KUALA LUMPUR: The Malaysian Institute of Accountants (MIA) has formed a digital economy task force to prepare its members for game changers in the accounting profession.
In a statement, MIA said it would continue to strengthen the accountancy profession by building up the supply and quality of professional accountants in supporting the country's economy.
In this aspect, MIA is paying close attention to technology disruption that was taking place in the accountancy profession, it added.
MIA president Salihin Abang said that owing to digitalisation, accountancy was increasingly cloud-based and empowered by big data, becoming more efficient and mobile.
“As a result, accountants are facing a paradigm shift in their roles and the way they do things,” he said.
Salihin is the newly elected MIA president, taking over the helm from Datuk Mohammad Faiz Azmi whose term ended on July 26, 2017.
The future audits will provide near absolute assurance, instead of a reasonable assurance, given that auditors will have the capability to examine all transactions.
“What more, real-time auditing could also become a reality since we are nearing a real-time environment where auditors can timely access and audit clients' transactions as they occur and simultaneously issue written reports.
“On the other hand, we are facing codification and commoditisation of professional knowledge, automation of processes and methodology, as well as inclination towards heavy reliance on artificial intelligence,” he added.
These shifts come with a rising demand for tech-savvy accountants with critical thinking and data interpretation skills.
To cope with the demand, MIA is taking an initiative to craft digitally-oriented education.
He added that a stronger accountancy profession in Malaysia is a positive driver for society and the economy.
To help members keep abreast with the development in the accountancy profession, MIA will continue to provide various Continuing Professional Education programmes that it has developed in collaboration with its partners and subject matter experts via workshops, seminars, short courses, forums, and conferences, as well as online and in-house learning. - Bernama
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