Malaysia seeks to strengthen accountancy profession

27 Sep 16

Professional accountancy examinations in Malaysia are to be brought in line with global standards, in a move to enhance the quality of chartered accountants in the country.


The initiative is based on suggestions from the country’s Committee to Strengthen the Accountancy Profession, which was set up by the Malaysian Ministry of Finance.

“The main aim is to ensure that whoever calls themselves a chartered accountant should have gone through a professional examination which meets a global benchmark,” explained Datuk Johari Abdul Ghani, Malaysia’s second minister of finance in a speech at the Malaysian Institute of Accountants yesterday.

Datuk Johari also emphasised the need to build a well-rounded stock of talent for the profession, in line with the country’s ambition of achieving high-income status by 2020.  

The government has established a Malaysia Professional Accountancy Centre, which will provide academic and vocational training, in a bid to strengthen the profession’s capacity.

“The process of continual development is our collective responsibility,” said Datuk Johari. “We need to work closely with everyone, from multinationals to regulators, to develop the profession.”

The minister was speaking at the launch of new MIA offices in Kuala Lumpur. The institute’s president, Dato’ Mohammad Faiz Azmi, said the change represented the profession’s forward progress with reforms and changes to ensure the accounting profession develops and remains relevant into the future.

The MIA, established in 1967, has a membership of over 32,000 registered accountants in both the public and private sectors.

“Moving forward, the MIA is committed to nurturing future accountants who are competent and skilled, that will support our nation’s aspiration of achieving a high income economy,” Dato’ Mohammad said.

The institute will do so by “redefining” what is expected of accountants in the future with the creation of an MIA competency framework, which will define the baseline set of skills needed for accounting professionals, he added. 

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