- Yang Berhormat Datuk Seri Ahmad Maslan, Deputy Minister of Finance I
- Ms Asmaa Resmouki, President, International Federation of Accountants
- Yang Berusaha Puan Sarimah Husain, Deputy Accountant General (Corporate), Accountant Generals Department
- Yang Berusaha Dr Wan Ahmad Rudirman Wan Razak, Chief Executive Officer, Malaysian Institute of Accountants
- Distinguished Speakers and Guests
- Sponsors and Partners
- Members of the Media
- Council members and members of MIA
- Ladies and Gentlemen
- Good afternoon and welcome to the Malaysian International Accountants Conference 2023.
- First of all, on behalf of the Malaysian Institute of Accountants or MIA, thank you very much for joining us at the Conference. Your presence affirms the Conference’s prestige as a premier accountancy event and one of the largest gatherings of accountants in the region.
- In total, there are close to 3,500 delegates attending the Conference this year. MIA would like to extend especial thanks to those organisations that sent large contingents to support the Conference. Many thanks to the Accountant-General’s Office, which sent a grand total of 538 accountants appointed by the AG’s Office, inclusive of 191 delegates from Jabatan Akauntan Negara Malaysia as well as others stationed at Ministries, State Governments and statutory bodies/institutions. We would also like to thank the other organisations namely Tenaga Nasional Berhad (TNB), Petroliam Nasional Berhad or PETRONAS, Akademi Audit Negara and Sime Darby Auto Bavaria Sdn Bhd for large group registration. MIA greatly appreciates the trust shown by these leading public sector and private sector organisations.
- For 2023, we have selected the theme of “Future-fit Profession: Charting a Better Tomorrow”. The theme is carefully aligned with MIA’s advocacy for the future relevance of accountants and the profession to support sustainable nation building.
- In a complex, disruptive and unprecedented post-COVID world, accountancy professionals must be able to navigate their expanding and diverse roles to provide effective leadership and service excellence.
- This requires accountancy professionals to not only acquire increasingly complex technical competencies in finance and accountancy, but to also be equipped with non-financial acumen that will strengthen them as all- rounders, trouble-shooters and trusted business partners for organisations. Accountants will also need to be adaptable and agile in order to thrive and surmount challenges, both old and new.
- As the regulator and developer of the profession, MIA has identified climate change and environmental, social and governance (ESG) issues as game changers that will reset the global business ecosystem.
- These are tremendously important as investors and stakeholders prioritise climate change and ESG impacts. For example, global investment giant BlackRock committed to putting sustainability at the center of its investment process in January 2020 (1), based on the conviction that integrating sustainability-related information into the investment process can help their portfolio managers manage risk and make better informed investment decisions. (1) https://www.blackrock.com/lu/intermediaries/themes/sustainable-investing/esg-integration
- As BlackRock states that climate risk is investment risk, BlackRock’s active portfolio managers seek to understand how they can use ESG data as a lens to identify new risks and opportunities, and to build more resilient and better performing portfolios, a practice they term “ESG integration”, or simply, “integration”.
- Locally, the Employees’ Provident Fund (EPF) too has instituted a sustainable investment policy starting in 2021 *2. The EPF has defined two sustainable investment targets which are to have a fully ESG compliant portfolio by 2030 and climate neutral portfolio by 2050. These overarching targets are supported by ESG policies that have been developed to guide its investment activities around ESG issues and controversial sectors that it has prioritised, based on their urgency and materiality to EPF. (2) https://www.kwsp.gov.my/en/sustainable-investment
- In responding to these developments, the profession and accountancy professionals should enhance their future relevance to investors and business by positioning as key leaders to anchor ESG adoption and organisational sustainability. It is incumbent on accountancy professionals to harness their valued financial and non-financial insights to manage prolonged uncertainty and shocks, whether local or global.
- In all that we do, accountancy professionals shall uphold the profession’s code of ethics to champion accountability, integrity and trust for good governance in the public interest.
- In parallel with our emphasis on ESG, MIA continues to advocate for digital transformation to ensure the profession is future-fit and relevant in the digital economy, and to accelerate innovation and efficiency. Accountants are exhorted to become more adept and knowledgeable on the adoption and implications of technologies and tools that are relevant to the profession, such as artificial intelligence (AI), big data analytics, blockchain, cloud, and cybersecurity, among others.
