MIA prioritizes strong and effective regulation in supporting the fundamental objective of protection of the public interest, which is paramount to the profession. The Accountants Act 1967 empowers MIA as the regulator and developer of the accountancy profession to uphold this noble objective.
MIA embraces the Balanced Enforcement philosophy which comprises both education and effective regulation. Balanced enforcement entails first setting a robust foundation for ethical and informed compliance and good behavior, by educating and upskilling members on the relevant laws, rules, standards, ethics and professional practices. Effective regulations on the other hand originates from both reactive (public complaints) and proactive complaints from our broad surveillance activities and proactive enforcement initiatives whereby MIA will actively monitor and investigate incidents of non-compliance and unprofessional conduct against members and non-members (bogus accountants) who offer public practice services without being registered with the Institute as chartered accountants.
Effective regulation must be steered by updated laws and regulations to suit the current times. Therefore, MIA is now in the process of repealing the existing Accountants Act 1967 through the auspices of the Ministry of Finance in enhancing the powers of enforcement and principles of good governance.