MIA e-Career Guide

7/26/2019 MIA e-Career Guide

1/28Y O U R P A T H T O A B R I G H T E R F U T U R E

A C C O U N T A N C YCAREER GUIDE


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C O N T E N T S

1.0 MIA : Governing the Malaysian Accountancy Profession 3

2.0 Accountancy 5

3.0 Careers In Accountancy 7

4.0 Types of Work 9

5.0 Issues Surrounding the World Today and its Impact 15

on the Accountancy Profession

6.0 Route to Becoming a Qualified Accountant in Malaysia 17

7.0 Qualifying as an Accountant in Malaysia 18

8.0 Recognised Accounting Degree* 19

(First Schedule, Part I of The Accountants Act, 1967)

9.0 Recognised Professional Accountancy Bodies** 21

(First Schedule, Part II of The Accountants Act, 1967)

10.0 Alternative Route to Qualify as Accountants the MIA QE Way 22

11.0 Application of Candidacy 24

12.0 MIA QE Syllabus 25

13.0 Career Prospects in Accountancy 26


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1.0 MIA : Governing the Malaysian Accountancy Profession

THE MALAYSIAN INSTITUTE

OF ACCOUNTANTS MIAwas established in 1967 underthe Accountants Act 1967(Act) as the regulatory bodyof the accounting professionin Malaysia. MIA is the only

accountancy body empowered by law to regulatethe accountancy profession in Malaysia thus italso represents the voice of all accountants in thecountry.

In Malaysia, the word accountant is protectedunder the provisions of the Accountants Act 1967,which states that no one can hold himself out orpractice as an accountant unless he is registered asa member of MIA.

Sections 22& 23 of the Act requires a person residing

in Malaysia to be registered with MIA if he/she:1. Practise or hold himself out as a chartered

accountant, auditor, tax consultant, tax advisoror any other like description;

2. Adopt, use or exhibit the terms chartered

accountant, auditor, tax consultant, tax

adviser or any other term of like description; or

3. Adopt, use or exhibit the term accountant

or any other term of like description in such

circumstances as to indicate or to be likely

to lead persons to infer that he is chartered

accountant or that he is qualified by any written

law to practise as a chartered accountant.

Under Section 26 of the Act, any person

contravening Section 22 or 23 shall be guilty of an

offence and shall, on conviction, be liable to a fine

not exceeding ten thousand ringgit (RM10,000) or

to an imprisonment for a term not exceeding one

year and on a second or subsequent conviction

to a fine not exceeding twenty thousand ringgit

(RM20,000) or to an imprisonment for a term not

exceeding two years.


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MIA : Governing the Malaysian Accountancy Profession

The Institute is governed by a Council whose

powers are set out under Sections 9 and 10 of the

Act. The Council comprises 30 members led by the

Accountant-General. Others in the Council includethe President of the Malaysian Institute of Certified

Public Accountants (MICPA); 10 members elected

at the Annual General Meeting; and up to 18

members appointed by the Government, including

members from institutions of higher learning and

approved professional bodies.

MIAS VISION AND MISSION

Vision

To be globally recognised and respected business

partner committed to nation-building.

Mission

To develop, support and monitor quality and

expertise that is consistent with global best

practice in the accountancy profession for the

interest of stakeholders.

MIAS DUTIES

The Institutes statutory functions are, inter alia:

1. To determine the qualifications of persons for

admission as members;

2. To provide for the training and education by

the Institute or any other body, of persons

practising or intending to practise the

profession of accountancy;

3. To regulate the practice of the accountancy

profession in Malaysia;

4. To approve the MIA Qualifying Examination

(QE) and to regulate and supervise the conduct

of that Examination;

5. To promote, in any manner it thinks fit, the

interests of the accountancy profession in

Malaysia;

6. To render pecuniary or other assistance to

members or their dependents as it thinks fit

with a view to protecting or promoting the

welfare of members; and

7. Generally to do such acts as it thinks fit for

the purpose of achieving any of the aforesaid

objectives.

As the national accountancy body, MIA sets high

ethical standards which must be adhered to by all

accountants in Malaysia. All accountants are bound

by MIAs strict code contained in MIAs By-Laws

(On Professional Ethics Conduct and Practice). Any

breach of these By-Laws by members may render

them liable to face disciplinary proceedings.

MIA members are regulated professionals and thepublic has a recourse by lodging a complaint to

the Institute if things go wrong. The public would

also be assured of the minimum quality of the

professional services expected as it is mandatory

for all MIA members to annually acquire a

minimum hours of continuing professional

education to ensure that they are updated, even

after being trained as an accountant. They are also

bound by a strict ethical code whereby failure tocomply may result in a member being suspended

or even removed from membership depending on

the severity of the non-compliance.

The Institute also monitors local and international

accounting developments and consults regularly

with Government and statutory bodies. Members

of MIA receive technical services support and

information on the latest developments in theprofession through the Institutes Continuing

Professional Education (CPE) programme and the

Institutes magazine, Accountants Today.


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2.0 Accountancy

THE BEGINNING OF

ACCOUNTING

Accountancy is believed to be

among the oldest profession in

the world. The origin of keeping

account has been traced as far

back as 8,500 B.C. Archaeologists had found clay

tokens in the form of cones, disks, spheres and

pellets in Mesopotamia (present Iraq). Further

record keeping activities are known to have existed

at least four to five thousand years ago amongst

the Babylonians, the Egyptians, the Greeks and

the Romans. Over the years, accounting has

become increasingly sophisticated. In 1494, with

the advocation of the principles of a double-entry

bookkeeping system, the foundation for modern

accounting was laid. The basic principle that for

every debit it should have its equal and opposite

credit is still true even to this day.

