ACCOUNTANC Y

C AREER GUIDE

YO U R PAT H T O A B R I G H T E R F U T U R E
C O N T E N T S

1.0 MIA : Governing the Malaysian Accountancy Profession 3

2.0 Accountancy 5

3.0 Careers In Accountancy 7

4.0 Types of Work 9

5.0 Issues Surrounding the World Today and its Impact 15
on the Accountancy Profession

6.0 Route to Becoming a Qualified Accountant in Malaysia 17

7.0 Qualifying as an Accountant in Malaysia 18

8.0 Recognised Accounting Degree* 19

(First Schedule, Part I of The Accountants Act, 1967)

9.0 Recognised Professional Accountancy Bodies** 21

(First Schedule, Part II of The Accountants Act, 1967)

10.0 Alternative Route to Qualify as Accountants the MIA QE Way 22

11.0 Application of Candidacy 24

12.0 MIA QE Syllabus 25

13.0 Career Prospects in Accountancy 26

1.0 MIA : Governing the Malaysian Accountancy Profession
THE MALAYSIAN INSTITUTE
OF ACCOUNTANTS (MIA)
was established in 1967 under
the Accountants Act 1967
(‘Act’) as the regulatory body
of the accounting profession
in Malaysia. MIA is the only
accountancy body empowered by law to regulate
the accountancy profession in Malaysia thus it
also represents the voice of all accountants in the
country.
In Malaysia, the word ‘accountant’ is protected
under the provisions of the Accountants Act 1967,
which states that no one can hold himself out or
practice as an accountant unless he is registered as
a member of MIA.
Sections 22& 23 of the Act requires a person residing
in Malaysia to be registered with MIA if he/she:
1. Practise or hold himself out as a chartered
accountant, auditor, tax consultant, tax advisor
or any other like description;
2. Adopt, use or exhibit the terms “chartered
accountant”, ”auditor”, ”tax consultant”, “tax
adviser” or any other term of like description; or
3. Adopt, use or exhibit the term “accountant”
or any other term of like description in such
circumstances as to indicate or to be likely
to lead persons to infer that he is chartered
accountant or that he is qualified by any written
law to practise as a chartered accountant.
Under Section 26 of the Act, any person
contravening Section 22 or 23 shall be guilty of an
offence and shall, on conviction, be liable to a fine
not exceeding ten thousand ringgit (RM10,000) or
to an imprisonment for a term not exceeding one
year and on a second or subsequent conviction
to a fine not exceeding twenty thousand ringgit
(RM20,000) or to an imprisonment for a term not
exceeding two years.
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MIA : Governing the Malaysian Accountancy Profession

The Institute is governed by a Council whose 7. Generally to do such acts as it thinks fit for
powers are set out under Sections 9 and 10 of the the purpose of achieving any of the aforesaid
Act. The Council comprises 30 members led by the objectives.
Accountant-General. Others in the Council include
the President of the Malaysian Institute of Certified As the national accountancy body, MIA sets high
Public Accountants (MICPA); 10 members elected ethical standards which must be adhered to by all
at the Annual General Meeting; and up to 18 accountants in Malaysia. All accountants are bound
members appointed by the Government, including by MIA’s strict code contained in MIA’s By-Laws
members from institutions of higher learning and (On Professional Ethics Conduct and Practice). Any
approved professional bodies. breach of these By-Laws by members may render
them liable to face disciplinary proceedings.
MIA’S VISION AND MISSION
• Vision MIA members are regulated professionals and the
To be globally recognised and respected business public has a recourse by lodging a complaint to
partner committed to nation-building. the Institute if things go wrong. The public would
also be assured of the minimum quality of the
• Mission
professional services expected as it is mandatory
To develop, support and monitor quality and
for all MIA members to annually acquire a
expertise that is consistent with global best
minimum hours of continuing professional
practice in the accountancy profession for the
education to ensure that they are updated, even
interest of stakeholders.
after being trained as an accountant. They are also
bound by a strict ethical code whereby failure to
MIA’S DUTIES
comply may result in a member being suspended
The Institute’s statutory functions are, inter alia:
or even removed from membership depending on
the severity of the non-compliance.
1. To determine the qualifications of persons for
admission as members;
The Institute also monitors local and international
2. To provide for the training and education by
accounting developments and consults regularly
the Institute or any other body, of persons
with Government and statutory bodies. Members
practising or intending to practise the
of MIA receive technical services support and
profession of accountancy;
information on the latest developments in the
3. To regulate the practice of the accountancy
profession through the Institute’s Continuing
profession in Malaysia;
Professional Education (CPE) programme and the
4. To approve the MIA Qualifying Examination
Institute’s magazine, Accountants Today.
(QE) and to regulate and supervise the conduct
of that Examination;
5. To promote, in any manner it thinks fit, the
interests of the accountancy profession in
Malaysia;
6. 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

