ACPA to raise local accountants to Asean level

Kuala Lumpur: The Malaysian Institute of Accountants (MIA) is encouraging its members to apply for the Asean Chartered Professional Accountant (ACPA) to gain better recognition overseas.Its Chief Executive Officer, Dr Nurmazilah Datuk Mahzan, said that accountants registering for the ACPA must meet certain criteria set by the Asean Mutual Recognition Arrangement (MRA) on Accountancy Services.

So far, Malaysia, Singapore and Thailand have met the criteria.

"We have received 135 applications thus far.

"This is considered low as MIA currently has over 33,000 members," she told Bernama.

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Malaysia had targeted to have more than 60,000 professional accountants by 2020, she added.

Nurmazilah said that by participating at a higher level, the confidence level of other countries towards Malaysian accountants would be boosted as accountancy was not just about audit.

"Accountants are not only needed to conduct transactional processes but more on analysing data and details.

It's not all about the numbers, but also analysing information," she said.

The move to encourage accountants to apply for such recognition is because the Asean MRA is liberalising eight professions including accountancy services.

This is to enhance the mobility of the profession across Asean member states and to facilitate trade in services that offers the best standard of practices.

So far, only three countries have received approval to open applications for ACPA while the other Asean member states are working towards it.

Nurmazilah said with the gates now open, accountants who have more than three years of experience in the field can work overseas particularly within Asean.

"Local talents will look for better opportunity in countries like Singapore with this ACPA.

"However, Malaysia too has great potential to become the hub of accountancy education if our policies enable foreign students to stay here and perform their practical experience before they can be recognised as professional accountants," she said.

On another matter, Nurmazilah said that the MIA was forming a task force on financial literacy to help the small and medium enterprises (SMEs) and the public at large, to have a better understanding on accountancy and financial management.

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"Potentially, we can develop tools such as mobile application (app) to facilitate proper discipline in recording transactions that can flow into the accounting system.

"We want the SMEs to understand better about their own company's financial accounts, and with the development of technology, they should embrace it," she said, adding it hoped to create its own app for everyone to use. – Bernama

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