The modern era of accounting is recognised

to have begun with the chartered accountants

of Great Britain where professionals who went

beyond bookkeeping to investigate the affairs

of businesses and disclosures of financial affairs.

The emergence and establishment of the modern

corporation and its multiple shareholder owners,

triggered off the initial expansion of accounting

beyond the mere task of bookkeeping into

auditing and other related activities. Thus, the

accounts man who was once designated as mere

record keeper has changed.

WHAT IS ACCOUNTANCY?

Accountancy, at present, is one of the leading

professions, well sought after by many in society

today. As a career, it has, for some time, enjoyed a

relative advantage in terms of pay, prestige and job

satisfaction. It is rewarding career envied by other


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Accountancy

professions. The latest Census of Professional and

Institutional Establishments placed accountants

as one of the top five money-earners in Malaysia

together with lawyers, doctors, engineers andsurveyors.

More importantly, accountants today are no longer

just number crunchers they are the financial

eyes and ears of business organisations, they

provide the key financial information so vital to the

decision-making process. Besides being a means of

communicating the financial facts of business life,

it is a language-both figuratively and literally, witha set of recognised symbols, arranged according to

established rules and principals in such a way that

they convey meaning to its readers.

Many organisations have changed the ways

professional accountants carry out their

responsibilities. The use of computer technology,

with its accuracy and speed has led to the

computerisation of the general ledger and otherrelated accounting systems. With automation

in the preparation of accounts, professional

accountants of today have more time for analysis

and interpretative work. Furthermore, accountants

have a reputation for paying attention to details,

with the practitioners respected for their integrity,

their objectivity and competence. Indeed, this

worldwide tradition in the business community

and the ever-increasing demand for accountantshas posed tremendous challenges to the

accounting profession.

In a nutshell, accountants are all-rounders who

have broad experience in many areas of business

problem-solving. With their professional training

and a minimum of at least 3 years relevantworking experience, accountants registered

with MIA can provide the highest standard of

professional advice.

In Malaysia, accountants who are in public practice

and those employed in accountancy positions in

commerce and industry as well as government

service generally use the designation of Chartered

Accountant, C.A.(M).

ACCOUNTING STANDARDS

There is a direct correlation between the levels of

a countrys development vis--vis the size, level

and standard of the accountancy profession. The

accountancy profession is unique because it is

perhaps the only profession that sets its own laws

and guidelines, monitors them and reprimands its

members for non-compliance.

The development of accounting standards can be

likened to the development of laws in the country.

Whilst the latter is done by the government for the

lawyers, accountants set its own laws in the form

of accounting standards, principles and concepts.

The accounting standards in Malaysia are set by

the Malaysian Accounting Standards Board (MASB)whereas the auditing standards are set by the

Malaysian Institute of Accountants (MIA).


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3.0 Careers in Accountancy

Good accountants are always

highly sought after. They

are the main stays within

the corporate world and in

many cases, the accountants

becomes even more than

head of a financial department General Manager,

Chief Executive the accountants training and

experience can lead right to the top. A sound

knowledge of all aspect of business, constant

re-appraisal of technical advances and options,

together with a trained ability to analyse with

accuracy, enable the accountant to play a crucial

part in the many areas of opportunity. Banking and

merchant banking, management consulting and

government offices number among some of the

career routes that can be pursued.

Accountants can be found in various sectors of

industries such as public practice, industry and

commerce, public sector and institution of higher

learning. In order to get some ideas of the range

of services provided by accountants, the job

descriptions may be broadly classified into the

following categories shown below:

ACCOUNTANTS IN PUBLIC PRACTICE

Public practice is the term used to describe

accountancy firms that are operated by individuals

in sole proprietorship or groups of individuals

in partnership. The major functions of groups

of firms in public practice include auditing and

advising clients on financial structure and systems.

Many accountancy firms also offer services such

as advice on taxation, management, corporate

recovery, company secretarial, insolvency and

many more. These specialised services are

increasing as the accountancy profession ischanging due to various reasons. There are more

than 1,700 firms in the country providing a wide


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Careers in Accountancy

range of services to individuals, businesses, multi-

national corporations, government departments

and statutory bodies.

ACCOUNTANTS IN INDUSTRY AND COMMERCE

As business conditions change in the 21st century,

many industrial and commercial organisations are

forced to adopt new methods and technology to

remain competitive. Accountants in industry and

commerce provide advice on financial matters,

business methods, general management and

may even serve as internal auditors, financial

controllers, tax managers, budget controllers,company secretaries and sometimes even serve

as the directors of the organisation itself. This

group of accountants form an integral part of

the management. As such, accountants in this

sector are sensitive to their business environment

and fully informed in areas such as production,

distribution and marketing.

ACCOUNTANTS IN PUBLIC SECTORAccountants can also choose to work in the

public sector. These accountants are generally

responsible for the administration and use of

public money ranging from managing the finances

of a local authority or hospital to multimillion-

ringgit construction projects. Accountants in

public sector can serve as treasures, financial

officers, auditors and many more. They are

employed throughout the public sector forgovernment bodies and statutory boards, for

example, Bank Negara and Inland Revenue Board.

ACCOUNTANTS IN

INSTITUTION OF HIGHER

LEARNING

This group of accountantsare involved in the education

sector. There are number

of accountants who are teaching in colleges,

universities and institutes as lecturers and

professors. Their involvement includes the training

of future accountants, accountancy research and

development and management matters.

ENGAGING A PROFESSIONAL ACCOUNTANTIN PUBLIC PRACTICE

Accounting Functions

Many small businesses do not have the volume of

financial transactions that necessitate hiring a full-

time accountant as staff. Engaging an accountant

firm on a consultative basis is a good first step

for a growing business. The sensible cost of

professional services rendered by the accounting

firm can often cost less than the salary andbenefits of a full-time employee and, at the same

time, you may be getting a higher level of advice

from a Chartered Accountant.

