The Institute applies the main principles and best practices as set out in the relevant codes of corporate governance in order to discharge its duties and optimise assurance, independence and oversight. This also explains how management controls and risk management practices are structured in order to minimise risks and optimise performance.
Section 6 of the Accountants Act 1967 (the Act) states that the functions of the Institute shall be:
To determine the qualifications of persons for admission as members;
To provide for the training and education; and by the Institute or any other body, of persons practising or intending to practise the profession of accountancy;
To approve the MIA Qualifying Examination (QE) and to regulate and supervise the conduct of that Examination;
To regulate the practice of the profession of accountancy in Malaysia;
To promote, in the manner it thinks fit, the interests of the profession of accountancy in Malaysia;
To render pecuniary or other assistance to members or their dependents as it thinks fit with a view to protecting or promoting the welfare of members; and
Generally, to do such acts as it thinks fit for the purpose of achieving any of the aforesaid objects.