Global standard exams for accountancy professionals

KUALA LUMPUR: Professional accountancy examinations in Malaysia are to be brought in line with global standards, Second Finance Minister Johari Abdul Ghani said.

This, he added, was to enhance the quality of chartered accountants in the country, according to a report in Public Finance International.

The initiative is based on suggestions from the Committee to Strengthen the Accountancy Profession, established by the Ministry of Finance.

“The main aim is to ensure that whoever calls themselves a chartered accountant should have gone through a professional examination which meets a global benchmark,” Johari was quoted as saying by Public Finance International.

He said this in a speech at the launch of the new Malaysian Institute of Accountants (MIA) office here on Monday.

According to the report, Johari emphasised the need to build a well-rounded stock of talent for the profession, in line with the country’s ambition of achieving high-income status by 2020.

He said the government had established a Malaysia Professional Accountancy Centre to provide academic and vocational training.

“The process of continual development is our collective responsibility. We need to work closely with everyone, from multinationals to regulators, to develop the profession,” Public Finance International quoted him as saying.

The institute’s president Mohammad Faiz Azmi was quoted as saying that the MIA was committed to nurturing future accountants who were competent and skilled, and who would support the aspiration of achieving a high income economy.

The institute would redefine what was expected of accountants in the future with the creation of an MIA competency framework, he added.

The MIA, established in 1967, has a membership of over 32,000 registered accountants in both the public and private sectors.