The Malaysian Institute of Accountants (MIA) will continue to strengthen the accountancy profession by building-up the supply and quality of professional accountants in supporting the country’s economy.
In this aspect, the Institute is paying close attention to the technology disruption that is taking place in the accountancy profession. As such, the MIA has established a Digital Economy Task Force to prepare members for these game changers.
“Owing to digitalisation, accountancy is increasingly cloud-based and empowered by Big Data, becoming more efficient and mobile. As a result, accountants are facing a paradigm shift in their roles and the way they do things,” said MIA President Salihin Abang.
Salihin Abang is the newly elected MIA President, taking over the helm from Dato’ Mohammad Faiz Azmi whose term ended on 26 July 2017.
The future audits will provide near absolute assurance, instead of a reasonable assurance, given that auditors will have the capability to examine all transactions.
“What more, real-time auditing could also become a reality since we are nearing a real-time environment where auditors can timely access and audit clients’ transactions as they occur and simultaneously issue written reports,” he said.
“On the other hand, we are facing codification and commoditisation of professional knowledge, automation of processes and methodology, as well as inclination towards heavy reliance on artificial intelligence,” he added.
These shifts come with a rising demand for tech savvy accountants with critical thinking and data interpretation skills. To cope with the demand, the MIA is taking an initiative to craft digitally-oriented education. However, its success partly requires us to change our mindsets and embrace the shifts.
He added that a stronger accountancy profession in Malaysia is a positive driver for society and the economy. As the business and regulatory climates become more demanding, accountants should upskill themselves in order to deliver value in their professional roles and to protect the public interest.
To help members keep abreast of the latest developments that are happening in the accountancy profession, the MIA will continue to provide various Continuing Professional Education (CPE) programmes that the Institute has developed in collaboration with its partners and subject matter experts via workshops, seminars, short courses, forums, and conferences as well as online and in-house learning.