What is the Malaysian Institute of Accountants (MIA)?

Malaysian Institute of Accountants (MIA)

Malaysian Institute of Accountants (MIA)

What Students Interested in Being a Chartered Accountant Should Know About the Malaysian Institute of Accountants (MIA)

The term ‘Accountant’ is protected in Malaysia under the Accountants Act 1967 which indicates that no one can offer oneself out or practise as an accountant unless he is a member of the Malaysian Institute of Accountant (MIA). Therefore, a recognised degree as well as 3 years’ practical working experience approved by MIA OR a full member of a professional accountancy body is required to become a qualified Accountant.

Established under the Accountants Act 1967, the Malaysian Institute of Accountants (MIA) is the national accountancy body that regulates, develops, supports, and enhances the integrity, status, and interests of the profession in Malaysia. MIA accords the Chartered Accountant Malaysia or CA (M) designation. Working closely alongside businesses, MIA connects its membership to a range of resources, events, and professional development and networking opportunities. Currently, there are more than 32,000 members across all industries in Malaysia and around the world. MIA’s international outlook and connections are reflected in its membership in regional and international professional organisations, such as the ASEAN Federation of Accountants.

You might also be interested in:

About the Malaysian Institute of Accountants (MIA)

The Malaysian Institute of Accountants (MIA) is a statutory body responsible to regulate the accountancy profession in Malaysia. It is the sole organisation in Malaysia with the right to determine whether or not a person is qualified to be recognised as an accountant by virtue of the power provided by the Accountants Act, 1967.

The focus of MIA is to enhance the credibility of the accountancy profession through three approaches.

Firstly, MIA sets the benchmark for the qualification to be recognised. It is also involved in providing continuing professional education to ensure the members are updated on the new knowledge and skills required out of them.

Secondly, MIA sets professional standards to be complied with by its members in line with global expectations. This includes providing implementation guidance to members. The standards set by MIA are auditing standards and By-laws (On Prefessional Conducts and Ethics).

Finally, MIA enforces the standards through its surveillance and disciplinary processes.

To assist better implementation of Financial Reporting Standards in Malaysia, MIA establishes the Financial Reporting Standards Implementation Committee which provides guidance on implementation issues.

At the international level MIA is a member of the International Federation of Accountants, Confederation of Asian and Pacific Accountants and Asean Federation of Accountants.

Established under the Accountants Act 1967, MIA is the national accountancy body that regulates, develops, supports and enhances the integrity, status and interests of the profession in Malaysia. MIA accords the Chartered Accountant Malaysia or C.A. (M) designation to a professional in accountancy, business and finance with a recognised qualification and relevant work experience.

Working closely alongside businesses, MIA connects its membership to a wide range of information resources, events, professional development and networking opportunities. Presently, there are 37,964 members making their strides in businesses across all industries in Malaysia and around the world.

MIA’s international outlook and connections are reflected in its membership of regional and international professional organisations such as the ASEAN Federation of Accountants (AFA), and the International Federation of Accountants (IFAC).

 

MIA’s Functions

Section 6 of the Accountants Act 1967 (the Act) states that the functions of the Institute shall be:

  • 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 practising or intending to practice the profession of accountancy;
  • To approve the MIA Qualifying Examination(QE) and to regulate and supervise the conduct of that Examination;
  • To regulate the practice of the profession of accountancy in Malaysia;
  • To promote, in any manner it thinks fit, the interest of the profession of accountancy in Malaysia;
  • To render pecuniary or other assistance to members or their dependents as it thinks fit with a view to protecting or promoting the welfare of members; and
  • Generally to do such acts as it thinks fit for the purpose of achieving any of the aforesaid objectives.

Eligibility For Registering With The Malaysian Institute Of Accountants

Applicants under the Chartered Accountant category must possess one of the following:

  • Passed any of the final examinations specified in *Part I of the First Schedule of the Accountants Act, 1967 and gained not less than of 3 years of working experience in the service of a Chartered Accountant or in a government department, local authority or other commercial, financial, industrial or professional organisation or any other undertaking approved by the MIA Council; and/or
  • Member of any of the recognised bodies specified in **Part II of the First Schedule of the Accountants Act, 1967; and/or
  • Passed the MIA Qualifying Examination (QE) and gained 3 years of working experience in the service of a Chartered Accountant or in a government department, local authority or other commercial, financial, industrial or professional organisation or any other undertaking approved by the MIA Council.

Write your comment or question & our experts will reply you soon

This site uses Akismet to reduce spam. Learn how your comment data is processed.

With More than 20 years of Experience & Knowledge in Higher Education, I will Help You Choose the Right Course & the Best Private University so that You Can Find a Job with a Stable Salary!

Fill in the Form for Genuine Expert Advise

If you are the Parent, please provide your Child’s Details

By filling up the form you accept our Privacy Policy & allow us to share with our partner universities related to your interests. EduSpiral Consultant Services abides by the Personal Data Protection Act (PDPA) & do NOT sell your Personal Data.