Last Updated on Wednesday, 07 September, 2016 10:18:26 PM
|The UK and Malaysia have been producing
world-class accounting graduates for the
past 50 years. Accountancy qualifications
open up many opportunities in different
fields of human activity. There is probably
no better entry to top jobs in business
and industry, management and financial
consulting than working to become a highly
qualified and experienced accountant.
From auditors to business advisers, the role of accountants has changed significantly over the years. With this expanded role, their education and training have also changed. Apart from learning the traditional bookkeeping techniques, they are now required to possess a wider scope of knowledge: economics, management, law, finance, marketing etc.
To achieve this, a degree is not essential but degrees in certain subjects will earn exemptions from one or more parts of the professional accounting examinations. The main routes to become an accountant are as listed below:
• Academic route:
- Degree in a subject with direct relevance eg accounting, business studies, law mathematics, economics or MBA
- Academic qualifications equivalent to STPM or other pre-university courses for entry to professional accounting courses such as ACCA, CIMA and AIA
• Professional route:
- Period of up to four years, practical training while taking professional qualifications at the same time, such as with the Institute of Chartered Accountants in England and Wales.
The variety and scope of the accounting profession can be broadly divided into four areas. These are chartered accountants, certified accountants, public finance accountants and management accountants. The differences between them are mainly in the type of finance work that is can be done such as financial strategy, risk management, financial services, auditing, taxation and banking as well as the type of organization that requires the service such as the government, banks, public listed companies and a whole host of other institutions.
In a nutshell, students will be trained to perform in an evolving industry and to exacting standards. There is a need for individuals with multidisciplinary skills who are able and accountable. The UK has the most stringent financial regulations in the world, in a global climate where now even seemingly innocuous transactions come under the microscope. In a rapidly evolving global marketplace, UK educators are matching the pace of change to offer relevant courses to the brightest students. For UK accountancy graduates the possibilities are endless.
ROUTE TO BECOMING A
CHARTERED ACCOUNTANT IN MALAYSIA (1)
ROUTE TO BECOMING A
CHARTERED ACCOUNTANT IN MALAYSIA (2)
Malaysian Institute of Accountants (MIA)
|Recognized Local Accountancy Degrees (Part I of the First Schedule of the Accountants Act, 1967)*|
|Bachelor of Accounting, Universiti Malaya|
|Diploma in Accounting, Universiti Malaya (up to examination session 1981/82)|
|Bachelor of Accounting (Hons), Universiti Kebangsaan Malaysia|
|Bachelor of Accounting (Hons), Universiti Teknologi Mara|
|Advanced Diploma in Accountancy, Institut Teknologi Mara (up to Oct 1996)|
|Bachelor of Accounting (Hons), Universiti Utara Malaysia|
|Bachelor of Accounting (Hons), (Information Systems), Universiti Utara Malaysia|
|Bachelor of Accounting (Hons), Universiti Putra Malaysia|
|Bachelor of Accounting (Hons), International Islamic University|
|Bachelor of Accounting (Hons), Universiti Sains Malaysia|
|Bachelor of Accounting (Hons), Malaysia Multimedia University (academic programme for which commenced from the academic year 2002/03 onwards)|
|Bachelor of Accounting (Hons), Universiti Tenaga Nasional (academic programme for which commenced from the academic year 2002/03 onwards)|
|Bachelor of Accounting (Hons), Kolej Universiti Sains & Teknologi Malaysia|
Accounting (Hons), Universiti .-Malaysia
(Part II of the First Schedule of the Accountants Act, 1967)** y
|Malaysian Institute of Certified Public Accountants|
|Institute of Chartered Accountants of Scotland|
|Institute of Chartered Accountants in England and Wales|
|Institute of Chartered Accountants in Ireland|
|Association of Chartered Certified Accountants (United Kingdom)|
|Institute of Chartered Accountants in Australia|
|New Zealand Institute of Chartered Accountants|
|Canadian Institute of Chartered Accountants|
|Institute of Chartered Accountants of India|
of Management Accountants
|Committed to Progress & Quality
Malaysian Institute of Accountants (MIA) is the profession's regulatory body of policing and enforcement.
