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ACCOUNTANTS CALL FOR ACTION TO STRENGTHEN ECONOMY, PUBLIC PRACTICE
Wednesday 17/07/2019
MIA and ACCA Malaysia jointly release CFO Roundtable on BEO Report 2019 and the Practitioners’ Roundtable on BEO Report 2019, tapping the wisdom of accountants to support business and economic development
KUALA LUMPUR, July 17 (Bernama) -- In January 2019, the Malaysian Institute of Accountants (MIA) and ACCA (the Association of Chartered Certified Accountants) jointly released the Business and Economic Outlook (BEO) Report 2019. MIA and ACCA found it timely to join the conversation and share accountants’ perspectives on the key challenges and opportunities for 2019. “As internal and external business advisors and decision makers, accountants are ideally placed to comment on the market outlook and provide guidance for public and private sector organisations,” said MIA CEO Dr. Nurmazilah Dato’ Mahzan.
Subsequently, MIA and ACCA organised follow-up roundtables with CFOs and accountants in public practice respectively to gather more data and insights for further action. The findings of these roundtables have been documented in the CFO Roundtable on BEO Report 2019 and the Practitioners’ Roundtable on BEO Report 2019.
“These reports are firsts for MIA that build on the earlier BEO Report 2019. In line with our nation building agenda, MIA is making continuous effort to help improve the performance and governance of business and government,” explained Dr. Nurmazilah.
“CFOs and public practitioners are key advisors to business and government who are keenly aware of the latest developments and unfolding issues in the market. By tapping their wisdom, MIA trusts that these reports will help provide the insights for private and public sector organisations to inform their policy making and implementation, to help shape sustainable and forward-looking policy and implementation initiatives to build the nation,” explained Dr. Nurmazilah.
“Commenting on the reports, Edward Ling, ACCA Malaysia Country Head said, “These reports are succinct – making them easy to read. The calls to action directly address key challenges and opportunities faced by Malaysian businesses and accountancy firms. They feel like a culmination of years of insights and wisdom distilled into three pages of short paragraphs and several pragmatic action points to tackle one common issue.”
Edward added, “It is our hope that CFOs and practitioners would find these reports relevant and consider incorporating the action points into their strategic plans to help shape the present and future success of their businesses from within. We believe that these additional insights and findings will help support the Malaysian accounting and finance community in their role as partners and advisors to their businesses, corporations and the government.”
KEY FINDINGS FROM THE CFO ROUNDTABLE ON BEO REPORT 2019
Leading CFOs from public listed companies in a cross-spectrum of industries shared their insights at MIA’s Chief Financial Officer (CFO) Circle roundtable in April 2019. In summary, CFOs called for:
• Raising productivity through increasing investment in human capital and technology at organisational level, supported by targeted tax incentives and laser-focused policy-making/implementation at government level.
• Wage reforms to stimulate domestic demand and consumption to offset global headwinds including decelerating global trade.
• Greater regional and global participation focusing on ASEAN and the Belt and Road Initiative.
• Bridging the talent gap by broadening the talent base, increasing the focus on technical and vocational education training (TVET), and continuous upskilling and reskilling for the Malaysian workforce, funded by tax incentives and subsidies.
• Embracing digitalisation by adopting better organisational data practices; finance function transformation to support the overall strategic business model; upskilling talent; promoting culture change and buy-in for the digital agenda; and ensuring inclusivity for digital native talent. As changemakers, regulators should advocate for finance function transformation with executive decision makers and boards, while government should reengineer education and training syllabi to produce fit-for-digital talent.
KEY FINDINGS FROM PRACTITIONERS’ ROUNDTABLE ON BEO REPORT 2019
The practitioners’ roundtable in April 2019 involving small and medium practices (SMPs) and larger firms, discussed how the accountancy landscape could be tweaked and enriched to support practitioners and in turn, the business ecosystem. In summary, practitioners called for:
• Renewed focus on areas of judgement in financial statements and audits, especially those involving asset valuation and long-term cash flow projection. This could conceivably be achieved through heightening professional skepticism; keeping abreast of regulations and standards and communicating and clarifying these to clients; reviewing internal processes and controls related to areas of judgement; collaborating with experts in auditing processes, and integrating technologies to support tech transformation e.g. cloud-based auditing.
• Leveraging opportunities to scale up and combine resources and expertise through mergers and acquisitions, and extending accounting and finance competencies to SMEs lacking an internal finance function.
• Harnessing emerging opportunities across ASEAN by replicating firms’ service offerings in regional markets and leveraging on Malaysian firms’ competencies and English proficiencies, supported by increased intra-ASEAN efforts to improve talent mobility in the professional services sector.
• Operationalising talent management strategies, via transforming or outsourcing the internal human resource function, adapting to millennial work culture, offering flexible work arrangements, piloting two-way mentorship programmes, offering longer training contracts and empowering younger employees to help transform the firm’s culture and operations.
• Greater technology adoption and automation of service offerings supported by government subsidies for adoption of accounting and auditing-specific technologies.
NOTE TO EDITOR:About the 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 About ACCAACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and more than 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence. ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com Source: Malaysian Institute of Accountants (MIA)
FOR MORE INFORMATION, PLEASE CONTACT:
Malaysian Institute of Accountants
Name: Thane Meyyappan
Team Lead
Tel: +603 27229184 / +6012-248 9534
Email: communications@mia.org.my
ACCA Malaysia
Name: Adeline Fong
Senior Manager, Public Relations
Tel: +603 22890117 / +6012-381 5589
Email: adeline.fong@accaglobal.com
--BERNAMA |
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