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FUTURE FIT PROFESSION

FOR A BETTER TOMORROW

INTEGRATED ANNUAL REPORT 2023

Drawing inspiration from the intricate and versatile structures found in Tetris, the cover concept effectively communicates both the Order & Organisation of MIA, as well as the Adaptability & Flexibility inherent in the accountancy profession. The carefully chosen diverse colors vividly capture MIA’s strong commitment to sustainability and ESG. These colors also symbolise how MIA is poised to lead the accountancy profession towards future readiness. The incorporation of digital elements further signifies the profession’s ongoing digital transformation.

Message from the President

TOWARDS A BETTER TOMORROW

As the regulator and developer of the profession, MIA is committed to enabling a future-fit profession that will be resilient and relevant within any scenario.

DATUK BAZLAN OSMAN

President

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Message from the CEO

Enabling a Future-fit Profession

On behalf of MIA and the management team, I am pleased to report that in terms of our overall performance, 68% of our targets set within the Key Strategic Focus Areas were exceeded, 29% were achieved while 3% were partially met.

DR. WAN AHMAD RUDIRMAN WAN RAZAK

Chief Executive Officer

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SUSTAINABILITY AGENDA

The MIA sustainability agenda is a two-pronged approach that advocates sustainability for the accountancy profession and the Institute in order to be future relevant, by enhancing the profession’s competency, protecting public interest and supporting sustainable nation building.

Advocacy for the Profession's Sustainability

MIA has designed and organised the relevant CPE programmes to ensure that accountants are prepared for the new standards on sustainability-related disclosure and assurance of sustainability disclosures.

Accountants are expected to lead climate reporting and other material disclosures on environmental, social and governance (ESG) matters.
Accountants should call for the adoption of an integrated mindset to promote interconnection for sustainable decision-making.
Accountants will have to be upskilled on the ISSA 5000, the overarching standard suitable for assurance of information reported across any sustainability topics.

FACILITATING SDGs WITH ISLAMIC FINANCE

MIA collaborates strategically with IFAC on a series of initiatives linking Islamic finance and the UNSDGs.

Organising 2 joint focus group discussions
Issuing a series of 4 articles on facilitating SDGs with Islamic finance
Organising roundtable among IFAC, MIA and the World Bank on the topic of utilising Islamic finance tools and concepts to achieve SDGs

INSTITUTIONAL ESG EFFORTS

While awaiting the issuance and operationalisation of the institutional ESG framework and targets, MIA continues to green our activities to reduce our carbon footprint.

Continuously works towards implementing an energy saving programme
Committed to plant trees on behalf of speakers at the MIA International Accountants Conference 2023 in lieu of a token
Offers more CPE programmes virtually or on hybrid basis. Saved 6,570,720 sheets of paper (80 gsm)
Provide virtual speaking opportunities for overseas speakers at the Conference instead of flying them in physically
No longer provides printed materials or plastic water bottles at the MIA International Accountants Conference
Implements remote working arrangements and virtual meetings
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ADVOCATING ETHICS IN THE PUBLIC INTEREST

In line with its mandate to uphold the public interest as intended by the Accountants Act 1967, the MIA is accelerating its ethics advocacy and education to ensure that members adhere to the highest professional and ethical standards of conduct.

MIA’S ETHICS ADVOCACY

  • Ethics is fundamental to public trust in the conduct of professional accountants and it must always be the basis of their judgments, decisions, and actions when performing professional activities or services.
  • As the regulator of the profession, MIA emphasises the importance of ethical behaviour and enforces compliance with the MIA By-Laws (On Professional Ethics, Conduct and Practice).
  • The inculcation of professional ethics, conduct and practices among MIA members comes under the oversight of the MIA Ethics Standards Board (ESB), a standard setting body under the auspices of the MIA Council.
  • The ESB’s main objective is to promote adherence to high quality professional and ethics standards and convergence with international ethics standards.
Click here to view MIA's Initiatives to strengthen the ethical culture of the Malaysian accountancy profession

Our Value Creation

  • Competency Building towards a future fit profession
    Strategic Objectives/Capital
    SO1
    I
    H
    SR
    UNSDG

    Key Outputs

    • CPE events
      938
    • People trained
      35,401
    • MIA Conference
      1st International Hybrid Conference
    • MIA Conference Delegates
      3,478
    • MIA Conference Sponsors & Partners
      52
    • Complimentary CPE events
      35
  • Develops competency and supports compliance
    Strategic Objectives/Capital
    SO1
    I
    H
    SR
    UNSDG

    Key Outputs

    • Support & Technical guidance
    • - Written/Media Contents
      44
    • - Queries answered within 10 working days
      96%
  • Inculcates professionalism and ethical conduct
    Strategic Objectives/Capital
    SO2
    I
    H
    SR
    UNSDG

