Ooi Lip Hoo (39679) as a member of the Institute had been punished and imposed a fine of RM4000-00 and costs of RM5000-00 by the Disciplinary Committee of the Institute on 19/2/2025 for he had failed to remain or engage in public practice services on a full-time basis, when he failed to commence public practice within six months upon obtaining his practicing certificate on 1/7/2018 as required by the MIA (Membership & Council) Rules 2001 and further remained as an employee of Messrs. Peter Ng & Co from 1/1/2019 until 30/9/2019.
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.’
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