MIA hopes to see brand new Accountants Act next year

KUALA LUMPUR: The Malaysian Institute of Accountants (MIA) hopes the government will enforce a brand new Accountants Act next year to meet the current and prospective developments and issues.

Its president Huang Shze Jiun said the institute believed the Accountants Act 1967 could no longer inspire confidence and trust as it limited the MIA’s legal jurisdiction.

“(Under the current law) We cannot do anything... in order to have power, like the ability to impose fine and penalise guilty parties, or (for) not doing the right thing, we need a stronger and robust act while at the same time allows the profession to grow,” he told Bernama on the sidelines of MIA Conference 2019 today.

“We need a new act that will facilitate better governance and sustainable behaviour, which in turn, builds a higher quality profession and a secure environment for all related parties,” he added.

Saying that the MIA was made to understand the Finance Ministry was looking into amending the current Act, Huang hoped the ministry would consult the institute on the amendments needed.

On the conference, themed “Trust and Sustainability in a Digital Economy”, Huang said it was aimed to upskill members and accountants. – Bernama