    Key Outputs

    • Ethics Advocacy
      2 ESB reports, 2 webinars, 2 quizzes, 3 updates, 2 articles, 1 publication, 2 speaking engagements for universities
  • Creates awareness of MIA’s regulatory and development activities
    Strategic Objectives/Capital
    SO2
    SR
    UNSDG

    Key Outputs

    • Awareness Programmes
      13
  • Diversifying talent for different market needs
    Strategic Objectives/Capital
    SO3
    H
    SR
    UNSDG

    Key Outputs

    • MIA Competency Framework
      Phase 3 in progress
  • Builds capacity of the profession
    Strategic Objectives/Capital
    SO3
    H
    SR
    UNSDG

    Key Outputs

    • Members
      2.55% members growth
      (38,460)
  • Convergence with Global standards
    Strategic Objectives/Capital
    SO3
    SR
    UNSDG

    Key Outputs

    • Adoption of International Standards
      6 standards
  • Enhances audit quality
    Strategic Objectives/Capital
    SO1
    I
    H
    SR
    UNSDG

    Key Outputs

    • ISQM Implementation
      Review of ISQM Manual, 2 videos,Incorporated ISQM 1 in PPP, 42 events (inclusive of 4 complimentary events)
  • Strengthens regulation
    Strategic Objectives/Capital
    SO3
    H
    SR
    UNSDG

    Key Outputs

    • Disposal of cases
      74
  • Strengthens compliance and governance
    Strategic Objectives/Capital
    SO3
    SR
    UNSDG

    Key Outputs

    • Monitoring Compliance
      FSRC 32 cases reviewed, PRD 31 reports reviewed
  • Strengthens compliance and protects the public interest
    Strategic Objectives/Capital
    SO3
    SR
    UNSDG

    Key Outputs

    • Notices of Complaints
      NOC completed within 4-5 working days, 83 complaints referred for Investigation
  • Upskill members for future relevance
    Strategic Objectives/Capital
    SO4
    H
    SR
    UNSDG

    Key Outputs

    • Member Engagements
      52 engagement sessions, 3 Town Halls
  • Voice of the Profession
    Strategic Objectives/Capital
    SO4
    I
    SR
    UNSDG

    Key Outputs

    • Global and Regional Collaboration
      Participated in the IFAC & AFA Council Meetings and WCOA 2022, Technical Advisory support, Chair of AFA’s Working Committee
  • Enhances MIA’s recognition as voice of the profession
    Strategic Objectives/Capital
    SO4
    I
    H
    SR
    UNSDG

    Key Outputs

    • Comment Letters
      28
  • Enhances profession’s value proposition
    Strategic Objectives/Capital
    SO4
    H
    SR
    UNSDG

    Key Outputs

    • MIA Membership Benefits and Privileges
      107 active partners offering benefits & privileges
  • Enhances member retention
    Strategic Objectives/Capital
    SO4
    SR
    UNSDG

    Key Outputs

    • MIA Member Satisfaction Survey
      83.4% of respondents to the MIA Member Satisfaction Survey are satisfied with MIA
  • Supports future relevance of the profession
    Strategic Objectives/Capital
    SO4
    I
    H
    SR
    UNSDG

    Key Outputs

    • Digital Transformation
      Implementation of Digital Economy operational plan, MIA Digital Month 2023, Launch of DTAA
  • Prepares Accountancy Professionals for ESG adoption
    Strategic Objectives/Capital
    SO4
    I
    H
    SR
    UNSDG

    Key Outputs

    • Sustainability
      Sustainability Department and Blueprint Taskforce established, 6 articles published, 19 events conducted
  • Strengthens visibility and recognition of MIA as voice of the profession
    Strategic Objectives/Capital
    SO4
    I
    SR
    UNSDG

    Key Outputs

    • Media mentions
      168
  • Sustains MIA’s regulation and development activities
    Strategic Objectives/Capital
    SO4
    F
    UNSDG

    Key Outputs

    • Income
      RM46.01 million
01  / 
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Financial Summary

MIA recorded a surplus before taxation of RM4.89 million for the financial year ended 30 June 2023 as compared to RM2.37 million for the previous financial year, marking the Institute’s consistency and ability to maintain its financial sustainability. The increase in surplus before taxation arose mainly from the increase in revenue generated from events and conferences, membership subscriptions and interest income.

INCOME

RM46.01 million

2022: RM36.43 million

SURPLUS BEFORE TAXATION

RM4.89 million

2022: RM2.37 million

ACCUMULATED FUND

RM56.48 million

2022: RM51.80 million
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