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2.0 Accountancy
THE BEGINNING OF
ACCOUNTING
Accountancy is believed to be
among the oldest profession in
the world. The origin of keeping
account has been traced as far
back as 8,500 B.C. Archaeologists had found clay
tokens in the form of cones, disks, spheres and
pellets in Mesopotamia (present Iraq). Further
record keeping activities are known to have existed
at least four to five thousand years ago amongst
the Babylonians, the Egyptians, the Greeks and
the Romans. Over the years, accounting has
become increasingly sophisticated. In 1494, with
the advocation of the principles of a double-entry
bookkeeping system, the foundation for modern
accounting was laid. The basic principle that “for
every debit it should have its equal and opposite
credit” is still true even to this day.
The modern era of accounting is recognised
to have begun with the chartered accountants
of Great Britain where professionals who went
beyond bookkeeping to investigate the affairs
of businesses and disclosures of financial affairs.
The emergence and establishment of the modern
corporation and its multiple shareholder owners,
triggered off the initial expansion of accounting
beyond the mere task of bookkeeping into
auditing and other related activities. Thus, the
“accounts man” who was once designated as mere
record keeper has changed.
WHAT IS ACCOUNTANCY?
Accountancy, at present, is one of the leading
professions, well sought after by many in society
today. As a career, it has, for some time, enjoyed a
relative advantage in terms of pay, prestige and job
satisfaction. It is rewarding career envied by other
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Accountancy
professions. The latest Census of Professional and
Institutional Establishments placed accountants
as one of the top five money-earners in Malaysia
together with lawyers, doctors, engineers and
surveyors.
More importantly, accountants today are no longer
just “number crunchers” – they are the financial
eyes and ears of business organisations, they
provide the key financial information so vital to the
decision-making process. Besides being a means of
communicating the financial facts of business life,
it is a language-both figuratively and literally, with
a set of recognised symbols, arranged according to
established rules and principals in such a way that
they convey meaning to its readers.
Many organisations have changed the ways
professional accountants carry out their
responsibilities. The use of computer technology,
with its accuracy and speed has led to the
computerisation of the general ledger and other
related accounting systems. With automation
in the preparation of accounts, professional
accountants of today have more time for analysis
and interpretative work. Furthermore, accountants
have a reputation for paying attention to details,
with the practitioners respected for their integrity,
their objectivity and competence. Indeed, this
worldwide tradition in the business community
and the ever-increasing demand for accountants
has posed tremendous challenges to the
accounting profession.
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In a nutshell, accountants are all-rounders who
have broad experience in many areas of business
problem-solving. With their professional training
and a minimum of at least 3 years relevant
working experience, accountants registered
with MIA can provide the highest standard of
professional advice.
In Malaysia, accountants who are in public practice
and those employed in accountancy positions in
commerce and industry as well as government
service generally use the designation of Chartered
Accountant, C.A.(M).
ACCOUNTING STANDARDS
There is a direct correlation between the levels of
a country’s development vis-à-vis the size, level
and standard of the accountancy profession. The
accountancy profession is unique because it is
perhaps the only profession that sets its own laws
and guidelines, monitors them and reprimands its
members for non-compliance.
The development of accounting standards can be
likened to the development of laws in the country.
Whilst the latter is done by the government for the
lawyers, accountants set its own ‘laws’ in the form
of accounting standards, principles and concepts.
The accounting standards in Malaysia are set by
the Malaysian Accounting Standards Board (MASB)
whereas the auditing standards are set by the
Malaysian Institute of Accountants (MIA).
3.0 Careers in Accountancy
Good accountants are always
highly sought after. They
are the main stays within
the corporate world and in
many cases, the accountants
becomes even more than
head of a financial department – General Manager,
Chief Executive – the accountant’s training and
experience can lead right to the top. A sound
knowledge of all aspect of business, constant
re-appraisal of technical advances and options,
together with a trained ability to analyse with
accuracy, enable the accountant to play a crucial
part in the many areas of opportunity. Banking and
merchant banking, management consulting and
government offices number among some of the
career routes that can be pursued.
Accountants can be found in various sectors of
industries such as public practice, industry and