An accounting firm usually handles the following

accounting functions:

Tax return preparation;

Preparing financial statements, including the

statement of financial position, statement ofcomprehensive income, and statement of cash

flow;

Analysis or problem-solving advice.

An accounting firm generally offers an hourly rate

schedule. There may be different rates for different

accounting on the level of complexity, and the

personnel from the accountants firm who are

actually involved in performing the tasks.


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4.0 Types of Work

A lot of people have a vague

impression or have a narrow

perception of what accountants

actually do. A layman on thestreet is likely to respond: taxes,

audit, book keeper, consultant or

adviser. However, as accountancy

is a multi-faceted profession, generally much

more is involved than merely keeping accounts.

Services performed by accountants are becoming

so diversified to a point where some proffered

services seem far removed from the traditional

areas of expertise. Some aspects or areas of theprofession are described below:

ACCOUNTING

Financial Accounting

Financial accountants ensure that the financial

statements of an organisation are accurate and

that account ledgers and registers are properly

maintained and current. Without an accountant

on hand, the directors or management team of

the business may have to spend a considerable

amount of time and effort documenting account

transactions which would inadvertently divert

valuable time and attention from other pressing

business matters and finally the productivity of the

business would be affected.

By outsourcing the accounting and bookkeeping

function to the accountant, the organisation is able

to focus on the core business. The bonus is the

accountant would provide up-to-date information

and advice on the day-to-day management of

cash flows and budgeting, thus ensuring greater

efficiency and increased profitability. As part

of the accountants integrated services, he/she

will also help the organisation to comply with

statutory obligations (EPF, taxation, etc.) regularly,

plus ensure that the periodic auditing is smoothly

carried out.

Management Accounting

Management accountancy offers a rich and diverse

range of opportunities critical to the success of all

organisations. The role has changed considerablyover recent years. Increasingly involved in

the commercial decision-making process,

management accountants ensure that better-

informed decisions are made, whether in terms

of improving performance, deciding on where to

invest capital, reviewing past and current results or

planning for the future.

The complexity of modern business requiressophisticated systems and finance processes to

provide the essential information and support

to managers. Decision-makers and management

accountants need to be technically capable

of developing the information systems,

interpreting the outputs and presenting them in

a persuasive manner.

Financial ReportingReporting involves the investigation and

preparation of accounts to be published or

broadcast. It covers the provision of all information

from the holder, normally the accountant, to the

user, who may be a business owner, line manager,

the board of directors, the shareholders or the bank.

The information prepared varies from simple bank

reconciliation to a full annual report, from a business

forecast to support an overdraft application to aninvestment appraisal on a potential acquisition. In all

cases the reporting accountant must bear in mind

the end-users of the report. As users of financial

reports are seldom involved in the day-to-day

activities of the business, the report has to be clear

and unambiguous.

AUDITING

LegislationUnder Section 174(2) of the Companies Act,

1965, all companies should appoint statutory


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Types of Work

auditor and external auditor to conduct statutory

audit on the accounts of a company. This means

regardless of your size of business, all companies

should appoint a statutory auditor to audit theirfinancial statements under the Companies Act,

1965. Currently, there are no exceptions to this

requirement.

Since the control of most companies is given

to the managing director and other managers

who act as stewards, their annual reports to

owners/shareholders should be audited by an

independent party referred to as the externalauditor. The work of the external auditor involves

analysing and verifying a clients account so as

to give an independent audit opinion on the

operation and state of affairs of the company.

It is also the duty of the external auditor to express

an opinion on the companys financial statements

and ensure that they have been properly prepared

in accordance with the Companies Act andauditing standards. The auditor normally works

at the client companys premises because all

the records will be located there and he/she will

perform tests on these records to form an opinion

on them.

By presenting a true and fair view of the companys

financial statements, audits provide comfort and

reassurance to investors, creditors and the generalpublic. Auditing also increases the business

credibility with important third parties such as

banks, financiers and government departments.

When performing an audit, the auditor is able

to check the effectiveness of the system of

accounting, reporting and budgeting. Such spot-

checks ensure the right controls are in place to

protect the business assets from negligent use

or criminal misappropriation. Via an audit, theauditor also pinpoints and tightens lax procedures

and wasteful practices; recommends new ways to

strengthen the companys controls and in general,

suggest innovative ways and means for the

business to run more cost-effectively.

An auditor will usually have a wide portfolio

of clients. Types of clients vary from large

corporations to small joint ventures and

partnerships; all are required by law to have an

annual audit.

Professional licensing requirements to perform

an audit

In Malaysia, only an approved company auditor,i.e. an MIA member with practising certificate and

who has passed an audit interview conducted

by the Accountant General Office and obtain

an approval from the Ministry of Finance (MOF)

pursuant to Companies Act 1965, can be appointed

as a company auditor.

Benefits of an External Auditor

To regard an audit as merely compliance exercisewould be to lose sight of the potential value that a

business can gain from a well-performed audit. It

should be seen as an opportunity to obtain a high

value added services that can help strengthen a

business in the process, instil greater confidence

in the company by its stakeholders by rigorously

examining the processes and risks affecting the

financial statements.

Because of these benefits, and the value associated

with the audited financial statements, it is no

wonder that banks, creditors and investors often

insists on audited financial statements before

entering into business dealing.

How to find the right auditor

To obtain the most value out of the audit process,

it is important to choose and approved companyauditor that is good match for your company.

