Pix Caption (L – R): Mazhairul Jamaludin, PAIB Committee Member, MIA, Aznorashiq Mohamed Zin, PAIB Committee Member, MIA, Chari TVT, PAIB Committee Member, MIA, Dato’ Muhammad Redzuan Abdullah, Executive Director, Surveillance & Enforcement, MIA,  Datuk Shireen Ann Zaharah Muhiudeen, Chairman, Bursa Malaysia, Salihin Abang, President, MIA, Simon Tay Pit Eu, Executive Director, Professional Practices & Technical, MIA, Dato’ Merina Abu Tahir, PAIB Committee Member, MIA, G.Shanmugam, Executive Director, Strategy & Development, MIA.
 
KUALA LUMPUR, June 13 (Bernama) -- MIA launched the ‘Competency Framework for Finance Functions in Public Interest Entities (PIEs)’ today at the MIA CFO Conference 2019.

Hailed as a game changer for the professional development and education of chief financial officers (CFOs) in Malaysia, the Competency Framework for Finance Functions in PIEs is designed by the MIA as guidance for CFOs in a very challenging world.  

This Framework is a timely initiative to deliver the relevant training and education to CFOs and finance professionals to equip them for the diverse roles that they play in today’s dynamic business landscape, and to prepare them for finance function and business transformation, much of which is digitally driven.

The Framework is guided by research from the International Federation of Accountants (IFAC) which is a key advocate for CFO and finance function transformation and other data and credible sources of knowledge. According to IFAC, a professional CFO should be able to:

•    One, be an effective organisational leader in addition to being a key member of senior management;
•    Two, balance the responsibilities of stewardship with business partnership;
•    Three, act as the integrator and navigator for the organisation;
•    Four, be an effective leader of the finance and accounting function; and
•    Five, bring professional qualities to the role and the organisation.

“Today’s CFOs face many expectations. They must be leaders and business partners in ensuring sustainable growth and business model, as well as stewards responsible for financial management, regulatory compliance and lately digital transformation. Equally important is for CFOs to demonstrate strong ethics to build public and stakeholder trust, and we have embedded values into the Framework,” said MIA President Encik Salihin Abang in his welcome remarks.

“As CFOs are usually professional accountants in business, it is natural for MIA to take the lead on initiatives to upskill the CFO and drive finance function transformation,” elaborated Encik Salihin.

The Framework complements MIA’s other strategic initiatives to upskill CFOs and finance professionals to achieve finance function transformation to better support business and organisations. MIA’s specially designed initiatives for CFOs include:

·  the recently launched CFO Circle,
·  the Competency Framework for CFOs in PIEs launched in 2018,
·  the upcoming CFO Roundtable Report 2019 based on the MIA-ACCA Business Economic Outlook
·  and other specific training programmes, lectures, workshops and events for CFOs, including today’s CFO Conference.

Officiating the Conference, Bursa Malaysia Chairman YBhg Datuk Shireen Ann Zaharah Muhiudeen lauded MIA’s efforts and support in upskilling CFOs and the finance function. “We need to have competent CFOs in corporate organisations especially in public listed companies and public interest entities, if we are to enhance the Malaysian capital market on par with other jurisdictions in a highly competitive global landscape.”

She congratulated MIA on the launch of the Competency Framework for Finance Functions in PIEs, which supports Bursa and MIA’s collaborative efforts to advance the Malaysian capital market. “The Framework will complement MIA’s ongoing efforts to inculcate high quality financial reporting in line with global standards and best practices in upholding governance and ethics.”

Datuk Shireen also thanked MIA for its advocacy of integrated reporting and called for greater adoption of . “All CFOs of PLCs and PIEs should adopt Integrated Reporting standards. Transparent reporting can provide the basis as an attractive investment destination that is committed to engaging transparently with investors and stakeholders to promote economic, environmental and social sustainability.  This in turn can build investor and public trust.”

Click HERE for the Competency Framework for Finance Functions in Public Interest Entities (PIEs)

NOTE TO EDITOR:

Malaysian Institute of Accountants (MIA)

Established under the Accountants Act 1967, MIA is the national accountancy body that regulates, develops, supports and enhances the integrity, status and interests of the profession in Malaysia.  MIA accords the Chartered Accountant Malaysia or “C.A. (M)” designation. Working closely alongside businesses, MIA connects its membership to an unmatched range of information resources, events, professional development and networking opportunities.

Presently, there are more than 35,000 members making their strides in businesses across all industries in Malaysia and around the world.

MIA’s international outlook and connections are reflected in its membership of regional and international professional organisations such as the ASEAN Federation of Accountants (AFA), and the International Federation of Accountants (IFAC). For more information on MIA, visit www.mia.org.my

Source: Malaysian Institute of Accountants (MIA)