It has been shown that there is a direct correlation between a country's level of development vis-à-vis the size. level and standards of the accountancy profession. Accountants are crucial when it comes to recording, collating and summarizing raw financial data into reports. They interpret, analyze and recommend corrective actions. They are the watchdogs of business and governance.
Since business is the lifeblood of Malaysia, it stands to reason that promoting quality accountancy practices will raise the standard of governance and business in Malaysia. MIA is dedicated to raising the bar of accounting quality, We are committed to our mission of developing and sustaining professional quality and expertise that can meet the most demanding global standards.
Development is also crucial to guarantee the accountant a place in the future. Currently, Malaysia is in the process of transformation, shifting from an industrial economy to a knowledge-based economy. As a business changes, requirements become more fluid, the accountant is no longer a mere number- cruncher. Instead, an accountant must be technically competent and informed on a wide variety of subjects, in order to provide the best and highest value-added services for his or her clients.
MIA is dedicated towards moulding and shaping this new breed of accountants by providing opportunities for lifelong learning. To sustain professional development and growth, MIA has chosen to deliver education and training via the key channels of conventions, conferences, seminars and workshop, all of which are held on regular basis.
Governing the Profession
The Malaysian Institute of Accountants (MIA) was established in 1967 under the Accountants Act 1967 (Act') as the regulatory body of the profession in Malaysia. Thus, it also represents the voice of all accountants in the country.
In Malaysia, the word 'accountant' is protected under the provisions of the Act, which states that no one can hold himself or herself out or practice as an accountant unless he or she is registered as a member of MIA.
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 including the Accountant-General. Others in the Council include the President of the Malaysian Institute of Certified Public Accountants (MICPA, previously MACPA); 10 members elected at the annual general meeting; and up to 18 members appointed by the Government including members from recognized institutions of higher learning and recognized professional bodies.
The Institute's statutory functions inter alias are:
To determine the qualifications of persons for admission as members
To provide for the training and education by the Institute or any other body of persons practicing or intending to practice the profession of accountancy
To regulate the practice of the accountancy profession in Malaysia
To promote, in any manner it thinks fit. the interests of the accountancy profession in Malaysia
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 MIA's strict code contained in the MIA's By-Laws (On Professional Conduct and Ethics), Any breach of these By-Laws by members may render them liable to face disciplinary proceedings,
The Institute also monitors local and international accounting developments and consults regularly with government and statutory bodies. Members of MIA receive technical support and information on the latest developments in the profession through the Institute's Continuing Professional Education (CPE) programme and the Institute's magazine. Accountants Today, as well as through circulars, updates and other pronouncements.
In the international arena, MIA is a member of the International Federation of Accountants (IFAC). It supports the work of this body and adopts as far as possible the IFAC pronouncements in Malaysia. MIA is represented in the International Auditing and Assurance Standards Board (IAASB). In the regional scene, MIA plays a proactive role as a member of the Confederation of Asian and Pacific Accountants (CAPA) and the Asean Federation of Accountants (AFA).
MIA QE: Alternative Route
Section 15A (2) of the Act provides that a person shall only be eligible to sit for the MIA Qualifying Examination if he/ she possesses a qualification relating to accounting, business or finance recognized by the Public Services Department or other qualifications approved by the MIA Council. This includes;
students who have graduated from twinning programmes
students who have graduated from 3+0 programmes
However, pursuant to Rule 3 (3) of the Malaysian Institute of Accountants QE Rules, 2002, the accounting content in the above qualifications must not be less than 60 per cent of the total qualification that will be assessed by the MIA Examination Committee.
Application of Candidacy
Interested applicants are requested to submit the application form for candidacy together with the processing and candidacy fees amounting to RM 300.OO/- to MIA to be processed by the MIA Examination Committee. The application form for candidacy can be obtained at the MIA office or downloaded from the MIA website
at www.mia.org.my. The Examination Committee will issue the successful candidate with a Certificate of Candidacy that will be valid for a period of two years. For those whose applications are rejected by the Examination Committee or withdrawn by the applicants, MIA will refund the candidacy fee of RM 200.00.
Application for Examination.
An application to sit for the MIA QE shall be submitted to the Examination Committee in the prescribed form together with a copy of the Certificate of Candidacy. This application form can be obtained at the MIA office or downloaded from the Institute's website. The examination consists of four (4) papers and candidates have the option of registering for all four (4) papers at one sitting or stagger the papers over a maximum period of four years. The examination fee is RM200 per paper. The examination will be held twice every calendar year in March and September.