The approved audit firms range from large


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Types of Work

international audit firms to small one or two

partner firms. While all audit firms must fulfil MIAs

criteria and must adhere to the International

Standards on Auditing (ISAs) as well as Code ofEthics, they will naturally differ in what they can

offer their clients, in terms of industry experience,

time commitment, resources etc. Similarly, the

district characteristics of each small and medium

enterprises (SMEs) could require different expertise

from the audit firms.

TAX CONSULTANCY

Tax accountants act for a wide range of individuals,partnerships, trusts and companies. Clients include

business people, owners of private companies,

overseas individuals and companies wishing to

invest in Malaysia, and other professional firms.

The issuance of an approval to be a tax agent is

governed by the Income Tax Act, 1967. An approval

is only granted after the applicant has passed an

interview conducted by the Tax Authorities.

Tax accountants assist clients in three areas:

Preparing tax returns and calculating tax

payments to ensure clients comply with all the

requirements imposed by the Inland Revenue

Board and thus avoid being penalised for

submission of improperly completed returns or

for late submission of returns.

Ensuring compliance with legislation regarding

EPF and SOCSO with respects to salaries andbenefits paid to employees.

Planning for key events or transactions that

clients undertake, e.g. starting a new business,

buying or selling a business or passing the

business to the next generation.

Modern-day tax legislation has become so

complex that understanding of the technical

ramifications is absolutely essential in orderto gain maximum tax benefits and relief.

Accountants are familiar with the Byzantine

technicalities and legalities of tax, and are

therefore, in the best possible position to assess

the current tax situations and minimise tax

burdens. The accountant will also produce annualtax computations, submit forms to the Inland

Revenue Board and, if necessary, expertly handle

any subsequent negotiations on the companys

behalf. The accountant is also the perfect person to

provide ad-hoc advice on specific tax issues as and

when they arise.

COMPANY SECRETARIAL

The Companies Act sets out a bewildering array ofduties, responsibilities and guidelines that must be

adhered to in administrating a company. Failure to

comply with the requirements of the Act can incur

severe penalties, including the imposition of hefty

fines and in extreme cases, even imprisonment.

The accountant can help with the operation

within the boundaries of the Act and guide the

company to take full advantage of the benefits and

protection provided by the Act.

The accountant can also assist with matters such

as the formation of a company, lodgement of

required documents, registration of business

names and the submission of various reports

connected with the issue and dealing of securities

as well as keeping the required books and

registers up-to-date.

By utilising the services of an accountant, the

company profits from the substantial benefits of

setting up a company, enjoy separate entity status

and limited liability which protects personal

assets of the directors and perpetual succession,

which ensures the longevity of the company.

MANAGEMENT CONSULTANCY

Accountants are bonafide managementconsultants, having served as advisors to a diverse

range of businesses and industries. By harnessing


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Types of Work

their broad-based expertise, an organisation is

able to give the business a competitive edge in all

aspects of management. An accountant is the ideal

management resource. He/She offers specialisedservices such as feasibility studies for new

products and business projects, funding advice

on capital restructuring and gearing, mergers and

acquisition assistance in sourcing loans or equity

capital, evaluation, design and implementation of

new systems.

As a one-stop management consultancy, the

accountant also provides other specialised servicessuch as corporate planning, operations appraisal,

capital investment appraisal, organisational studies

and reports, in addition to niche services such as

project management for property development

and agricultural schemes.

INTERNAL AUDITING

In addition to external auditors, many

organisations now have their own internalauditor to examine and improve its business

and accounting system. As internal auditors,

accountants would review the organisations

accounting system and appraise the strengths

and weaknesses of internal financial controls.

Internal auditors conduct specific investigations as

required by the management as well as liaise and

assist external auditors.

CORPORATE CARE SPECIALIST

Even in the healthiest of financial climates, lack of

liquidity could push your business to the verge of

insolvency. An accountants financial expertise and

extensive knowledge of a wide range of businesses

allows him/her to propose flexible solutions for a

cash-strapped company.

The caveat: an accountants professional advice

should be sought immediately in order to apply

corrective measures in an effective and timely

fashion.

In the worst-case scenario of insolvency, your

accountant can help you understand your rights,

obligations and the range of administration options

available to help solve your financial problems.

CORPORATE RECOVERY / INSOLVENCY

Corporate recovery involves investigating

businesses, partnerships and individuals that have

got into financial difficulties. Clients come from

various industries including the banking sector.

Accountants give advice on financial viability,

recommend rescue packages or administer

insolvency procedures in the event of bankruptcy.

To be an approved liquidator, an individual has

to be an approved auditor for at least one (1) year

and has passed an interview conducted by the

Accountant General Office. Approval to act as

approved Liquidator is granted by the Accountant

General Office pursuant to the Companies Act 1965.

MERGERS AND ACQUISITIONSAn accountant understands the business models

of companies operating in diverse industries; thus,

he/she can offer in-depth advice and superior

service on mergers and acquisitions. Accountants

provide vital financial advice and services that can

make or break a mergers or acquisitions process,

including analysis and due diligence of the

targeted entities, the feasibility and viability of any

proposed mergers, the valuation of shares post themerger or acquisition and tax issues.

CORPORATE FINANCE

This includes advising on corporate transactions,

such as management buy-ins and buy-outs. The

accountants role can range from a review and

advisory capacity to that of lead adviser advising

on transaction structures, taxation implications,

financing methods and sources, warrantynegotiations and any other advice relevant to

the particular transaction. Non-transaction work


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Types of Work

includes business valuations, business planning

and litigation support work. Clients include listed

companies, private companies, owner-managed

businesses and individuals.

CORPORATE TREASURY

Corporate treasury involves the identification,

assessment and management of financial risk

within an organisation. This will usually include

the management of cash and deposits, the

provision of short-term and long-term borrowings

and the hedging of risks associated with interest

rate and foreign exchange rate movements.The treasury function reflects the risks inherent

within the particular organisation concerned.

