Proactive enforcement is essential to further strengthen the Institute’s and profession’s framework and processes of regulation and enforcement, in order to enhance governance and uphold the public interest.
Our proactive enforcement originates from surveillance conducted through our Practice Review, Financial Statements Review, CPE Compliance, Enforcement and Legal Unit and leverages heavily on strategic collaboration with our co-regulators.
In our surveillance, we closely monitor complaints/referrals from co-regulators, members, public or anonymous persons via oral channels or letters, as well as website/newspaper advertisements on public practice services offered by members or non-members without valid qualifications, such as membership status, practising certificate or related licences from the MOF. We also closely monitor issues relating to unprofessional conduct by members of the profession that appear in mass media reports.
Since adopting this approach, MIA has demonstrably strengthened the existing structure and processes of regulation and governance to better manage the reputation risk of the accountancy profession and protect the public interest.