and standards, and they are keen to innovate and update their teaching methods and content. We hope to deliver even better programmes in future.
  7. We are also intensively engaging with the Ministry of Education, Ministry of Human Resources and relevant Government agencies on accountancy education reforms to ensure that the profession are relevant and future-proof and to be recognised as a valuable human capital resource for economic and social growth.
  8. To support accountancy research and funding for grants, MIA is continuing our collaboration with MAREF to strengthen accountancy research and knowledge through the MAREF priority research report project 1.0 and now 2.0.
  9. Ladies and Gentlemen, this year’s theme is Innovating for Financial Resilience, whereby we will continue to examine the technologies, tools and strategies that can help HEIs to become more technologically adept, commercially relevant, and financially resilient.
  10. We have an enriching and highly educational programme lined up today that will share the big picture of higher education for nation building and delve into the key developments impacting the profession that academicians need to both understand and leverage.
  11. Policy Insights will be delivered by a senior representative from the Higher Education Department at the Ministry of Education.
  12. To help HEIs run strategically like Business Enterprises, we have arranged several panels comprising CFOs and leaders from industry and private and public universities.
  13. These panels will focus on:
    • The adoption and roll-out of data analytics and technology to enhance HEI finance functions and support informed decisions on capital allocation
    • The key skills in finance and reporting that HEIs must acquire to enable strategic financial management and strategic decision-making
    • How HEIs can embrace entrepreneurship and technologies and link up with the private sector and industry to become more commercial and competitive
    • How HEI finance functions can help to secure, manage and optimise scarce development and research funds to enhance institute reputation and academic rankings.
  14. There will also be sessions on new developments in blockchain for waqf and <IR> – these are game changers that could help HEIs diversify their source of funding and enhance their transparency and stakeholder communications respectively.
  15. We will also deliver added value through sharing of technical expertise, specifically on the comparisons of MPSAS, MFRS and MPERS in financial reporting and compliance with withholding tax regulations and the impact of withholding tax on the higher education sector.
  16. Thank you to all our speakers and subject matter experts for being here today to share your insights and thought leadership. We appreciate this opportunity to collaborate and build up knowledge bases specially for the Malaysian context.

    Ladies and Gentlemen

  17. Shortly, we will present the MIA Articles of Merit Awards on Professional Accountants in Business (PAIB) to the deserving recipients. This is also an initiative to solidify local knowledge bases. Every year, MIA calls for authors to submit articles on topics that are judged to make a valuable contribution to the development of the roles and domain of the Professional Accountants in Business (PAIB). The topic can be anything that is relevant and current to the roles and domain of PAIB, and contributes to domestic and international thinking in the chosen topic.
  18. MIA has been organising the Awards since 2008. The winning articles provide insights into the current developments and issues that shape the accountancy profession currently, and promote best practices for the enhancement of the accountancy profession globally.
  19. The Awards are also part of MIA’s efforts to engage with PAIBs who comprise the majority of MIA members and to enrich their knowledge and skills in line with the disruptive business environment.
  20. The winning articles are published in a dedicated publication that can be downloaded from our website – www.mia.org.my. I do hope that these articles would encourage our members especially PAIBs to consider applying the articles’ proposed strategies or techniques in their respective organisations.
  21. On that note, I would like to congratulate the winners of the MIA Article of Merit Awards. MIA appreciates the effort of all the authors in contributing to the continuing professional development of the accounting fraternity and hope that you will continue to support the profession.
  22. MIA would also like to thank the PAIB Adjudicators of the PAIB Committee in judging the merits of the articles, the PAIB Committee members for their guidance and the MIA PAIB Committee Secretariat of the Professional Practices and Technical (PPT) Division for their hard work in administering these awards.
  23. Ladies and gentlemen, MIA hopes today’s Conference will help all participants to improve your financial and technological literacy in order to improve the sustainability of your respective institutions. Without further delay, let’s get started and I wish you a productive day ahead.

Thank you!