Today, the role of accountants has expanded and include management, financial and forensic accounting, internal and environmental auditing, financial reporting, management consultancy and corporate finance. The education and training accountants receive gives them an intricate understanding of business fundamentals. Consequently, accountants are highly sought after to fill leadership positions that require strategising and making crucial decisions that will make or break a company.
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FLASHBACK ... at the Accountancy Career and
Education Fair last year.
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Their involvement in various sectors can mean only one thing: there is a high demand for accountants in all segments of the economy. Moreover, the demand for accountants is not a local but global trend that is apparent in fast developing markets like China and Vietnam.
Expanding role
According to Nik Mohd Hasyudeen Yusoff, president of the Malaysian Institute of Accountants (MIA), the role of accountants today is becoming increasingly diversified.
"Where the accountant’s work used to be primarily preparing, auditing and interpreting financial statements, he now has to steer his clients in the correct corporate direction, help them stay abreast of industrial developments, and generally maintain their economic, social and environmental sustainability.
"In the course of their duties, accountants today are called upon to play diverse roles. They can be purveyors of information, communications consultants or mediators depending on the situation," he said.
Nik said with the establishment of the International Federation of Accountants (IFAC) in 1977, more value was added to the role of the accountant from the financial and social accounting perspectives.
"The accountant’s opinion on economic decisions made by organisations is more prominent these days. Coupled with the application of international standards for preparing and presenting financial statements, accountants are becoming more high profile and in tandem with this increase in attention, more closely scrutinised by stakeholders."
Professional development
The Malaysian Institute of Accountants, as the national regulatory body for accountants, is committed towards developing the accountancy profession.
It employs a three-pronged approach towards regulating the profession with a focus on education and development, professional standards and practices, and surveillance and enforcement while ensuring the credibility and sustainability of the profession. In view of the financial environment, MIA will extend its assistance to members to innovate and better manage their corporate responsibilities.
In Malaysia, the word "accountant" is protected as provided for under the provisions of the Accountants Act, 1967 which states that no one can hold himself out or practise as an accountant unless he is registered as a member of MIA.
MIA membership
MIA offers three categories of membership – chartered accountants, licensed accountants and associate members. To become an MIA member in the chartered accountant category, the applicant must have either passed any of the final examinations specified in Part 1 of the First Schedule of the Accountants Act, 1967 with no less than three years of practical accounting experience with a chartered accountant or professional organisation approved by the MIA council; be a member of any of the recognised bodies specified in Part II of the First Schedule of the Accountants Act, 1967; or be eligible to sit for and passed the MIA Qualifying Examination with no less than three years of practical accounting experience with a chartered accountant or professional organisation approved by the MIA council.
Applicants in the licensed accountant category must be a member of the Malaysian Society of Accountants (MSA) and pass any of the final examinations of that body last held in December 1992 and gained at least three years practical accounting experience with a chartered accountant or professional organisation approved by the MIA council.
Applicants in the associate member category must possess a first degree and/or is a member of any of the recognised bodies specified in Part II of the First Schedule of the Accountants Act, 1967, and a Masters degree or higher with a major in accounting for either his or her first degree, Masters degree or higher with no less than three years experience in teaching accounting or accounting related subjects at an institution of higher learning or equivalent.
Interested in pursuing a career in accountancy? Visit MIA’s Accountancy Career & Education Fair (ACEF) 2009 at the Mid Valley Exhibition Centre on April 4 2009 from 10.30am onwards. Exhibitors include universities, colleges, professional accountancy bodies and accountancy firms who will be on hand to help you plan your career path. Listen to top-notch business personalities share how accountancy has helped advance their careers. Or bring along copies of your resume and meet up with prospective employers with ready job opportunities.
For more information on ACEF 2009, call MIA at 03-22799200. To stand a chance to win a handphone, visit www.acef.my
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