KUALA LUMPUR: Malaysian Institute of Accountants (MIA) today launched the ‘Competency Framework for Finance Functions in Public Interest Entities’ (PIEs) to guide chief financial officers (CFOs) and finance professionals on enhancing financial systems and quality of people in their organisations.
MIA president Salihin Abang (pix) said the framework is a timely initiative to deliver relevant training and education for the diverse role in today’s dynamic business landscape.
It also aims to prepare them for the finance function and business transformation, much of which is digitally driven.
“The framework lays out all the approaches and a clear set of guidelines that we can improve. It is imperative to all CFOs, finance functions and even for smaller organisations up to large government-linked companies.
“We must step up, invest in people and bring up the systems and standards,“ he told reporters at the CFO Conference 2019 today.
The framework is guided by research from the International Federation of Accountants (IFAC), a key advocate for CFO and finance function transformation and other credible sources of knowledge.
Salihin said the framework also complements MIA’s other strategic initiatives to upskill CFOs and finance professionals to better support businesses and organisations.
Meanwhile, MIA council member Datuk Merina Abu Tahir said the framework has also put in requirements for MIA members (the professional accountants) to list down their MIA membership number when they signed the audited financial report.
“This will give more credibility and people will know the quality of the financial statements when they see an MIA member signing it as they will be bound by the MIA regulations.
“This is something new compared to before where you do not really know who has signed those financial statements,“ she added.