- To support and provide guidance on digital adoption by the profession, MIA has issued the MIA Digital Technology Blueprint in 2018. To further champion digital transformation, we recently launched the Digital Technology Adoption Awards (DTAA), a unique award which recognises remarkable achievements in technology application by the accounting profession in commerce and industry, public practice and public sector. The deadline for participation in the DTAA has been extended to 30 August 2023 and we encourage everyone who has a digital transformation success story to sign up for the DTAA and inspire your peers.
- Ladies and gentlemen, over the course of these two days, you can expect to hear numerous different perspectives and insights from our guests of honour and expert speakers centering on the theme of future fitness.
- Earlier this morning, the Conference kicked off with a lively discussion on the economic outlook and ongoing fiscal and structural reforms to strengthen the Malaysian economy and benefit the people. I was privileged to be a panellist at this plenary session.
- Shortly, we will get the Government’s perspective and updates on the economy and reforms directly from our guest of honour Yang Berhormat Datuk Seri Ahmad Maslan, Deputy Minister of Finance 1, who will deliver the keynote address. I am sure that YB Minister will also share the specific areas whereby the profession can collaborate to support the reforms and contribute to sustainable business and nation building. Thank you YB for gracing the Conference today and for the Government’s continuing support and recognition of MIA and the profession’s contributions.
- Tomorrow, our special guest Ms Asmâa Resmouki, President of the International Federation of Accountants (IFAC) will headline a special session focusing on accountants as the enablers of sustainability and leaders of the global green transition to a low carbon economy. Thank you Asmâa for taking the time to be here with us in Kuala Lumpur.
- On Monday the 12th of June, MIA also had the privilege of organising an exclusive roundtable on the future relevance of the profession with several of our key stakeholders, including IFAC which was represented by Asmâa and her team. Many thanks to IFAC for your continuing support of MIA and the profession in Malaysia.
- During the roundtable, Asmâa shared insights into the future relevance of the profession from a global perspective and we also heard from our Professional Accountancy Organisations on the future direction of the profession. I would like to share some takeaways from the roundtable as these would be highly beneficial for our delegates today. One, to drive capacity building, it is critical to focus on attracting talent and reducing attrition. Among the measures being taken by the profession are to revamp the accountancy syllabus away from an examination-oriented approach to a coursework and teamwork-driven approach mirroring real life; attracting talents from non-accounting disciplines to take up professional accountancy qualifications; focusing on development of accounting technicians to open up access to the profession at different levels and to enable diverse pathways to achieving a professional qualification; and driving digital adaptation to ensure that the profession remains future relevant. Two, it is important to coordinate our collaborative efforts to avoid duplication – for example in the offering of CPD programmes, in embedding sustainability, and in fighting economic crime, to name a few – and optimise our resources for the good of the profession. Three, we need to strengthen the capacity and competency of ASEAN PAOs to ensure that the regional profession is well-represented in the global conversation and to help drive the development of the region, to serve the population of 600 million along with the large SME and business sectors.
- Ladies and gentlemen, this Conference is truly a collaborative effort. The MIA team in tandem with our strategic collaborators have prepared a diverse and inspirational two-day programme that is bound to expand your horizons.
- As I wrap up, I would like to once again thank our honourable guests – Yang Berhormat Datuk Seri Ahmad Maslan and Asmâa, our distinguished speakers, our Diamond sponsor – Auto Count, Titanium sponsor – Ingenique, Platinum and Gold Sponsors, Supporting Big Firms & Professional Bodies, Silver sponsors, International Partners & Supporters, Exhibitors, Official Partners, and everyone who collaborated with us to make this Conference a success.
- Finally, I would like to thank our members and delegates once again for attending this Conference. MIA hopes that this Conference will spark new ideas and help equip you to become future-fit professionals. I would also like to remind everyone that while it is important to be agile, competent and adaptable, we must steadfastly uphold our code of ethics as accountancy professionals to protect the public and national interest.
- On that note, I wish you all the best and do enjoy the Conference. Thank you!
