The 36-member council is tasked to shape its future and develop the profession
By HABHAJAN SINGH
Three Malaysian accountants are running for elections for the global council of the Association of Chartered Certified Accountants (ACCA).
Twelve of the 36 slots at the international accounting body’s top council are up for grabs, with voting now open until Nov 23.
Deputy Home Minister Datuk Nur Jazlan Mohamed, who has just finished a three-year term at the council, is seeking re-election for another three-year term.
The other two Malaysians are Baker Tilly Malaysia partner Datuk Lock Peng Kuan and McMillan Woods Global Ltd founder/president Datuk Seri Raymond Liew.
“This is Raymond’s (Liew’s) second attempt to join the council and the maiden attempt for Lock,” one accountant told The Malaysian Reserve.
When contacted, Liew said: “I’ve served Malaysian Institute of Accountants (MIA) on the local front for many years. I now intend to put into use that experience at the global level.”
Aside from Nur Jazlan, as per information at the ACCA website, the present ACCA global council has two other Malaysians. They are Malaysia Professional Accountancy Centre CEO Datuk Zaiton Mohd Hassan, who was elected in 2016, and Perbadanan Usahawan Nasional Bhd former CEO Datuk Mohd Nasir Ahmad who was first elected in 2013 and then re-elected in 2016.
In the past, Malaysia has had some high-profiled presence at the ACCA. In 2015, veteran accountant Datuk Alexandra Chin, who runs an accountancy practice in Sabah, was elected as president of the global council, after having served earlier as an international assembly member representing Malaysia from 2003-2005.
ACCA claims to have more than 198,000 fully qualified members and 486,000 students worldwide. With about 13,500 members, Malaysia is the third-largest network for ACCA globally after the UK and Hong Kong.
In his “manifesto”, Lock noted that the business world is being digitally disrupted and accountancy is playing catch-up with the rapidly evolving corporate reporting ecosystem.
Among others, he plans to share his experience in the capital market and as a member of the MIA capital market advisory committee.
Lim Huck Hai, the MD of Sovers and Moore Stephens Advisory Sdn Bhd, endorsed Lock’s candidacy in a social media update, saying that Lock was “well recognised by his peers” for his contributions to the profession and the business community.
The ACCA council is the governing body that plays a vital part on how the organisation is run. Its 36 elected members from all over the world are tasked to shape its future and develop the profession.
“Council members are volunteer custodians, elected by the members of ACCA to provide overall steward-ship as to ACCA’s wellbeing.
“With unique global perspectives, council members contribute their individual knowledge and skills from across the accountancy profession, working closely with the executive team to devise our strategy and oversee its delivery. They apply their specialist knowledge in our committees, working groups and the council itself,” according to information at the ACCA website.
The council is usually made up of a diverse group of practitioners, professors, CEOs, chief risk officers, MDs and finance managers.
The global council has a wide-ranging remit including to ensure that we operate in the public interest and deliver the objectives stated in its royal charter, set the overall direction of ACCA through regular approval of its strategy, engage with its members to explain and promote its strategic direction, and provide an objective environment for the executive team to explore new ideas or challenges.
The council appoints members to six key committees on audit, governance design, market oversight, nominating, remuneration and resource oversight.
ACCA’s stated mission is to be a global leader in the profession by providing opportunity and open access to people of ability wherever they are in the world, supporting and promoting the highest ethical, governance and professional standards, and advancing the public interest.
In a number of markets — including the UK, Ireland, the European Union and Zimbabwe — ACCA has the legal authority to license and regulate its members directly for work in a number of regulated areas, including public practice and insolvency.
Based on an extensive research on “Professional Accountants — the Future” released last year, ACCA president Brian McEnery said the accountant’s role has been revolutionised over the past decade, with an increasing demand for the profession to provide strategic leadership and trusted expert advice.
“We will be relied upon increasingly for guidance to underpin the insights technology offers us,” he said in the outfit’s 2016 annual report.