Certified Public Accountants
Malaysian Institute of Accountants
The Malaysian Institute of Certified Public Accountants
Malaysian Institute of Accountants (MIA)
MIA is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia.
MIA's responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.
Its regulatory role is carried out through the following approaches:
- Having an effective and competitive assessment framework in admitting members into MIA to ensure that the profession is able to meet public expectations where its human capital is concerned
- Meeting the education and development needs of members as part of a commitment to help members be knowledgeable and maintain their relevance in today’s markets
- Implementing professional standards and practices based on internationally accepted guidelines as standards and By-Laws for members to comply with in maintaining the integrity of the profession
- Having in place a robust disciplinary system for those who fail to comply with these standards and By-laws.
Since its establishment more than 40 years ago, MIA has also been an active partner in nation-building as it actively contributes views and ideas for the well-being of the nation and its economy. In addition, MIA monitors international and local accounting trends and developments, and consults regularly with the government and regulatory bodies.
In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as:
- Asean Federation of Accountants (AFA)
- Confederation of Asian and Pacific Accountants (CAPA)
- International Federation of Accountants (IFAC)
MIA’s involvement in these bodies also enables Malaysian accountants to have a voice on these global and regional platforms, also enabling the latest developments overseas to be brought home for the betterment of the profession.
The use of the word ‘accountant’
In Malaysia, the word ‘accountant’ is protected as provided for under the provisions of the Act which states that no one can hold himself out or practice as an accountant unless he is registered as a member of MIA.
Malaysian Institute of Certified Public Accountants
The Malaysian Institute of Certified Public Accountants (“MICPA”), formerly known as Malaysian Association of Certified Public Accountants (“MACPA”), was established in 1958 as a company limited by guarantee under the Companies Ordinance 1940.
Thus, unlike MIA which is a statutory body with powers vested on it by operation of an Act of parliament, MICPA is a private body incorporated under the Companies Ordinance. However, the members of MICPA are held in high esteem by the industry.
The principal objectives of MICPA are:
- to advance the theory and practice of accountancy in all its aspects;
- to recruit, educate, train and assess by means of examination or otherwise a body of members skilled in these areas;
- to preserve at all times the professional independence of accountants in whatever capacities they may be;
- to maintain high standards of practice and professional conduct by all its members; and
- to do all such things as may advance the profession of accountancy in relation to public practice, industry, commerce, education and the public service.
The MICPA is governed by a Council of 30 members, comprising CPA in public practice, commerce and industry and the public sector.
The MICPA provides a wide range of services to its members including:
- developing technical standards and guidelines on accounting, financial reporting and auditing;
- assisting its members to constantly upgrade their technical knowledge and skills;
- rendering advisory service to its members on matters pertaining to accounting, auditing, taxation, company law and insolvency practice;
- setting technical standards governing member’s professional conduct;
- undertaking regular review of published corporate annual reports thereby assisting members to maintain high technical standards; and
- conducting education, training and examination to ensure high quality entrants to the profession.