The MIA QE consists of four (4) papers as listed below:
Business and Company Law (BCL)
Auditing and Assurance Services (ADD)
Advanced Financial Accounting and Reporting (AFAR)
The syllabus for each examination paper is designed to assess the candidate's knowledge and skills in the respective area of study.
OBJECTIVE - BCL To provide a sound knowledge of the core elements of Malaysian Business Law together with a through understanding of the Malaysian Company Law and its regulations with their applications in the management and administration of companies.
OBJECTIVE - AUD To equip candidates with knowledge and understanding of the audit process when performing the audit of financial statements including consideration of other issues relating to provisions of audit-related and assurance services.
OBJECTIVE - TAX To equip candidates with the knowledge and understanding of the basic concepts, principles and current tax practices in Malaysia as well as the ability to solve practical problems and to be familiar with aspects of other relevant legislation.
OBJECTIVE - AFAR To equip candidates with knowledge and skill in applying financial reporting standards in preparing financial statements for public companies including group of companies.
Universiti Teknologi Mara (UiTM) has been appointed as the examination body to conduct the MIA QE for a period of three years. UiTM will set 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.
In addition to its campus in Shah Alam, UiTM may conduct the examination at selected centres in Johor Bharu, Melaka, Ipoh/ Pulau Pinang, Kota Bharu, Kuantan, Kuching and Kota Kinabalu, if there are a minimum number of candidates in these states.
Certificate of Successful Completion and Membership into MIA
Upon completion of all four papers, the successful candidate will obtain a Certificate of Successful Completion from MIA. To qualify for MIA membership, in addition to obtaining the Certificate of Successful Completion, applicants would need to gain three (3) years of practical accounting experience in the service of a chartered accountant or in a government department, bank, insurance company, local authority or other commercial, financial. industrial or professional organization or other undertaking approved by the MIA Council.
|MIA QE : Application Process|
|Submit application for Certificate of Candidacy
to MIA with
a. Processing fee : RM 100,00 (non-refundable)
b. Candidacy fee : RM 200.00
|Approval by MIA Examination Committee
|Issuance of Certificate of Candidacy
|Submit Application for Examination to MIA
(1-4 papers) with relevant fees
(RM200 per paper)
|Issuance of Examination Docket
|Sit for Examination
|Notification of results/ issuance of
Certificate of Successful Completion by MIA
How to Become an MIA
All persons practicing as accountants or auditors in Malaysia must be registered with the Institute. There are three categories of membership:
One can become an MIA member by pursuing one of the following routes.
A. Applicants In The Chartered Accountant Category Must Possess One Of The Following:
Passed any of the final examinations specified in *Part 1 of the First Schedule of the Accountants Act 1967 and has not less than three (3) years' practical accounting experience in the service of a chartered accountant or in a Government department, bank, insurance company, local authority or other commercial, financial, industrial or professional organization or other undertaking approved by the MIA Council
Member of any of the recognized bodies specified in **Part II of the First Schedule of the Accountants Act, 1967
Eligible to sit for and passed the MIA Qualifying Examination and has not less than three (3) years' practical accounting experience in the service of a chartered accountant or in a Government department, bank, insurance company, local authority or other commercial, financial, industrial or professional organization or other undertaking approved by the MIA Council.
B. Applicants In The Licensed Accountant Category Must Satisfy The Following:
Member of the Malaysian Society of Accountants (MSA) and has passed any of the final examinations of that body last held in December 1992 and has gained at least three (3) years' practical accounting experience in the service of a chartered accountant or in a Government department, bank, insurance company, local authority or other commercial, financial, industrial or professional organization or other undertaking approved by the MIA Council.
C. Applicants In The Associate Member Category Must Satisfy The Following:
Possess a first degree and/or is a member of any of the recognized bodies specified in **Part II of the First Schedule of the Accountants Act 1967, and a Master's degree or higher, in which he or she must have a major in accounting for either his or her first degree or Master's degree or higher; and he or she has not less than three (3) years' experience in teaching accounting or accounting related subjects at an institution of higher learning or equivalent.
INDEX : University Education in Malaysia September 07, 2016 10:18:26 PM