Ensuring Future Relevancy Of Accountancy Professionals, A Challenge To The Industry - MIA

KUALA LUMPUR, Aug 26 (Bernama) -- Attracting, retaining and ensuring the future relevance of accountancy professionals are a key challenge faced by the accountancy profession, according to the Malaysian Institute of Accountants (MIA) president Datuk Seri Mohamad Zabidi Ahmad.

He pointed out that these challenges are interlinked as strengthening the relevance and attractiveness of the profession will attract and retain talents to stay and work in accountancy-related roles.

"Under the strategy for future relevance, the MIA has embarked on several initiatives such as developing future fit talents. Accountancy talents must be fit for purpose in today’s evolving marketplace which is being irrevocably shaped by forces such as regulations, geopolitics, sustainability and digitalisation.

"Aligning accountancy education with global standards will help to produce these market-oriented talents. The MIA Education Board is tasked with establishing requirements on professional accountancy education and ensuring consistency with global standards especially the FAC International Education Standards (IES) as issued by the International Accounting Education Standards Board (IAESB)," he told Bernama recently.

Other talent-related strategies embraced by the MIA include understanding market expectations as well as closing gaps in producing market-ready professionals, diversifying the accountancy talent pool, inculcating ethics as the foundation of trust, communicating the changing and impactful roles of the job, and preparing accountancy professionals to embrace sustainability and digital transformation.

Mohamed added that along with strategic advocacy and initiatives, MIA is committed to delivering excellence in continuing professional education (CPE) for its close to 40,000 members.

"For our financial year ending June 30, 2024, we successfully organised about 1,000 CPE events that benefited more than 40,000 members and non-members.

"The pinnacle of our CPE was the hybrid MIA International Accountants Conference 2024 which focused on sustainability and the profession, and drew a record number of close to 3,800 delegates over two days," he said.

MIA focuses strongly on digital transformation and sustainability to strengthen the future fitness of the profession. Digital adoption efforts are guided by the MIA Digital Technology Blueprint launched in 2018 which was commended by the International Federation of Accountants (IFAC) as a template for the digital transformation of the occupation.

A recent milestone for MIA’s digital adoption is the inaugural Digital Technology Adoption Awards 2024, which is the first of its kind for the global accountancy profession and intends to recognise excellence in digital adoption specifically for the profession.

To help drive sustainability, MIA launched its Sustainability Blueprint for the Accountancy Profession on June 11, this year to steer the profession in embracing an ESG (environmental, social, and governance) approach and support the national sustainability agenda.

"Holistically, this blueprint is intended to enable accountancy professionals to be future relevant, adaptable and resilient in navigating sustainability.

"The blueprint seeks to empower accountants to align their practices with sustainability imperatives to achieve objectives such as establishing aspirations for accountants in the country with regards to sustainability, analysing key challenges facing the accountancy profession in Malaysia based on the domestic and global sustainability landscape as well as enabling accountants in the sustainability space," he said.

Mohamed added that MIA is committed to nation building via its role as the regulator and developer of the accountancy profession in Malaysia, as vested in the Institute by the Accountants Act 1967.

This includes strengthening MIA's collaboration with Bank Negara Malaysia (BNM) on anti-money laundering and combating the financing of terrorism, and corruption as well as financial crimes with the Malaysian Anti-Corruption Agency (MACC).

He also noted that it is important for the institute to engage and collaborate with global accounting bodies like The International Federation of Accountants (IFAC) in order to enhance its international recognition, influence and stature as the voice of the profession.

Meanwhile, according to IFAC president Asmaa Resmouki, the collaboration between IFAC and MIA has been pivotal in advancing the accounting profession in key areas such as Islamic finance and sustainability initiatives.

"The partnership between IFAC and MIA is set to continue evolving in strengthening the ESG agenda, enhancing Islamic finance, promoting digital innovation as well as capacity building and professional development," she said.

She added that IFAC’s partnership with MIA will continue to contribute to the advancement of the accounting profession in the country and beyond, for many years to come.

Speaking about the MIA International Accountants Conference 2024 held in June, which featured 80 leading speakers in the industry, Asmaa said the themes and discussion were clear towards promoting a stronger focus on sustainability and ESG reporting.

"I am sure that the conference will also drive Malaysia toward greater adoption of innovative practices and technologies, greater relevance and global competitiveness, and an even stronger standing as a leader in sustainable business practices.

"The insights and collaborations fostered at the conference will empower accounting professionals to navigate future challenges effectively and contribute to Malaysia’s transition to a low-carbon economy," she added.

-- BERNAMA