STRONG AND TRUSTED ACCOUNTANCY PROFESSION KEY TO MOVING MALAYSIAN BUSINESSES UP THE VALUE CHAIN, SAYS DEPUTY MINISTER OF FINANCE YB LIEW CHIN TONG

 

KUALA LUMPUR, Oct 27 (Bernama) -- As Malaysia seeks to move into higher-value economic activities, the accountancy profession is central to helping businesses strengthen financial management, governance and risk oversight, and make better-informed strategic decisions.

“Moving up the value chain requires businesses to allocate capital effectively, manage risks, strengthen governance and make informed decisions about growth. Accountancy professionals play an important role by supporting reliable financial information, sound governance and accountability. These are essential to building the trust that enables businesses to attract investment, pursue higher-value opportunities and compete effectively. Trust is the profession’s foundation and a competitive advantage for Malaysia,” said Deputy Minister of Finance YB Liew Chin Tong during a courtesy visit to the headquarters of the Malaysian Institute of Accountants (MIA) in Bangsar South, where he engaged with MIA leadership on the role of the profession in governance and nation building.

While the accountancy profession plays a critical role, the integrity of Malaysia’s financial reporting ecosystem ultimately depends on every participant discharging their respective responsibilities. “The strength of Malaysia’s financial reporting ecosystem depends on strategic collaboration and a shared commitment to accountability, competence and integrity. By working together to uphold high standards of financial reporting and governance, particularly among large organisations, we can strengthen public confidence, safeguard economic resilience and contribute to the nation’s sustainable growth,”said MIA Vice President Ahmad Syahazan Yaacob.

Future-Readiness Underpins Capability Building and Trust

Ensuring the future-readiness of the profession is equally important to strengthening professional judgement and building capabilities to uphold integrity and trust. Towards this end, MIA—as the statutory body mandated under the Accountants Act 1967 to regulate and develop the accountancy profession—is actively engaging the Ministry of Finance on amendments to the Act to shape an enabling ecosystem for accountancy professionals and better protect the public interest.

“A future-ready accountancy profession anchored in ethics and integrity is essential to Malaysia’s economic ambitions. By strengthening business capabilities, upholding professional judgement and building trust in financial and corporate information, accountants can help businesses compete more effectively and support the nation’s long-term economic growth,” said Ahmad Syahazan.
 
MIA prioritises talent development as a key component of future readiness and holistic national competitiveness. As businesses pursue growth and more complex activities, demand is projected to increase for professional services in areas such as tax advisory, funding readiness, business transformation, sustainability reporting, governance and risk management. MIA is strengthening the profession’s talent pipeline and capabilities through education, professional development and training initiatives.

Reinforcing the importance of developing a competent and future-ready accountancy profession, YB Liew also emphasised the critical role of ethics and integrity in strengthening governance and safeguarding public trust. “Corruption and money laundering undermine public trust, weaken national institutions, distort economic development, and threaten the nation’s long-term prosperity. Addressing these challenges requires highly competent accountancy professionals who demonstrate the highest standards of ethics, integrity, independence, and professionalism”.

“Equally important is a robust regulatory framework that ensures accountability, enforces compliance, and upholds professional standards. Together, ethical and competent accountants and effective regulatory mechanisms form a critical line of defence against financial misconduct, protecting the public, strengthening national governance, and preserving the nation’s economic stability and reputation”, he said. 

SOURCE: Malaysian Institute of Accountants (MIA) 

FOR MORE INFORMATION, PLEASE CONTACT:
MIA STRATEGIC COMMUNICATIONS & BRANDING
E-mail: communications@mia.org.my

Name: THANE MEYYAPPAN 
Tel: +6012 248 9534

Name: MOHD FAIZ OTHMAN
Tel: +6012 622 5027

--BERNAMA