The Malaysian Institute of Accountants (MIA) is of the view that quality and reliable financial information is a prerequisite for effective decision making that formulates and drives strategy to shape the value creation activities of an organisation.
To achieve this, an organisation needs to strengthen its finance function by equipping its human capital with professionals who have the requisite skills and expertise not only at the technical and operational level but also at the strategic and managerial level. In assessing the remit of a finance function, particularly important is the role of the Chief Financial Officer (CFO), the leader and most senior person involved in the finance function of an organisation. It is, therefore, critical to determine the scope of work and competencies needed in view of the tasks incumbent of a CFO and expectations of a person in this role from the Board of Directors, investors and other relevant stakeholders.
This Competency Framework is intended to serve as a guide to companies, Audit Committees and CFOs on the scope of work that CFOs in public interest entities could be doing and what it takes to be competent at it.