Even in decentralised companies, it is usual to find

a central treasury function. The divisions of the

company often treat this as an internal bank. The

treasury aggregates all of the internal business and

deals with external financial institutions on behalf

of the entire company.

ENVIRONMENTAL AUDITING

An environmental audit is a methodical

examination of environmental information

about an organisation, a facility or a site, to verify

whether, or to what extent, they conform to

specified audit criteria. Environmental audit is

less structured and usually lacks legal backing

and generally accepted accreditation procedures.

Environmental audit primarily uses existingdocumentation of the company being audited,

interviews with managers and personnel and

observation of practises at the facility to check on

environmental quality.

FORENSIC ACCOUNTING

The integration of accounting, auditing and

investigative skills yields the speciality known as

forensic accounting. Forensic accounting providesan accounting analysis that is suitable to the court,

which will form the basis of discussion, debate and

ultimately dispute resolution. Forensic accountants

are trained to look beyond the numbers and deal

with the business reality of the situation.

It is the fastest growing area of accounting today.

With the growing complexity of the business

environment and the growing number of business

related investigations, forensic accounting

professionals are increasingly asked to assist in

the investigation of financial and business related

issues. An accountant is usually trained to analyse

and scrutinise various areas of financial information

and procedures practised by an organisation.

EXECUTIVE RECRUITMENT

In todays highly competitive business arena,

a key ingredient to business success is picking

and retaining the right people; successful staff

selection becomes even more imperative when

dealing with personnel at executive level. An

accountants extensive business contacts and

broad-based knowledge of various industries andprofessions can be priceless in locating competent

and motivated executives to suit business

requirements. Accountants are ideally placed

carry out an executive search, as he/she would be

able to narrow down the field of candidates in an

objective manner to ensure compatibility between

the candidate and the organisation. Furthermore,

his/her wide network ensures that the organisation

would have ample of choices from candidates ofhigh calibre.

INFORMATION COMMUNICATIONS

TECHNOLOGY

The services of an accountant is also sought

to maximise investments in Information

Communications Technology (ICT). An accountant

is ideally placed to give expert advice on selecting

the right combination of hardware and software tosuit both current business requirements and future

expansion plans.


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Types of Work

An accountant can also provide follow-through

service in ensuring the smooth implementation

and operation of the ICT systems, especially

in identifying specific areas where ICT couldsubstantially improve business efficiency and profits.

FINANCIAL PLANNING

Accountants are essential advisors both on the

business and personal front. Getting an accountant

to help with personal financial planning can be

vital in realising material goals, whether to build

a nest egg for retirement, invest for the future, or

simply secure a better lifestyle.

In recent years, the scope of investment options

has increased. Accountants can advise financial

choices and assist with investment planning

and estate planning. He/She can help decide

on pension plans, insurance, and the purchases

of assets such as property, bonds and equities;

importantly, he/she is also qualified to act as

executor or trustee for any estate.

Taxation is also a key element in personal

financial planning. The intricacies of modern tax

legislation are such that laymen rarely have a

thorough understanding of tax ramifications. An

accountant, however, is very familiar with the latest

tax developments and is highly qualified to offer

expert advice to help lighten tax burdens.


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CHANGES IN TECHNOLOGY

Communication and

information technology is at

the change and its acceleration

is in excess of the other types

of technological change.

In the current environment the holder of the

relevant information has the ultimate power and

the advantage in decision-making in a swift and

precise pace.

In order to follow the information technology

waves and to avoid from being far behind,

educators now have a greater obligation to the

students to ensure that they become literate

in the business application of the information

technology.

8.0 Issues Surrounding the World Today and its Impacton the Accountancy Profession

CHANGES IN POLITICAL AND SOCIAL

ENVIRONMENT

The social and political environments have also

changed drastically. The peace dividends that

most of the world benefiting from, also do come

from rapid changes in military and armament

technology, satellite technology, communication

and information technology etc.

The fact that most of the entertainment, education

and employment could be conducted from home

and from distant places, owes its phenomenal

changes to advances in the technology. In

short, one may conclude that in these areas the

technological changes are driving force in social

and political environment.


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GLOBALISATION

Globalisation and trade liberalisation are

redefining the rules of how business is conducted,

and the accountancy profession has not beenspared of this phenomenon. There is increased

need for members to take a pro-active stand in

capability and capacity building. Members of the

profession would also have to take advantage

of the opportunities that present themselves,

be resourceful in translating problems into

opportunities as well as skilful in managing the

risks concerned once the market is opened up to

foreign players. There have been calls from variousparties within the industry for small practitioners

to merge their businesses in order to leverage on

each others strengths in facing the entrance of

foreign competitors.

PARADIGM SHIFTS

The major events, which are and will effect

organisations, are not mere extrapolation of the

past, but they are paradigm shifts. What is aparadigm shift? Paradigm is a set of rules that

(1) describe boundaries, and (2) recommend

actions to be successful within those boundaries.

Paradigm shift occurs when the rules change,

therefore, changing the success factors. Today,

most paradigms are shifting revolutionary

rather than changing evolutionary. Paradigms,

in 1940s and 1950s, were assumed to be in a

certain environment for decision-making process.In 1960s and 1970s along with the increased

uncertainties and complexities the decision world,

paradigms shifted to a world of turbulence and

unpredictability. In 1980s and 1990s, the shift

has been towards an environment characterised

as virtual reality environment. The major causeof such phenomenal shifts is deemed to be

the unprecedented changes in technology,

globalisation and unification of most markets, and

major changes in political and social changes in

the world environment. With such transformations

in problem solving and viewing the world, one

must shift ones paradigms in order to succeed in

this new environment.