commerce, public sector and institution of higher
learning. In order to get some ideas of the range
of services provided by accountants, the job
descriptions may be broadly classified into the
following categories shown below:
ACCOUNTANTS IN PUBLIC PRACTICE
Public practice is the term used to describe
accountancy firms that are operated by individuals
in sole proprietorship or groups of individuals
in partnership. The major functions of groups
of firms in public practice include auditing and
advising clients on financial structure and systems.
Many accountancy firms also offer services such
as advice on taxation, management, corporate
recovery, company secretarial, insolvency and
many more. These specialised services are
increasing as the accountancy profession is
changing due to various reasons. There are more
than 1,700 firms in the country providing a wide
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Careers in Accountancy
range of services to individuals, businesses, multi-
national corporations, government departments
and statutory bodies.
ACCOUNTANTS IN INDUSTRY AND COMMERCE
As business conditions change in the 21st century,
many industrial and commercial organisations are
forced to adopt new methods and technology to
remain competitive. Accountants in industry and
commerce provide advice on financial matters,
business methods, general management and
may even serve as internal auditors, financial
controllers, tax managers, budget controllers,
company secretaries and sometimes even serve
as the directors of the organisation itself. This
group of accountants form an integral part of
the management. As such, accountants in this
sector are sensitive to their business environment
and fully informed in areas such as production,
distribution and marketing.
ACCOUNTANTS IN PUBLIC SECTOR
Accountants can also choose to work in the
public sector. These accountants are generally
responsible for the administration and use of
public money ranging from managing the finances
of a local authority or hospital to multimillion-
ringgit construction projects. Accountants in
public sector can serve as treasures, financial
officers, auditors and many more. They are
employed throughout the public sector for
government bodies and statutory boards, for
example, Bank Negara and Inland Revenue Board.
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ACCOUNTANTS IN
INSTITUTION OF HIGHER
LEARNING
This group of accountants
are involved in the education
sector. There are number
of accountants who are teaching in colleges,
universities and institutes as lecturers and
professors. Their involvement includes the training
of future accountants, accountancy research and
development and management matters.
ENGAGING A PROFESSIONAL ACCOUNTANT
IN PUBLIC PRACTICE
• Accounting Functions
Many small businesses do not have the volume of
financial transactions that necessitate hiring a full-
time accountant as staff. Engaging an accountant
firm on a consultative basis is a good first step
for a growing business. The sensible cost of
professional services rendered by the accounting
firm can often cost less than the salary and
benefits of a full-time employee and, at the same
time, you may be getting a higher level of advice
from a Chartered Accountant.
An accounting firm usually handles the following
accounting functions:
• Tax return preparation;
• Preparing financial statements, including the
statement of financial position, statement of
comprehensive income, and statement of cash
flow;
• Analysis or problem-solving advice.
An accounting firm generally offers an hourly rate
schedule. There may be different rates for different
accounting on the level of complexity, and the
personnel from the accountant’s firm who are
actually involved in performing the tasks.
4.0 Types of Work
A lot of people have a vague
impression or have a narrow
perception of what accountants
actually do. A layman on the
street is likely to respond: taxes,
audit, book keeper, consultant or
adviser. However, as accountancy
is a multi-faceted profession, generally much
more is involved than merely keeping accounts.
Services performed by accountants are becoming
so diversified to a point where some proffered
services seem far removed from the traditional
areas of expertise. Some aspects or areas of the
profession are described below:
ACCOUNTING
Financial Accounting
Financial accountants ensure that the financial
statements of an organisation are accurate and
that account ledgers and registers are properly
maintained and current. Without an accountant
on hand, the directors or management team of
the business may have to spend a considerable
amount of time and effort documenting account
transactions which would inadvertently divert
valuable time and attention from other pressing
business matters and finally the productivity of the
business would be affected.
By outsourcing the accounting and bookkeeping
function to the accountant, the organisation is able
to focus on the core business. The bonus is the
accountant would provide up-to-date information
and advice on the day-to-day management of
cash flows and budgeting, thus ensuring greater
efficiency and increased profitability. As part
of the accountant’s integrated services, he/she
