Malaysia's accountancy profession will be further enhanced thanks to an agreement signed May 7 between the Malaysian Institute of Accountants (MIA) and one of the world's largest accounting organisations, CPA Australia.
Building on the already close relationship between the two bodies, this new Memorandum of Understanding (MoU) will enable MIA members who have served the profession for more than 10 years in a senior capacity, to further enhance their credentials by obtaining the CPA Australia designation.
According to MIA Vice President Datuk Zaiton Mohd Hassan, MIA members will now be able to pursue a globally recognized professional accountancy qualification.
"MIA accounts for over 30,000 registered members of whom 18,000 are professionally qualified. Of the remaining 12,000, more than 4,000 members have the requisite 10 years or more experience. The key area of cooperation identified under the MoU is the commitment given by MIA to encourage our members to take up the CPA Australia Programme. By taking up this programme, an MIA member will receive recognition as an Associate Member of CPA Australia and the opportunity to obtain full membership status by completing three examination papers. Passing these three papers will definitely enhance MIA members' competencies as the subject matter go to the very core of the accountancy and management functions," said Zaiton.
She also added on that MIA is very supportive of this effort as this move will increase the number of professionally qualified accountants in Malaysia.
"This is very much in line with MIA's objectives in Education. Working together with the CPA Australia, MIA aims to support the Continuing Professional Development or CPD of our members by encouraging them to acquire professional accountancy qualifications," said the MIA Vice President.
CPA Australia President Penny Egan FCPA said under the MoU, qualifying MIA members would be able to attain CPA Australia membership by demonstrating their skill, experience and professional acumen through a specially tailored examination.
"An accounting qualification is a passport to global opportunity, and with members in 121 countries around the world CPA Australia is proud of its long track record in equipping members with a designation recognised the world over as a hallmark of strategic excellence and leadership.
"This exciting new MoU builds on our strong and enduring relationship with the MIA, to provide important new avenues through which we can progress and develop the accounting profession together."
In line with the MoU, employers who contribute to the Human Resource Development Fund (HRDF) will be able to access funding to assist their employees attain the CPA Australia designation, underscoring the serious intent by the Government to contribute to the continuous up-skilling of the current cohort of accountants who may not have had the opportunity to obtain a professional qualification.