CHANGES IN THE EDUCATION ENVIRONMENT

The future of the education is shaped by the

changes in technology and the society. The

objective of education and its ends seldom

change. However, education means or processes

do change with the changes in the environment.

BUSINESS AND ACCOUNTING EDUCATION

Business and accounting education is noexception from most other types of education. The

objective of accounting education is to educate

and graduate professionals to assume future

managerial and accounting roles in business and

workplaces in the society. Methods of conducting

business are changing dramatically. As a result,

the education of future managers should change

accordingly to prepare accounting graduates

for drastically different styles and technique ofcomplying with the new innovative management

functions.

Issues Surrounding the World Today and its Impact on the Accountancy Profession


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6.0 Route to Becoming a Qualified Accountant in Malaysia

In Malaysia, the word accountant is protected. The Malaysian Institute of Accountants

(MIA) was established under Accountants Act 1967 as the national regulatory body for

accountants in Malaysia. All persons practising as accountants or auditors in Malaysia

must be registered with the Institute. MIA members are categorised as CharteredAccountants.

HOW TO BECOME A CHARTERED ACCOUNTANT IN MALAYSIA

STPM/GCE A level/ LCCI/

University foundation

programme/Matriculation/Accounting or

non-accountingdiploma

Unrecognised

universitydegree/Professionalaccountancy

body

MIAQualifying

Examination(MIA QE)

Recogniseduniversity

accountingdegree

Obtainminimum3 years ofChartered

AccountantsRelevant

Experience(CARE)

Recognisedprofessionalaccountancy

body

Apply forMIA

membership

Fullmember ofone of the

recognisedprofessionalaccountancy

bodies

Route 2

Route 3Route 1

CharteredAccountant

C.A. (M)


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7.0 Qualifying as an Accountant in Malaysia

Have obtained a Bachelor of

Accounting degree from a recognised

local university under Part I of the First

Schedule of the Accountants Act, 1967

Have obtained membership inone of the recognised professional

accountancy bodies under Part II of

the First Schedule of the Accountants

Act, 1967

Have passed the MIA Qualifying

Examination (MIA QE)

WORK EXPERIENCE

For Route 1 and Route 3, once the academic

requirements have been fulfilled, the person must

obtain a minimum 3 years of relevant practicalaccounting experience before they apply for

MIA membership to become a full-fledged

ACCOUNTANT or Chartered Accountant Malaysia,

C.A.(M).

To help aspiring accountants gain relevant working

experience after completing their studies, MIA

has created the Chartered Accountants Relevant

Experience (CARE) Programme. Under the CARE

programme, a mentor will supervise CAREmentees until the necessary minimum 3 years

working experience is complete.

Route

1

Route

3

OR

OR

Route

2

To practise or to obtain the

`ACCOUNTANT status in Malaysia,

one needs to fulfil one of the

following qualifications


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Bachelor of Accounting,

University of Malaya

Jalan Lembah Pantai

50603 Kuala LumpurTel : +603 7967 7022

Fax : +603 7956 0027

Website : www.um.edu.my

Bachelor of Accounting (Honours),

Universiti Kebangsaan Malaysia

43600 UKM, Bangi

Selangor Darul Ehsan

Tel : +603 8921 5555Fax : +603 8921 4097

Website : www.ukm.my

Bachelor of Accounting,

Universiti Teknologi MARA

40450 Shah Alam


Tel : +603 5544 2000

Fax : +603 5544 3510Website : www.uitm.edu.my


Universiti Utara Malaysia

06010 UUM Sintok

Kedah Darul Aman

Tel : +604 928 4000

Fax : +604 928 3016

Website : www.uum.edu.my


Universiti Putra Malaysia

43400 UPM Serdang


Tel : +603 8946 6000

Fax : +603 8948 7273

Website : www.upm.edu.my

8.0 Recognised Accounting Degree* (First Schedule, Part I of The Accountants Act, 1967)


Universiti Islam Antarabangsa Malaysia

P.O. Box 10

50728 Kuala LumpurTel : +603 6196 4000

Fax : +603 6196 4053

Website : www.iium.edu.my


Universiti Sains Malaysia

11800 USM

Pulau Pinang

Tel : +604 653 3888Fax : +604 658 9666

Website : www.usm.my


(Information System)

Universiti Utara Malaysia

06010 UUM Sintok

Kedah Darul Aman

Tel : +604 928 4000Fax : +604 928 3016

Website : www.uum.edu.my


Universiti Tenaga Nasional

(the academic programme commenced

from the academic year 2002/2003 onwards)

26700 Bandar Muadzam Shah

PahangTel: +609 455 2020

Fax: +609 455 2000

Website : www.uniten.edu.my


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Universiti Multimedia

(the academic programme commenced

from the academic year 2002/2003 onwards)Jalan Multimedia

63100 CyberjayaSelangor Darul Ehsan

Tel : 1300 800 668/+603 8312 5327

Fax : +603 8312 5088Website : www.mmu.edu.my


Universiti Multimedia

(the academic programme commencedfrom the academic year 2002/2003 onwards)Jalan Ayer Keroh Lama

75450 Melaka

Tel: 1300 800 668Website : www.mmu.edu.my


Universiti Malaysia Terengganu

21030 Kuala Terengganu

Terengganu Darul ImanTel : +609 6684 391

Fax: +609 6684 390Website : www.umt.edu.my


Universiti Malaysia Sabah

Jalan UMS

88400 Kota KinabaluSabah

Tel : +6088 320 000Fax: +6088 320 223

Website : www.ums.edu.my

Recognised Accounting Degree* (First Schedule, Part I of The Accountants Act, 1967)


