The Malaysian Institute of Accountants (MIA) plans to develop a competency frame- work in line with global standards to strengthen and enhance the quality of accountancy profession in the country, according to president Datuk Mohammad Faiz Azmi.
He said the institute has hired a consultant to assist MIA in drafting the framework, to ensure that there would be enough qualified and competent accountants to meet the industry’s growing needs.
“We have started the work and are in discussion with the consultant. Within the next three months, we will draw up the competency framework and show it to various stakeholders to get their viewpoint,” he told reporters at MIA’s 50th anniversary celebration in Kuala Lumpur yesterday.
“We are undertaking this exercise to determine what an accountant should be able to do and the relevant scales they need. This requires input from various professional bodies to form the syllabus to meet our expectations,” he added. Mohammad Faiz also said MIA will continue to work with all its stakeholders, including the academia to build talent and enhance competency levels.
He said Islamic finance is potentially another area where accountants can excel and add value to it.
“This is because the IFSA (Islamic Financial Services Act) 2013 calls for the financial statements of Islamic financial institutions to be prepared in accordance with the MFRS (Malaysian Financial Reporting Standard), which is the domain of accountants,” he said.
Accountants may also want to explore opportunities in shariah governance and audit which utilise existing skill sets in audit and assurance.
Mohammad Faiz said the other areas of opportunity for accountants include government accrual accounting as the government makes the transition from cash-based accounting and advisory services to the Goods and Services Tax, post-implementation.
“Over the decades to meet the challenging business landscape, the institute has identified the key developments and trends, which we believe will have the maximum impact on accountants and place them on par with the global standards,” he said.
He said accountants, regard- less of their professional qualifications, must continuously learn and upgrade themselves to deliver the relevant services of the highest quality, which are suitable to the current and future environment in which they operate.
Mohammad Faiz said the institute has played a critical role in ensuring that the financial literacy among local business entities is on par with developed countries, especially on financial reporting and disclosures.