ACCOUNTANTS’ BIG CHALLENGES
Digitalisation, enforcement must be addressed to sustain profession
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 was becoming more cloudbased and empowered by Big Data, the processes were 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 facing challenges in the shape of codification and commoditisation of professional knowledge, automation of process and methodology, as well as inclination towards reliance on artificial intelligence.
“These shifts will drive rising demand for tech-savvy accountants with criticalthinking and data-interpretation skills.
“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 at MIA’s 50th Anniversary gala dinner yesterday.
The event was graced by Sultan of Perak Sultan Nazrin Muizzuddin Shah and his consort, Raja Permaisuri Perak Tuanku Zara Salim.
Present were Second Finance Minister Datuk Seri Johari Abdul Ghani, event organising committee chairman Datuk Mohammad Faiz Azmi and MIA deputy president Datuk Narenda Jasani.
Salihin said MIA was working 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 against international organisations for standardisation of surveillance and enforcement.”
He said a stronger accountancy profession in Malaysia was a positive driver for society and the economy.
“For the past 50 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 centred around the core values of integrity, accountability and trust, which has laid 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 has more than 34,000 registered accountants.
He said in conjunction with its anniversary, MIA had lined up activities, such as video recordings, essay competitions and visits to secondary schools by MIA members, to provide students with information on opportunities in the accounting profession.
MIA also held a Mount Kinabalu expedition from Sept 24 to 26 and 50th anniversary commemorative lectures by renowned speakers.
At the event, Sultan Nazrin presented the Presidential Merit Award to eight former MIA presidents.
He also presented the MIA Lifetime Achievement Award to Tan Sri Hanafiah Hussain, the first Malay to become a chartered accountant.