will also help the organisation to comply with
statutory obligations (EPF, taxation, etc.) regularly,
plus ensure that the periodic auditing is smoothly
carried out.
Management Accounting
Management accountancy offers a rich and diverse
range of opportunities critical to the success of all
organisations. The role has changed considerably
over recent years. Increasingly involved in
the commercial decision-making process,
management accountants ensure that better-
informed decisions are made, whether in terms
of improving performance, deciding on where to
invest capital, reviewing past and current results or
planning for the future.
The complexity of modern business requires
sophisticated systems and finance processes to
provide the essential information and support
to managers. Decision-makers and management
accountants need to be technically capable
of developing the information systems,
interpreting the outputs and presenting them in
a persuasive manner.
Financial Reporting
Reporting involves the investigation and
preparation of accounts to be published or
broadcast. It covers the provision of all information
from the holder, normally the accountant, to the
user, who may be a business owner, line manager,
the board of directors, the shareholders or the bank.
The information prepared varies from simple bank
reconciliation to a full annual report, from a business
forecast to support an overdraft application to an
investment appraisal on a potential acquisition. In all
cases the reporting accountant must bear in mind
the end-users of the report. As users of financial
reports are seldom involved in the day-to-day
activities of the business, the report has to be clear
and unambiguous.
AUDITING
Legislation
Under Section 174(2) of the Companies Act,
1965, all companies should appoint statutory
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Types of Work
auditor and external auditor to conduct statutory
audit on the accounts of a company. This means
regardless of your size of business, all companies
should appoint a statutory auditor to audit their
financial statements under the Companies Act,
1965. Currently, there are no exceptions to this
requirement.
Since the control of most companies is given
to the managing director and other managers
who act as stewards, their annual reports to
owners/shareholders should be audited by an
independent party referred to as the external
auditor. The work of the external auditor involves
analysing and verifying a client’s account so as
to give an independent audit opinion on the
operation and state of affairs of the company.
It is also the duty of the external auditor to express
an opinion on the company’s financial statements
and ensure that they have been properly prepared
in accordance with the Companies Act and
auditing standards. The auditor normally works
at the client company’s premises because all
the records will be located there and he/she will
perform tests on these records to form an opinion
on them.
By presenting a true and fair view of the company’s
financial statements, audits provide comfort and
reassurance to investors, creditors and the general
public. Auditing also increases the business
credibility with important third parties such as
banks, financiers and government departments.
When performing an audit, the auditor is able
to check the effectiveness of the system of
accounting, reporting and budgeting. Such spot-
checks ensure the right controls are in place to
protect the business assets from negligent use
or criminal misappropriation. Via an audit, the
auditor also pinpoints and tightens lax procedures
and wasteful practices; recommends new ways to
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strengthen the company’s controls and in general,
suggest innovative ways and means for the
business to run more cost-effectively.
An auditor will usually have a wide portfolio
of clients. Types of clients vary from large
corporations to small joint ventures and
partnerships; all are required by law to have an
annual audit.
Professional licensing requirements to perform
an audit
In Malaysia, only an approved company auditor,
i.e. an MIA member with practising certificate and
who has passed an audit interview conducted
by the Accountant General Office and obtain
an approval from the Ministry of Finance (MOF)
pursuant to Companies Act 1965, can be appointed
as a company auditor.
Benefits of an External Auditor
To regard an audit as merely compliance exercise
would be to lose sight of the potential value that a
business can gain from a well-performed audit. It
should be seen as an opportunity to obtain a high
value added services that can help strengthen a
business in the process, instil greater confidence
in the company by its stakeholders by rigorously
examining the processes and risks affecting the
financial statements.
Because of these benefits, and the value associated
with the audited financial statements, it is no
wonder that banks, creditors and investors often
insists on audited financial statements before
entering into business dealing.
How to find the right auditor
To obtain the most value out of the audit process,
it is important to choose and approved company
auditor that is good match for your company.
The approved audit firms range from large

