Public practice is governed by the Act, the Rules and the By-Laws (on Professional Conduct and Ethics) of the Institute.
Under the Act, the person must be a member of the Institute, and is prohibited from public practice through a body corporate except where it is allowed by other statutes for limited areas of public practice, such as provision of tax services, corporate secretarial services and even as investment advisors.
A member, in most instances, is allowed to be engaged in public practice as a sole practitioner or in partnership only with another member(s) as the Act and By-Laws prohibits the sharing of profits with non-members. * All firms in public practice are described as firms of Chartered Accountants (or Licensed Accountants, where applicable).
A member may also establish a branch office to carry out public practice services but the branch office must be managed by a member of the MIA.
Members who wish to set up a practice must first obtain the approval of the institute on the use of the firm’s name. It should not be a trade or association name. Upon the setting up of the firm, the practice must be registered with the Institute.
All firms registered with the MIA are required to update their records with the MIA by submitting an annual return on particulars of their firm and branch / branches (where applicable) on a yearly basis. Submission of the annual return to the Institute is mandatory.
* This does not apply to companies limited by shares or “Sendirian Berhad” since they are registered with the Companies Commission of Malaysia (SSM)
Unit 33-01, Level 33, Tower A, The Vertical, Avenue 3, Bangsar South City,
No.8 Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia.
The use of the word ‘Accountant’
In Malaysia, the word ‘Accountant’ is protected as provided for under the provisions of the Accountants Act 1967 which states that no one can hold himself out or practise as an Accountant unless he is registered as a member of the Malaysian Institute of Accountants.
‘The Malaysian Institute of Accountants is committed to the observance and practice of the highest ethical standards of the accountancy profession. All PC holders are reminded that under the MIA By-Laws (On Professional Ethics, Conduct And Practice), no person shall practice or hold out anything on audit/tax services without a license approved by the Ministry of Finance. Every PC holder is therefore expected to comply fully with Section B200.1 to B200.6 of the MIA By-Laws (On Professional Ethics, Conduct And Practice) failing which, you may be held liable for unprofessional conduct and disciplinary action may be taken against you.’