MIA -Malaysian Institute Of Accountants.
Becoming an accountant is one of the greatest things that can be achieved by a person. This is because, as what is known, being an accountant is considered as the most prestigious career, which a person can may achieve. However, becoming an accountant involves complicated processes, which would require you to take and pass the exam. The exam is a process that the person must undergo in order to guarantee that he is capable of performing all the tasks and responsibilities that will soon be given to him once hired by a company.
MIA As A Malaysian Organization For Accountants.
In order to assure that all accountants will really be capable of these duties, different organizations were established all over the world. In Malaysia, the organization that was established and was given the responsibility in regulating and developing the accountancy profession in the country was the MIA or the Malaysian Institute of Accountants. At present, MIA is one of the members of the International Federation of Accountants as well as the ASEAN Federation of Accountants.
Responsibilities Of MIA.
The organization MIA was formulated and established in order to regulate and develop the profession of accountancy in Malaysia. MIA is the only organization that has the right in determining whether a person who chose to take this career is qualified to be one or be recognized as an accountant based on the Accountant Act, 1976. The organization of MIA is focused on enhancing the credibility of the profession accountancy using three approaches.
The Three Approaches Used By MIA In Enhancing The Accountancy Profession.
The first approach used by MIA in enhancing the accountancy profession is through setting the standard qualifications In order for a person to be recognized as an accountant. Aside from that, MIA is responsible in providing an education that will continuously enhance the skills and knowledge of all the people taking accountancy in Malaysia. In order to make this possible, MIA is ensuring that the type of education that will be given to the people who are taking accountancy is always updated. The second approach that MIA is using is setting the professional standards that must be complied by all MIA members. MIA ensures that these standards are set in a way that it is in line with the global expectations. To ensure this, MIA provides implementation guidance that must be followed by all MIA members. The standards that are being set and implemented by MIA include By-Laws – such as the On Professional Conducts and Ethics – and auditing standards. Lastly, once all these standards are already set, MIA will now enforce these standards through its disciplinary and surveillance processes. In order to make the implementation of the Financial Reporting Standards much easier as well as effective, MIA has also established the committee for the Financial Reporting Standards Implementation. The reason why MIA established this committee is for it to provide assistance whenever issue arises.
Accountants have a big role in the productivity of a company as well as of the economy. Through MIA and standards that it is setting and implementing, the country is assured that it will produce accountants that are well-trained and equipped with skills and knowledge that will benefit the company they are working at.