IN an interview in June 2007, Malaysian Institute of Accountants (MIA) president Abdul Rahim Abdul Hamid said the professional body was looking into amending certain rules under the Accountants Act 1967 so that it could investigate members for suspected wrongdoings without having to wait for complaints or referrals.
At the time, there had been a rash of cases involving accounting irregularities – Transmile Group Bhd and Megan Media Holdings Bhd were prime examples – and people were expecting the MIA, as the profession’s regulatory body, to punish the errant accountants and auditors.