Accountants Are Key To Driving Malaysia’s Sustainability, ESG Agenda – MIA President

KUALA LUMPUR, Sept 3 (Bernama) -- Accountants are no longer just financial gatekeepers, they are at the forefront of advancing Malaysia’s environmental, social and governance (ESG) goals and steering businesses towards sustainable growth, said the Malaysian Institute of Accountants (MIA).

MIA president Datuk Seri Dr Mohamad Zabidi Ahmad said accountants are uniquely placed to embed sustainability into governance, risk management, strategy and performance, creating long-term value.

“MIA envisions accountants as catalysts of sustainability who are uniquely positioned to drive sustainable business practices. As trusted advisors, they help organisations shift from short-term profits to purpose-driven strategies that consider people, planet and prosperity,” he told Bernama recently.

Guided by the MIA Sustainability Blueprint for the Accountancy Profession, Mohamad Zabidi said the institute is urging its members to go beyond traditional finance and accounting skills by embracing integrated reporting, sustainability data assurance, ESG risk management and cross-functional collaboration.

“To achieve this vision, MIA recognises the need for new knowledge, skills and mindsets. Through the Blueprint and MIA Sustainability Roadmap, MIA is committed to delivering structured upskilling, continuing professional development (CPD) programmes and technical guidance on ESG and sustainability standards and frameworks,” he said.

However, he noted that capacity and competency gaps, immature data systems and compliance costs for smaller entities remain key hurdles in adopting international sustainability reporting standards.

Established under the Accountants Act 1967, MIA is the statutory body responsible for regulating and developing the accountancy profession in Malaysia, representing more than 40,000 members.

Meanwhile, International Federation of Accountants (IFAC) President Jean Bouquot said the global accounting profession is transforming by embedding ESG principles into core reporting to meet growing investor and stakeholder expectations.

“We recognise the demand from investors and other stakeholders for corporate disclosure that tells a complete story of a company’s short- and long-term value creation. Sustainability information is an essential part of that story, so we have been campaigning for years to raise awareness across our network of the need to transform as a profession for sustainability-related work,” he said.

Bouquot said countries aligned with high-quality international sustainability reporting standards would be more attractive to investors, enjoy smoother business operations and become preferred supply chain partners for global companies.

He warned that failure to adopt globally aligned ESG disclosures could lead to inefficiencies in investment and trade, and open the door to greenwashing.

Bouquot said that IFAC has revised the International Education Standards to ensure they are fit for purpose on sustainability, while urging policymakers in emerging markets to embed accountants into national sustainability strategies.

“Sustainability starts inside of organisations, and that’s where you will find professional accountants. Some of the key transformations facing every economy will be successful only if policymakers and regulators leverage the accountancy profession’s instrumental role,” he said.

-- BERNAMA