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TITLE: Opening Remarks by Mr Huang Shze Jiun, President, Malaysian Institute of Accountants at the MIA International Accountants Conference 2019 - Trust and Sustainability in a Digital Economy

DATE: 22/10/2019

WELCOME REMARKS BY

MR. HUANG SHZE JIUN

PRESIDENT

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT

MIA INTERNATIONAL ACCOUNTANTS CONFERENCE 2019

Trust and Sustainability in a Digital Economy

22 October 2019 (Tuesday), 12.00 noon – 1.00 p.m., Kuala Lumpur

  • Yang Berhormat Senator Dr Radzi Jidin, Deputy Minister of Economic Affairs, Ministry of Economic Affairs
  • 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

Good afternoon!

  1. Welcome to the official launching ceremony of the MIA International Conference 2019, which is the flagship learning and development platform for the MIA, specially designed to move the profession forwards and upwards in a highly challenging and disruptive world.
  2. This year we attracted a record number of delegates. On behalf of MIA, thank you very much for your support and interest in the Conference.
  3. Many thanks also to our guest of honour, Yang Berhormat Senator Dr Radzi Jidin, Deputy Minister of Economic Affairs, for sparing time to be with us today. Thank you YB!
  4. As you know, this year’s Conference theme is Trust and Sustainability in the Digital Economy.
  5. This morning, MIA CEO Dr. Nurmazilah spoke extensively on the macro or big picture of how the profession can support the development of sustainability and the digital economy to achieve the desired outcomes of holistic good governance, protecting the public interest and building trust.
  6. Importantly, by advocating for sustainable best practices and the integration of digital transformation into our roles and organisations, we accountants can help to improve accountability and trust in the public and private sector space.
  7. This also supports the goals laid out within the Shared Prosperity Vision 2030 and the 12th Malaysian Plan to drive development across three dimensions — economic empowerment, environmental sustainability and social re-engineering.
  8. I would like to reverse engineer the theme, and touch on how this integrated pursuit of sustainability, digital transformation and trust building can drive the profession forward and add value to accountants, while supporting nation building.
  9. Most importantly, the future sustainability of the Malaysian profession depends on the transformation of the Accountants Act 1967, to ensure that regulation and development are agile and suited to the challenges of the digital economy. We need an Accountants Act that is new, transformative and forward-looking to drive future-oriented development and regulation. A new Act attuned to current and prospective developments and issues will facilitate better governance and sustainable behaviour which in turn builds a higher-quality profession and a secure environment that inspires confidence and trust.
  10. Currently, MIA is engaging extensively with the Government to amend the Accountants Act and grant us wider and stronger powers that will empower our regulation of accounting services and the profession in the digital economy.
  11. MIA is currently preparing the profession by actively advocating for digital transformation – the use of data analytics, robotics process automation, AI and cloud to improve productivity and quality and facilitate the provision of digitalised services. By embracing digital, we can make the profession more exciting and reallocate our high-skilled talent to more value-added tasks, while delegating repetitive and time-consuming processes to machines and AI.
  12. Although budget and cost has traditionally been a challenge constraining investment in digital, Budget 2020 provides many thoughtful incentives to promote digital adoption of technologies that will also benefit small and medium sized enterprises.
  13. Backed by increasing knowledge and incentives for change, the time is right to embark on digital transformation. Since 2016, MIA has been advocating for technology adoption among the profession to build resilience, competency and competitiveness. The launch of the MIA Digital Technology Blueprint in 2018 was key to building awareness of digital transformation – the preparation, mindset change and recommended processes. Now, in the next stage, we are focusing on implementation of the blueprint. And, as Dr. Nurmazilah said earlier, we will be emphasising on discipline, processes and checklists to ensure the sustained success of digital transformation, in order to drive the profession forward and enhance our sustainability.
  14. While we have put together many initiatives to facilitate the profession’s digital transformation, one that is of particular interest is the multi-stakeholder E-Bank Confirmation Platform as championed by MIA, which will be launched soon. This Platform will help achieve greater efficiency and savings by replacing the paper-based confirmation process with secure electronic confirmation processes. Auditors, reporting entities and banks can minimise manual processes, eliminate duplications and loss of confirmations, and expedite confirmation replies to the auditors.
  15. Ladies and gentlemen, over the next two days, you will hear a lot more on the issues of digital transformation, sustainability and trust building, as well as the other key developments and issues affecting the profession going forward. It is my sincere hope that you will assimilate the best practices and tips learnt during the Conference and apply them to your personal journey and organisations to future-proof yourselves. Only by constantly learning and applying new knowledge and best practices can we become more sustainable, relevant, trusted and future-proof in the digital economy.
  16. In concluding, I would like to thank our partners and stakeholders once again – our delegates, speakers, professional accountancy bodies and all our sponsors, supporters and the MIA team who have collaborated to pull off MIA Conference 2019.
  17. I wish you a productive and transformative two days, and hope to see you again next year for MIA Conference 2020.

Thank you.