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CIPFA, The Chartered Institute of Public Finance and Accountancy, MIA, The Malaysian Institute of Accountants and MICPA, The Malaysian Institute of Certified Public Accountants, are pleased to announce they have signed a Memorandum of Understanding (MoU) to strengthen Public Financial Management (PFM) through developing skills and increasing capacity within Malaysia.
The MoU outlines the future co-operative relationship between the three institutes which seeks to identify the areas in Malaysia’s public finance system where there is the greatest scope for development through collaboration. CIPFA will provide a range of training opportunities to develop these areas. As well as this, the MoU paves the way for both MIA and MICPA members to gain CIPFA membership.
The signing of the MoU reflects the commitment of all three bodies to strengthen public financial management and the collaborative relationship will enable CIPFA to share its expertise to further the PFM cause within Malaysia.
The signing ceremony took place in Kuala Lumpur, Malaysia at the Government Accrual Accounting Conference: Towards World-Class Financial Management with Ian Ball, Chair, CIPFA International in attendance.
Commenting on the MoU, Ian Ball, Chair, CIPFA International said:
“It is welcome news that our three bodies have come together to advance public financial management in Malaysia by forming a collaborative relationship that will be committed to developing practice within the country.
“Through working together CIPFA will share its experience, skills and expertise with both MIA and MICPA to improve capacity and encourage financial management reform. Any training opportunities introduced will also be tailored to the specific needs of Malaysia, offering a bespoke programme to promote high quality accounting within the public sector.”
Commenting on the MoU, Sudirman Masduki, Registrar, Malaysian Institute of Accountants said:
“The signing of the MoU is a step towards the right direction. The three parties are committed to work together to strengthen the public financial management through the enhancing of skills and identifying areas of capacity building in the accountancy profession and the public sector in Malaysia.”
“It is also in-line with the demand for human capital development in Malaysia in light of the Economic Transformation Programme (ETP) and Malaysia's vision of becoming a high-income, knowledge-based economy by 2020.”
Mr Ken Pushpanathan, Immediate Past President, The Malaysian Institute of Certified Public Accountants (MICPA) said:
“We are indeed honoured to be working together with CIPFA and MIA towards the strengthening of Malaysia’s Public Financial Management (PFM). A robust and effective PFM system is essential for the management of a sustainable economy and public service delivery with best practices.”
Established under the Accountants Act 1967, MIA is the national accountancy body that regulate, 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. Working closely alongside businesses, MIA connects its membership to an unmatched range of information resources, events, professional development and networking opportunities.
Presently, there are more than 31,000 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).
The Malaysian Institute of Certified Public Accountants (MICPA) was incorporated in 1958 and is the only local body in Malaysia which conducts a professional accountancy examination recognised under the Accountants Act 1967.
MICPA’s objective is to advance the theory and practice of accountancy in all its aspects, recruit, educate and train a body of CPAs who are equipped with the technical knowledge and competencies needed to provide value add services of the highest quality. The CPA designation is widely recognised as a premier brand of professional business qualification.
MICPA is governed by a Council of 30 elected members and has more than 3,200 members and over 500 registered candidates.