KUALA LUMPUR: Digitalisation and enforcement are two key issues that must be addressed to enhance the accountancy profession’s effectiveness, relevance and sustainability.
Malaysian Institute of Accountants (MIA) president Salihin Abang said as accountancy is becoming increasingly cloud-based and empowered by Big Data, the processes are becoming more efficient and mobile.
"As a result, accountants are facing a paradigm shift in our roles and the way we do things.
"We are also facing challenges in the shape of codification and commoditisation of professional knowledge, automation of process and methodology as well as inclination towards heavy reliance on artificial intelligence.
"These shifts will drive rising demand for tech-savvy accountants with critical thinking and data interpretation skills.
"(And) to help members keep abreast of the latest developments in the digital space, we are upgrading members and enhancing awareness through articles, lectures and training courses,” he said in his welcome remarks at the MIA 50th Anniversary gala dinner today.
The event was graced by Sultan of Perak Sultan Nazrin Muizzuddin Shah and his consort Raja Permaisuri Perak Tuanku Zara Salim.
Also present were Second Finance Minister Datuk Seri Johari Abd Ghani, event organising committee chairman Datuk Mohammad Faiz Azmi and MIA deputy president Datuk Narenda Jasani.
He said MIA also is working closely with the Companies Commission of Malaysia to combat the problem of bogus accountants.
"Other milestones include the completed revision and adoption of enhanced standard operating procedures benchmarked to international organisations for standardisation for surveillance and enforcement.”
He said a stronger accountancy profession in the country is a positive driver for society and economy.
"For the past fifty years, MIA has recorded many successes in the journey to serve the nation and the people.
"Today, the celebration of MIA’s 50th anniversary is centered around the core values of integrity, accountability and trust, which lay the foundation of the accountancy profession.
"We will strive to do even more for the public, our members, stakeholders and the nation.”
Established on Sept 30, 1967, MIA currently has more than 34,000 registered accountants.
He said in conjunction with the anniversary, MIA has lined-up a series of activities such as video recordings and essay competitions and visits to secondary schools by MIA members to provide secondary students information on the vast opportunities in the accountancy profession.
MIA also held the Mount Kinabalu expedition from Sept 24 -26 and 50th anniversary commemorative lectures by renowned local speakers.
At the event, Sultan Nazrin also presented the Presidential Merit Award to eight MIA past presidents.