KUALA LUMPUR: The accountancy profession remains relevant and attractive as accountants are still in demand as shown by the healthy growth in the Malaysian Institute of Accountants (MIA) membership.
MIA president Datuk Bazlan Osman said that to date MIA has more than 38,500 members with the total membership net growth steady throughout the past six years, averaging approximately 2.5 per cent per annum.
“This growth indicates that the profession is largely pandemic and recession proof, as accountancy professionals are always required to help businesses, government and economies run effectively,” he told Bernama.
Attesting to the profession’s relevance, he shared that Malaysian accountants are also very attractive to the outside market and this is seen particularly post-Covid.
“Young Malaysian accountants are being offered to work in other countries such as Singapore, Australia and the United Kingdom as our professional qualification is well recognised and we are fluent in English. Coupled with the foreign currency exchange rate, these opportunities to gain working experience abroad are attractive for young professionals.
“This shows the value and versatility of an accountancy degree and training. By working in other countries, these young professionals are developing a valuable global perspective that will contribute to the economic growth and future relevance of the profession in Malaysia,” he said.
Bazlan stressed that MIA aspires to achieve the future relevance of accountants and the profession to support sustainable nation building. Hence, MIA is advocating for accountancy professionals to emerge as key leaders within organisations, driving environmental, social and governance (ESG) adoption.
In a complex, disrupted and unprecedented post-Covid world, he said that accountancy professionals must be able to navigate their expanding and diverse roles to provide effective leadership and service excellence, which will solidify their future relevance.
“This requires accountancy professionals to acquire increasingly complex technical competencies in finance and accountancy, and be equipped with non-financial acumen and uphold good ethics and integrity.
“That will strengthen them as allrounders, trouble shooters and trusted business partners for organisations. Accountancy professionals will also need to be adaptable and agile in order to thrive,” he added.
Bazlan also commented on the government’s target of achieving 60,000 accountancy professionals to support the needs of the nation’s economic growth, which can now possibly be achieved in 2030 upon the repeal of the Accountants Act and full enforcement of the three membership levels based on the MIA Competency Framework.
The MIA Competency Framework is developed by the MIA Education Board based on the International Education Standards of the International Federation of Accountants (IFAC).
Under the Competency Framework, three membership levels have been recommended focusing on the different proficiency statements required for accountancy professionals at various levels.
“However, this is limited by the restrictions of the present Accountants Act 1967 whereby only one membership level is recognised, that is Chartered Accountant.
“We are presently in engagement with the Ministry of Finance (MoF) to repeal the Accountants Act 1967 to enable the three membership levels according to the different proficiency statements,” he noted.
Meanwhile, IFAC president Asmâa Resmouki shared some views on the exciting future for the profession, noting that the work supporting sustainability and sustainable value creation is at the top of the agenda.
The IFAC is the global organisation for the accountancy profession representing more than three million professional accountants worldwide.
She noted that professional accountants are uniquely positioned to help businesses, and indeed society, transition to a sustainable future.
“It is said that what gets measured gets done, and we are the ones who speak the language of measurement.
“Our integrated mindset – one that recognises and interprets the important interrelationships between financial and non-financial information, is what will enable us to provide strategic direction and stewardship in today’s complex world,” she said.
Strategic collaboration is vital for the future relevance of the profession, Resmouki said, adding that IFAC is collaborating with MIA in the areas of Sustainability Development Goals (SDGs) and digital transformation.
“For example, IFAC works with MIA on Islamic finance advocacy to drive the achievement of the SDGs via roundtables and articles, to enhance economic and social well-being.
“And there is obviously a natural link between the principles of SDGs and those of Islamic finance, with regard to the link between economic growth and social welfare for example… hence our role in promoting the role of Islamic finance in sustainability,” she explained.
She said IFAC also works with MIA on digital advocacy for the profession,
In 2018, IFAC lauded MIA’s Digital Technology Blueprint as a model for the profession.
Moving forward, MIA has initiated its new Digital Technology Adoption Awards (DTAA), with the deadline for submission of entries on Aug 30, 2023.
MIA is inviting successful technology adopters in the profession to share their stories by participating in the DTAA.
“Technology should not be seen as a threat. Rather, it is a powerful tool. By having machines handle the routine aspects of our profession, accountants are free to focus on problem solving, strategy and the creative side of what we do,” Resmouki concluded. – BERNAMA
