Malaysian Accountancy Profession & MIA & Technical Pronouncements MIA’s FUNCTIONS \ + To approve, Host) ene regulate & = Toregmal ‘supervise the | - the profession conduct of QE Conta *To admit eeu 10), members *To promote, in any + To train & manner it thinks fit, educate the interests of the profession WHAT THIS ROLE MEANS MIA is a statutory body charged with duties to regulate and develop the accountancy profession in Malaysia. ASMalaysian Accountancy Profession & MIA & Technical Pronouncements QUALIFICATION RECOGNISED FOR MEMBERSHIP ADMISSION OF MIA Bachelor of Accountancy degree from Malaysian public universities MICPA ICA, Australia ICA, Canada ICA, England & Wales ICA, Ireland ICA, Scotland ICA, India ICA, New Zealand CPA Australia >» ACCA, UK > CIMA, UK vvvvvvyvY v v UReer GCC We eg mond. DA at ro JX HAI Ys CMG) THE MALAYSIAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (MICPA) >» Founded in 1958 as a professional body of accountants to advance the theory and practice of accountancy >The only Malaysian body that conducts professional accountancy examination and training leading to the CPA qualification A6Malaysian Accountancy Profession & MIA & Technical Pronouncements PROFILE OF MICPA Principal Activities > Undertakes research & development of auditing and financial reporting standards > Provides technical updates and guidance on all areas of CPA’s work covering accounting, auditing, taxation, financial management and insolvency practice > Providing education, training and examination leading to the CPA qualification > Conducts continuing professional education for members > Monitor members’ compliance with standards through the enforcement of a code of ethics and disciplinary process (similar with MIA) ACCOUNTING STANDARDS INTERNATIONAL NATIONAL = IASB = MASB (established under (privately funded the FRA, 1997) organisation) ® Standards issued - “MASB ® Standards issued - Standards” IFRS ® Force of law — CA, 1965 = Compliance mandatory - Hasan cartes SC, BNM, CCM, KLSE & exces MIA. ATMalaysian Accountancy Profession & MIA & Technical Pronouncements COMPANY & OTHER RELEVANT LAW & REGULATIONS (cont'd) = Banking and Financial Institutions Act 1989 (BAFIA) = Insurance Act 1996 = Sales Tax Act 1972 = Service Tax Act 1975 = Customs Act 1967 = Income Tax Act 1967 = Anti-Corruption Act 1997 GUIDELINES TO BE AN AUDITOR [Requirements oo Q Obtaining audit licence Previously must be a Public Accountant of MIA. (Under the Amendments to the Accountants Act, 1967, the person must now be eligible to apply for a practising certificate issued by MIA before his audit licence can be processed). 2 Obtaining liquidator licence ‘Must be an audit licence holder for at least a year. audit firm ‘Must be a CA with practising certificate and an audit licence holder. Setting up of a branch office Branch office of an audit firm must be managed by a member of MIA. ff AQMalaysian Accountancy Profession & MIA & Technical Pronouncements GUIDELINES TO BE AN AUDITOR Procedures for obtaining new audit licence | + Complete forms + Interview by panel of 5 arranged by Ministry of Finance Panel consists of representatives from: MIA Companies Commission of Malaysia (CCM) > Ministry of Finance (MOF) ® Inland Revenue Board (IRB) \/AX0V() - ® Accountant-General's Office Applicant successful with interview are required to either set up own audit firm within 6 months, or be admitted as partner of an existing audit firm within 3 months. Licence granted will be renewable every 2 years. » ACTIVE PARTICIPATION OF MIA Internationally Locally > Malaysian Accounting > ASEAN Federation of Standard Board (MASB) Accountants (AFA) > igeeutties Commence i > Kuala Lumpur Stock > Confederation of Kuala Lumpur Ste Asian and Pacific > Bank Negara Malaysia Accountants (CAPA) > National Accreditation > International > Malaysian Institute of Gorpbrate Governance Federation of eee > Ministry of Finance Accountants (IFAC) > istry of International je & Industry > Companies Commission of Malaysia "0 A10Malaysian Accountancy Profession & MIA & Technical Pronouncements ROLE OF PROFESSIONAL BODIES SUCH AS MICPA Provide professional examination & training, technical updates: continuing professional education & other professional development activities New Direction for a Stronger Profession Statutory body Professional Higher Educational Bodies te ae — once) ~@ <> | ittons Public Sector aes — Come Industry Strategic Partnership « AltMalaysian Accountancy Profession & MIA & Technical Pronouncements & ACCOUNTANCY THE LANGUAGE OF BUSINESS DIVERSITY OF WORK + Accounting + Auditing + Taxation Finance & Corporate Planning «+ Fund Management + Information System Management + Insolvency Administration The Gano’, A12Malaysian Accountancy Profession & MIA & Technical Pronouncements PUBLIC PRACTICE + Auditing & Financial Reporting + Tax Consultancy «Management Consultancy + Insolvency Administration Ono Wd AUDITING + Reporting to shareholders on a company’s “true and fair” financial position * Safeguarding public interest + Seeing business from inside - Specialty Investigations, Reporting and Financial Due Diligences - Operational Audits incl. Internal Auditing SIT Audits ~ Reporting Accountants - Mergers and Acquisitions fatMalaysian Accountancy Profession & MIA & Technical Pronouncements “Waar Crefs Piseavent § TAX CONSULTANCY ey IOLA). malay 4 x nL + Tax Computation ae ee + Agreeing tax liabilities with inland a" revenue authority Vy isn Tax planning & Advisory AR mer + New Tax Regime - Current Year WS ng Wt Assessment & Self-Assessment «+ Emerging Tax Issues - Arising From E-Commerce Wanayorert ¢ Corshanc, Crealtia Paoriyes) MANAGEMENT CONSULTANCY Advisory services on: « Financial Planning investment & Capital Restructuring ublic Listing of company » Information Systems Design + Project Management, Financial Modelling & Analysis + Privatisations + Corporate Finance Advisory (Boge aa Sean’) A114Malaysian Accountancy Profession & MIA & Technical Pronouncements ag INSOLVENCY ADMINISTRATION «Corporate Recovery Services +Receivers & Managers Liquidators ~ Special Administrators incl, Financial & Business Monitoring Accountants ~ Loan & Credit Management Reviews ~ Viability & Feasibility Assessments ~ Fraud & Forensic Accounting SSSSSvTsanSnaaaranenramscoeeeees neon onan aa APPOINTMENTS IN INDUSTRY & COMMERCE + Financial Controller + Company Accountant + Fund Manager + Securities Analyst + Company Secretary + Internal Auditor A15Malaysian Accountancy Profession & MIA & Technical Pronouncements CHALLENGES AHEAD Able to use IT to enhance the efficiency of service delivery Be knowledgeable about the best business Practices, world economic & financial developments, balisation, liberalisation of the service sector, etc Ving vow AN7