Embracing Technology, Digital Wisdom and Digital Governance Vital to Ensuring the Profession’s Relevance in the Digital Economy


KUALA LUMPUR, July 8 (Bernama) -- The Malaysian Institute of Accountants (MIA) continued to advocate intensively for the profession to adopt and embrace technology at the second MIA AccTech Conference 2019 – Advancing Tech for Next Generation.

MIA CEO Dr. Nurmazilah Dato’ Mahzan, a passionate evangelist for technology transformation and enablement for accountants, set the tone for the Conference in her opening presentation - PLENARY 1: MOVING THE NEEDLE ON TECH-ENABLED ACCOUNTING.

Explaining MIA’s digital milestones, she explained that the inaugural AccTech in 2018 as well as the concurrent launch of the MIA Digital Technology Blueprint were the two initiatives that really jumpstarted MIA’s technology journey, which is aligned with its higher purpose of strategic nation building. “Our purpose or strategic agenda with digital is to enable the profession, make it more relevant and create higher value by integrating technology across all our stakeholders – both internal and external. By using technology as an enabler, this helps MIA to be more efficient and effective in achieving our overall holistic purpose, which is to regulate and develop the accountancy profession to support nation building.”
 
Dr. Nurmazilah proudly related that the AccTech conference franchise and the Digital Technology Blueprint have been recognised internationally as pioneering initiatives to embed digitalisation and technology in the profession, in order to make accountants more relevant and productive in the digital economy (please click here for the Digital Technology Blueprint). Since their launch in 2018 and throughout the first half of 2019, MIA has steadily gained international recognition as an authority on digital adoption for the profession. Dr. Nurmazilah was invited to speak at the Chief Executive’s Forum organised by IFAC in Feb 2019 on the Future of the Profession: Embracing the Drivers of Disruption.  At the Asia Pacific level, MIA was awarded OpenGov’s Malaysian Recognition of Excellence award for the Blueprint, as part of OpenGov’s regional Recognition of Excellence series.
 
Dr. Nurmazilah touched on the fluid technology landscape and impacts on the profession, focusing in particular on how accountants should respond to disruption and threats of job obsolescence. The solution lies in reskilling and acquiring digital wisdom to navigate the digital economy.
 
Future Skillsets for Tech Accountants – Soft Skills and Data Science Skills
She advised accountants to “take the initiative to change and acquire the skills that enable you to carry out high-value and high-level cognitive non-routine roles.” Most important to enable technology transformation is for accountants to embrace the right mindset and culture, to be curious, resilient and adaptable. “The future skillsets that MIA has identified go beyond numeracy, which is the domain of the profession, to encompass complex problem solving; critical thinking; creativity; people management; coordination, communications and collaboration; emotional intelligence; judgement and decision-making; negotiation; service orientation; and cognitive flexibility,” explained Dr. Nurmazilah.
 
MIA is embedding these cultural changes and new skillsets in its development programmes and continuing professional education and training to benefit members and the profession at large. Going forward, MIA also proposes a framework of useful data science skills for accountants that aligns with its competency frameworks; this is currently at the exposure draft stage. Specific areas of data expertise and competency for accountants might cover skills such as data exploration; data creation, storage and cleaning; data transformation; data modelling; data governance and strategy; and algorithmic decision making.
 
Digital Wisdom and Digital Governance
On top of acquiring new skills, accountants need to pivot to digital wisdom (a term first coined by education reformist Marc Prensky) and digital governance. “Digital wisdom is a new wisdom that requires finding the best combination of mind and technology; the wisdom received through a creative use of digital technologies. In other words, digital tools can make us truly wiser and digital wisdom comes from thoughtful use of digital technologies,” she explained. Digital governance here refers to upholding professional ethics and digital ethics to protect the public interest and support overall good governance in the fabric of business and society. By integrating digital wisdom and good governance in its development offerings, MIA hopes to deliver a new paradigm of learning that creates highly competent and ethical tech accountants.
 

She concluded her presentation by urging accountants to participate in MIA’s 2019 Survey on Technology Adoption by the Accountancy Profession in Malaysia 2019 to formulate the operational plan to implement the MIA’s Digital Technology Blueprint. The link to survey https://www.surveymonkey.com/r/TechnologyAdoption2019

 
 
NOTE TO EDITOR:

Malaysian Institute of Accountants (MIA)

Established under the Accountants Act 1967, MIA is the national accountancy body that regulate, 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 35,500 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)

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