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TITLE: Special address by Dr. Veerinderjeet Singh, President of Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA) at National Annual Corporate Report Awards (NACRA) 2020, Virtual Announcement of Winners

DATE: 22/12/2020

SPECIAL ADDRESS BY

DR. VEERINDERJEET SINGH

PRESIDENT OF MALAYSIAN INSTITUTE OF ACCOUNTANTS (MIA) AND THE MALAYSIAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (MICPA)

NACRA 2020 ORGANISING COMMITTEE

AT

NATIONAL ANNUAL CORPORATE REPORT AWARDS (NACRA) 2020 VIRTUAL ANNOUNCEMENT OF WINNERS

THEME: TOWARDS ACCOUNTABILITY & EXCELLENCE

22 December2020 (Tuesday)

  • Yang Berbahagia Tan Sri Abdul Wahid Omar, Chairman, Bursa Malaysia
  • Mr Stanley Teo, Chairman, NACRA 2020 Organising Committee
  • En Ahmad Zahirudin Abdul Rahim, Chairman, NACRA 2020 Adjudication Committee
  • NACRA Participants, Committee Members and Adjudicators
  • Distinguished Guests
  • Members of the Media
  • Ladies and Gentlemen
  1. I am delighted to be here today at the 2020 National Annual Corporate Report Awards Virtual Announcement of Winners, on behalf of the Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA).
  2. MIA in its capacity as the regulator and developer of the accountancy profession and MICPA as the leading professional accountancy body in Malaysia, and through our continuing collaboration with Bursa Malaysia as the capital market regulator, are deeply committed to excellence in corporate reporting.
  3. In the three decades since it was established, NACRA continues to be an important platform for us to elevate the quality of corporate reporting. Through the evolving NACRA framework, which is revised periodically, we are able to communicate the latest standards and best practices in corporate reporting to preparers and users. Through the stringent NACRA adjudication process, we are able to identify areas where reporting currently falls short and recommend measures to improve.
  4. Continuing improvement in reporting is critical because global competition never stands still. High quality corporate reporting is vital in driving confidence in business and investment and to earn Malaysia a trusted reputation and competitive edge in the global investment arena.
  5. Ladies and gentlemen, NACRA also helps to strengthen the sustainability and relevance of the accountancy profession, which are part of MIA and MICPA’s purpose and commitment to members.
  6. By enhancing corporate disclosure and reinforcing its use as a tool for communications, stakeholder engagement and comparison, we can ensure that corporate and financial reporting remains ever relevant, despite the changes in the business and economic landscape. This in turn improves the demand for accountancy as the primary provider of corporate and financial reporting and enhances the long-term demand for accountancy services and the ensuing sustainability and resilience of the profession. Furthermore, MIA and MICPA can advocate for the core values of the accountancy profession, which are trust, integrity and transparency, to be embedded in corporate reporting in order to uphold the public interest and the profession’s good reputation.
  7. To deliver this continuing relevance, it is very important that NACRA continuously be revised and reimagined in accordance with the latest developments in corporate and financial reporting. For NACRA 2020, the organisers amended both the framework as well as NACRA processes to respond to current global developments in corporate reporting and the impact of COVID-19, as mentioned by Stanley earlier.
  8. Ladies and gentlemen, I am delighted to note that the response to NACRA remained robust and exciting in spite of the more demanding criteria posed by the new framework as well as the difficulties posed by the COVID-19 restrictions. Although 2020 will go down on record as an unprecedentedly tough year, I am confident that everyone here today has absorbed important lessons in becoming more innovative, agile and adaptable, which will put you on a much stronger footing once the economy recovers.
  9. Before I end, I wish to thank all those who participated in NACRA for your dedication to improving your corporate reporting. NACRA is not just about winning awards, but it builds up your ability to tell a transparent, concise and balanced story about your organisation and to win the trust of investors and stakeholders. This in turn supports the health and competitiveness of the Malaysian capital market. This is your strategic contribution to nation building.
  10. I wish to express my congratulations to everyone for your participation, and to the winners for a job well done. I understand that the quality of reporting was very high this year, and that the competition was very tight.
  11. Going forward, Bursa Malaysia, MIA and MICPA in our respective roles as regulators of the accountancy profession and participants in the capital market, will continue to do our best to support the growth and quality of Malaysian corporate reporting, benchmarked against international standards and the world’s best reporting entities. Thank you everybody for your support and I hope to see you all again in person at NACRA 2021.