Universiti Selangor

Jalan Timur Tambahan

45600 Bestari JayaSelangor Darul EhsanTel : +603 3289 7336

Fax: +603 3289 7335

Website : www.unisel.edu.my


Universiti Sultan Zainal Abidin

Gong Badak Campus

21300 Kuala Terengganu

Terengganu Darul ImanTel: +609-668 8888

Fax: +609-666 2566

Website : www.unisza.edu.my


Universiti Sains Islam Malaysia

Bandar Baru Nilai

71800 NilaiNegeri Sembilan Darul Khusus

Tel: + 606-798 6301/6402/6304/6305/6306Fax: +606-798 6302/6308Website : www.usim.edu.my


Universiti Tunku Abdul Rahman

Bandar Sungai Long Campus

Lot PT 21144, Jalan Sungai LongBandar Sungai Long

Cheras

43000 KajangSelangor Darul Ehsan

Tel: +603-9019 4722Fax: +603-9019 7062

Website : www.utar.edu.my

Bachelor of Accountancy (Honours)

INTI International University

Faculty of Business, Communications and LawPersiaran Perdana BBN

Putra Nilai, 71800 NilaiNegeri SembilanTel: 06-798 2000

Fax: 06-799 7513

Website : http://newinti.edu.my


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The Malaysian Institute of Certified Public

Accountants (MICPA)

15, Jalan Medan Tuanku

50300 Kuala LumpurTel : +603 2698 9622 | Faks : +603 2698 9403Website : www.micpa.com.my

The Institute of Chartered Accountants of

Scotland (ICAS)

CA House, 21 Haymarket Yards

Edinburgh EH12 5BH, ScotlandTel : +440131 3470100 | Faks : +440131 347 0105

Website : www.icas.org.uk

The Institute of Chartered Accountants in

England and Wales (ICAEW)

ICAEW Malaysia BranchLevel 2, Chulan Tower

3, Jalan Conlay

50450 Kuala LumpurTel : +603 2171 6022

Website : www.icaew.com

Institute of Chartered Accountants in Ireland(ICAI)

CA House, 47 Pearse St

Dublin 2, Ireland

Tel : 00-353-1-6377200 | Faks : 00-353-1-6680842Website : www.charteredaccountants.ie

Association of Chartered Certified Accountants

(ACCA)

ACCA Malaysia Sdn Bhd

27th Floor, Sunway Tower86 Jalan Ampang

50450, Kuala LumpurTel : 1-800-88-5051 | Faks : +603 2713 5052

Website : www.malaysia.accaglobal.com

The Institute of Chartered Accountants in

Australia (ICAA)

C-3A-10, 4th Floor, Block CDamansara Intan

1, Jln SS20/2747400 Petaling JayaSelangor Darul Ehsan

Tel : +603 7118 2062 | Faks : +603 7118 2063

Website : www.charteredaccountants.com.au

9.0 Recognised Professional Accountancy Bodies** (First Schedule, Part II of The Accountants Act, 1967)

CPA Australia

Suite 10.01, Level 10

The Gardens South Tower

Mid Valley City, Lingkaran Syed Putra59200, Kuala LumpurTel : +603 2267 3388 | Faks : +603 2287 3030

Website : www.cpaaustralia.com.au

Canadian Institute of Chartered Accountants

(CICA)

277 Wellington Street WestToronto, ON M5V 3H2

Canada

Tel : +1-416-977-3222 | Faks : +1-416-977-8585Website : www.cica.ca

The Institute of Chartered Accountants in India

(ICAI)

ICAI Bhawan

Indraprastha Marg., Post Box No.7100New Delhi 110 002, India

Tel : 0091-011-3989 3989 | Faks : 0091-011-3011 0580Website : www.icai.org

Chartered Institute of Management

Accountants in United Kingdom) (CIMA)

CIMA SE Asia

Lot 1.05, Level 1KPMG Tower, 8 First Avenue

Bandar Utama, 47800, Petaling Jaya

Selangor Darul EhsanTel : +603 7723 0230 | Faks : +603 7723 0231

Website : www.cimaglobal.com

New Zealand Institute of Chartered

Accountants (NZICA)

c/o New Zealand High Commission

21st Floor, Menara IMC

8, Jalan Sultan Ismail50250, Kuala Lumpur

Tel : +603 2078 2533 | Faks : +603 2078 0387

Website : www.nzembassy.com


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MIA QUALIFYING

EXAMINATION MIA QE

Since 2003, MIA has been

carrying out the MIA Qualifying

Examination (MIA QE) as

an alternative pathway for

accounting, business and finance graduates to

qualify as chartered accountants.

MIA QE is a step closer for aspiring accountants to

be chartered accountants who do not possess a

qualification in accountancy recognised by MIA as

stated in Part I and Part II of the First Schedule to

the Accountants Act 1967.

ELIGIBILITY

Section 15A (2) of the Act provides that a person

shall only be eligible to sit for the MIA QE if he/she

possesses a qualification relating to accounting,

business or finance recognised by the Public

Services Department of the Government or other

qualifications approved by the MIA Council.

These include:

Local/Overseas graduates;

Students who have graduated from twinning

programmes; and

Students who have graduated from 3+0

programmes

However, pursuant to Rules 3 (3) of the MIA QE

Rules 2002, the accounting content in the above

qualifications must not be less than 60 percent of

the total qualification that will be assessed by the

MIA Examination Committee.

