The Role of MIA and CPE in Developing the Accountancy Profession
As every accountant knows, changes are a constant in life. Businesses grow, find new markets, merge with other businesses, and create new products. Accountants must stay abreast of these changes and step up their efforts. And not just that, evolving technology also brings changes to the accounting processes.
The contributions of MIA and CPE to Malaysia’s Business Grow:
The Malaysian Institute of Accountants (MIA), a statutory body, was established under the Accountant’s Act 1967 to develop the accountancy profession in Malaysia and support economic growth and nation-building. It was established with the following objectives:-
- Develop and enhance the competency of professional accountants to stay abreast with the business and market demand.
- Nurture its members’ professional ethics and values to uphold a robust accountancy profession.
- Regulate the practice of the accountancy profession consistent with global standards.
- Promote the value proposition of the profession and uplift global recognition.
MIA introduced mandatory CPE requirements for its members to abide by. But what is CPE? Let’s find out.
CPE and Accountancy Profession
The coronavirus pandemic brought several challenges for people to adapt to the new normal. Similarly, accounting professionals had to maintain competence, resilience, and credibility in carrying out their professional duties in these challenging times. This is where Continuing Professional Education (CPE) played a huge role in developing the accountancy profession.
CPE refers to the learning activities that develop capabilities in the members to perform effectively within their professional environment. With a well-planned CPE, accountancy professionals can stay abreast of the developments concerning the profession, acquire new skills, and remain relevant in the industry.
MIA CPE Obligations
To comply with CPE, all members of the MIA must undertake a minimum of 20 structured CPE credit hours each calendar year. For renewal as an approved company auditor, each member must complete a minimum of 10 out of 20 structured CPE hours related to International Standards on Quality Control, approved accounting and auditing standards, and professional ethics. Members are required to update the date and duration of the event, the course title, and the organiser online through the MIA members portal.
The following criteria should be fulfilled to comply with the CPE requirements:-
- The learning activities are relevant to the member’s professional responsibilities.
- Ability to illustrate how these learning activities can be applied to their professional responsibility.
- Certificate to verify that the member participated in these learning activities.
MIA in the Covid-19 Era
During the coronavirus pandemic, MIA’s most effective innovations have been the establishment of virtual platforms to counter the disruptions to businesses caused by lockdowns and Covid-19 protocols. The institute provided greater online support to help its members adapt to virtual learning and stay relevant to the industry. The institute introduced the MIA webinar series and other online courses to facilitate compliance with CPE requirements. Looking ahead, MIA will continue to strengthen regulations, digital adoption, and innovation.
Bottom Line
CPE is crucial in enhancing professionalism and ensuring the future relevance and credibility of the accountancy profession. Moreover, it can help accountants develop essential skills for growth in the industry. MIA undertakes strict CPE compliance requirements to ensure that all its members remain competent and resilient, especially in this challenging business environment.
To learn more about the accountancy profession in Malaysia, follow the DataTracks blog.