New competency framework for accountants in the pipeline

Malaysian Institute of Accountants (MIA) president Datuk Mohammad Faiz Azmi delivering his speech during the opening of Malaysian Institute of Accountants (MIA) International Accountants Conference at Kuala Lumpur Convention Centre yesterday. IZZRAFIQ ALIAS / The Star. October 26, 2015.

KUALA LUMPUR: The Malaysian Institute of Accountants (MIA) and several professional accounting bodies will work together to draft a new competency framework that meets the global standards for accountants. 

Its president, Datuk Mohammad Faiz Azmi, said the framework, expected to be presented to stakeholders in the next three months, was to ensure that there would be enough qualified and competent accountants to meet the industry’s growing needs.

“We are undertaking this exercise to determine what an accountant should be able to do and the relevant skills they need. 

“This requires inputs from various professional bodies to create the syllabus to meet our expectations,” he told reporters at the 50th MIA Anniversary celebration in Kuala Lumpur on Tuesday.

He said the framework would be submitted for endorsement to the new MIA regulatory board which would be set up soon before it was officially introduced.

MIA chief executive officer, Dr Nurmazilah Mahzan, said the new framework would also consist of training for accountants on how to handle the information technology disruption.

“The competency framework we are developing will also help calibrate the Asean Mutual Recognition Arrangement (MRA) that we have signed earlier on behalf of the government on accountancy services,” she said.

Under the MRA, Asean countries have mutually agreed to recognise accountants with the right skills, qualifications, work experience and subject to domestic regulations, to work in any of the member countries.

Earlier, in his speech, Faiz said, for the last 50 years, MIA had identified key developments and trends which would have maximum impact on local accountants and place them on par with the global standard.

“Accountants, regardless of their professional qualifications, must continuously learn and upskill themselves to deliver services of the highest quality, which are suitable to the current and future environment in which they operate,” he said.

Faiz said the Islamic finance industry was another potential area where accountants could excel and add value.

He said this was due to the Islamic Financial Services Act 2013 which required financial statements of Islamic financial institutions to be prepared in accordance with Malaysian Financial Reporting Standards, which was the domain of accountants.

“Accountants may also want to explore opportunities in syariah governance and audit which utilise existing skillset in audit and assurance.

“Accountants should also explore the government accrual accounting as the government makes the transition from cash-based accounting and advisory services for goods and services tax post-implementation,” he said. - Bernama