10.0 Alternative Route to Qualify as Accountants, the MIA QE Way


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Alternative Route to Qualify as Accountants the MIA QE Way

ALTERNATIVE ROUTE TO QUALIFY AS A C.A. M

5. QUALIFY & APPLY FOR C.A. M MEMBERSHIP

Receive the Certified of Successful Completion

Apply for membership of MIA & use the designatory letters C.A. (M)

after your name

4. UNDERTAKE & COMPLETE THE MIA QE ASSESSMENT FOR ALL

4 PAPERS

Attend a series of workshops

Sit and pass the final examination

3. REGISTER FOR THE MIA QE WORKSHOP & FINAL EXAMINATION

Submit forms with the registration fees Workshop fee RM1,500 per paper (inclusive MIA QE Study Text

& Workshop Manual)

Final examination RM300 per paper

2. APPROVAL BY THE EXAMINATION COMMITTEE

Receive Certificate of Candidacy (CoC) Valid for 2 years

Renewal of CoC for another 2 years

Access for supporting information from MIA website

1. REGISTER AS A CANDIDATE

Submit form with a registration fee of RM300

Include certified true copies of IC, educational certificates a & transcript


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APPLICATION OF CANDIDACY

Interested candidates are requested to submit the application form along with the necessary documents

and registration fee to MIA on or before the closing date for acceptance of applications as per below:

EXAMINATION SESSION CLOSING DATE

MARCH 31 October of the previous year

SEPTEMBER 30 April of the current year

APPLICATION FOR QUALIFYING EXAMINATION

The MIA QE consists of 4 papers and candidates have the option of registering for all four papers at one

sitting or stagger the papers over a maximum period of four years. Candidates are required to register forthe workshop and final examination with MIA and the details are as follows:

EXAMINATION SESSION OPENING DATE CLOSING DATE

MARCH Mid October of the previous year End November of the previous year

SEPTEMBER Mid April of the current year End May of the current year

MIA QE ASSESSMENT FRAMEWORK

11.0 Application of Candidacy

BCL AFAR AUD TAX

WORKSHOP EVALUATION 60%

Group (20%) project paper & presentation

Individual (20%) quizzes & assignments

FINAL EXAMINATION 60%

Compulsory to pass the Final Exam

To attain at least 30% out of total 60%


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1. BUSINESS AND COMPANY LAW BCL

To provide a sound knowledge of the core

elements of Malaysian Business Law together

with a thorough understanding of theMalaysian Company Law and its regulations

with their applications in the management and

administration of companies to the best interest of

society and the profession.

2. ADVANCED FINANCIAL ACCOUNTING

AND REPORTING AFAR

To equip candidates with the knowledge and

skills to apply financial reporting standards inthe preparation of financial statements for public

companies and group of companies.

3. AUDITING AND ASSURANCE SERVICES

AUD


understanding of the audit process and reports

when performing an audit of financial statements,

including considerations for other issues relating toprovisions of audit-related and assurance services.

4. TAXATION TAX


understanding of the concepts, principles and

current taxation practices in Malaysia as well as

the ability to solve practical problems and to be

familiar with aspects of other relevant legislation.

12.0 MIA QE Syllabus

EXAMINATION ADMINISTRATION

University Technology Mara (UiTM) has been

appointed as the Examination Body to conduct

the MIA QE for a period of three years. UiTM willset the examination, mark and assess the answer

scripts and forward the examination results to the

MIA Examination Committee. The University was

selected based on its impressive track record, staff

strength and excellent infrastructure.

EXAMINATION CENTRES

The final examinations are conducted throughout

Malaysia at the following venues:1. UITM Shah Alam for Selangor and Federal

Terriority

2. MIA Regional Offices in Johor Bahru, Penang,

Sabah and Sarawak.

MIA QE CERTIFICATE OF SUCCESSFUL

COMPLETION

Upon completion of all 4 papers, the successful

candidate will obtain a Certificate of SuccessfulCompletion from MIA. To qualify for MIA

membership, in addition to obtaining the

Certificate of Successful Completion, applicants

would need to gain 3 years of working experience

in the service of chartered accountant or in

a government department, bank, insurance

company, local authority or other commercial,

financial, industrial or professional organisation


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13.0 Career Prospects in Accountancy

Accountants have many variedskills and are employable inany industry and businesses.

They are employed and arepartners in accounting firms,chief financial officers ofmulti-national organisations,

deans and lecturers of the accounting faculties inuniversities, directors in government departments,chief executive officers, tax advisers, bankersand finance directors of many commercial andindustrial organisations.

If one were to browse through the daily newspapers

for employment, one would find many vacancies foraccountants, finance directors, finance executives,finance managers, internal auditors, accountsmanager, accounts supervisors, etc.

It would also not be surprising to find certainpositions traditionally not held by accountants,have advertisements listing the requirements foraccounting qualifications. Some of these positionsare corporate care managers, relationship

managers and such. The prospect for anaccountant is therefore limitless.

An accountant is normally situated in an idealposition to propel themselves onto the upperlevels of management. This is due to the fact thatthe skills of an accountant are fundamental skills

in the business world, which gives the accountantthe advantage of understanding the financialworkings of an organisation. The expertise of

an accountant enables him/her to offer adviceon financial matters to the management andtherefore becomes a crucial advantage to thecareer advancement of the accountant.

Accountants are also not limited geographicallyespecially for those who choose to acquirean internationally recognised accountingqualification. However, those who acquire otheraccounting programmes may later pursuean internationally recognised accounting

qualification, to enable him/her to market his/herservices in the international market.

Malaysia, as it moves towards achieving fullydeveloped nation status would require moreaccountants to fill the many vacancies arising fromthe industries and businesses which are beingestablished. Foreign investors encouraged by thebusinesses in the country will need the expertise ofaccountants to provide them with financial advice.

Fresh accounting graduates with no experiencemay expect a salary between RM1,500 andRM2,000. However, this would depend on the sizeof the organisation and scope of work.


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If you are interested to chart your career

in the accountancy profession visit

www.mia.org.my,

[email protected] call us

at +603 2279 9200

LIKE us on miamainpage

MIA e-Career Guide

Documents

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