Good morning and welcome to the MIA SMP Forum 2021, with the theme of Building Resilience, Creating Value.
This Forum is one of the key development programmes for public practitioners and SMPs, who comprise one of MIA’s important membership categories. As of to-date, there are currently more than 3,260 holders of practicing certificates (PCs) and 2,880 SMPs, excluding firms registered with the Securities Commission’s Audit Oversight Board (AOB).
It is critical that MIA as the regulator and developer of the accountancy profession support SMP resilience and value, as SMPs play a significant role in supporting business and the economy across all sectors, especially SMEs. As the past eighteen months have seen the world and Malaysia experiencing peak uncertainty and volatility, it is even more urgent for SMPs to upskill and transform to become more resilient, relevant, and sustainable in the post-pandemic economy. Only by upskilling and transforming can public practitioners lead SMPs to sustainable growth, while providing relevant and valuable advisory and services to SME clients in a changed landscape where ESG factors (environment – especially climate change and carbon neutrality, social and governance) and digital economy are the top priorities.
Over the years, MIA has advocated strongly for the continuing development and resilience of SMPs. Today, SMP development is driven by the dedicated MIA SMP Department established in 2015 and SMPs can engage with MIA through the dedicated SMP website. MIA continues to roll out SME-oriented initiatives, especially digital transformation initiatives, designed to bolster SMP growth. Two key initiatives are the eConfirm.my online bank confirmation platform and the interactive e-book on Illustrative MPERs Financial Statements with Commentaries launched in 2020. To support SMPs’ business continuity and resilience during the pandemic, MIA launched the COVID-19 Resources webpage and the Professional Liquidity Scheme for MIA PC holders. Attesting to the weightage and importance of SMPs, this year’s MIA Integrated Report 2021 featured extensive coverage on MIA’s SMP initiatives including a case study. To find out more, please download the 2021 at the MIA website. We also recently launched a dedicated Telegram channel for the SMPs – ‘’MIA SMPs Channel’’. Please do join the Telegram channel for quick updates and news.
Ladies and gentlemen, today’s SMP Forum continues to focus on upskilling and preparing public practitioners for the evolving business landscape that emphasises heavily on digital adoption and business relevance and resilience in order to survive and thrive in the new normal.
As usual, MIA has lined up subject matter experts with extensive real-world expertise and experience to share their insights. They will be discussing the key trends and developments that are expected to impact SMPs materially, including:
audits of less complex entities
mergers and acquisitions to scale up your business, especially critical for sole practitioner SMPs
development of a technology adoption strategy for SMPs, selection of the appropriate technology solution for your public practice, and the funding and financing schemes available.
On behalf of MIA, I would like to thank the speakers for their contribution and time. Many thanks as well to our Gold sponsor – AutoCount and supporters for facilitating this Forum.
As you can see, MIA has made numerous tools and resources readily available for public practitioners and SMPs. The decision to transform and shape a more prosperous and sustainable future rests in your hands. The Public Practice Committee & MIA urges public practitioners to embark on the recommended changes while upholding the professional values of integrity, accountability and trust that differentiate accountancy from other professions and protect the public interest.
On this note, I would like to wish everybody a productive Forum and do stay safe. Thank you.
Unit 33-01, Level 33, Tower A, The Vertical, Avenue 3, Bangsar South City,
No.8 Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia.
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.’