The Malaysian Institute of Accountants (“MIA”) will continue to engage with various governmental bodies in its pursuit to achieve targets outlined in the Economic Transformation Programme (ETP).
MIA President, Datuk Mohd Nasir Ahmad, said efforts are currently being made to enhance the levels of competency, transparency, governance and accountability in the accountancy profession, as the profession is the dominant provider in the governance and financial reporting chain.
“In line with the ETP, the accountancy profession clearly has an important role to play in assisting efforts to build a credible, reputable and internationally competitive capital market. The accountancy profession wields considerable influence in the capital market through their many roles – whether as auditors, advisors, consultants or as members of the corporate sector”, he said.
One of the key initiatives undertaken by the Institute recently is to draft a set of proposed amendments to the Accountants Act 1967, which had been submitted to the government early this year.
He added, “Since the country is being helmed by a reform-minded leadership bent on achieving the goals of the ETP, we must ensure that that the present legislative framework of the accountancy profession is further enhanced to be consistent with the changing capital market landscape.
In this context, MIA is working closely with other co-regulators to build a strong regulatory and corporate governance framework in Malaysia.
“MIA acknowledges that good corporate governance is not just about mere compliance with the law. It is beyond that; it is about doing what is right, it is about values and ethics and about the highest level of individual and collective responsibility all of which should be translated into impeccable conduct.
“Public can count on the profession to be at the forefront of efforts to raise the levels of integrity in the marketplace to ensure that its members adhere to the highest possible standards of conduct and to take proactive efforts to convince others in the corporate world that “honesty is indeed the best policy”, said Mohd Nasir.