international audit firms to small one or two
partner firms. While all audit firms must fulfil MIA’s
criteria and must adhere to the International
Standards on Auditing (ISAs) as well as Code of
Ethics, they will naturally differ in what they can
offer their clients, in terms of industry experience,
time commitment, resources etc. Similarly, the
district characteristics of each small and medium
enterprises (SMEs) could require different expertise
from the audit firms.
TAX CONSULTANCY
Tax accountants act for a wide range of individuals,
partnerships, trusts and companies. Clients include
business people, owners of private companies,
overseas individuals and companies wishing to
invest in Malaysia, and other professional firms.
The issuance of an approval to be a tax agent is
governed by the Income Tax Act, 1967. An approval
is only granted after the applicant has passed an
interview conducted by the Tax Authorities.
Tax accountants assist clients in three areas:
• Preparing tax returns and calculating tax
payments to ensure clients comply with all the
requirements imposed by the Inland Revenue
Board and thus avoid being penalised for
submission of improperly completed returns or
for late submission of returns.
• Ensuring compliance with legislation regarding
EPF and SOCSO with respects to salaries and
benefits paid to employees.
• Planning for key events or transactions that
clients undertake, e.g. starting a new business,
buying or selling a business or passing the
business to the next generation.
Modern-day tax legislation has become so
complex that understanding of the technical
ramifications is absolutely essential in order
to gain maximum tax benefits and relief.
Accountants are familiar with the Byzantine
Types of Work
technicalities and legalities of tax, and are
therefore, in the best possible position to assess
the current tax situations and minimise tax
burdens. The accountant will also produce annual
tax computations, submit forms to the Inland
Revenue Board and, if necessary, expertly handle
any subsequent negotiations on the company’s
behalf. The accountant is also the perfect person to
provide ad-hoc advice on specific tax issues as and
when they arise.
COMPANY SECRETARIAL
The Companies Act sets out a bewildering array of
duties, responsibilities and guidelines that must be
adhered to in administrating a company. Failure to
comply with the requirements of the Act can incur
severe penalties, including the imposition of hefty
fines and in extreme cases, even imprisonment.
The accountant can help with the operation
within the boundaries of the Act and guide the
company to take full advantage of the benefits and
protection provided by the Act.
The accountant can also assist with matters such
as the formation of a company, lodgement of
required documents, registration of business
names and the submission of various reports
connected with the issue and dealing of securities
– as well as keeping the required books and
registers up-to-date.
By utilising the services of an accountant, the
company profits from the substantial benefits of
setting up a company, enjoy separate entity status
and limited liability – which protects personal
assets of the directors and perpetual succession,
which ensures the longevity of the company.
MANAGEMENT CONSULTANCY
Accountants are bonafide management
consultants, having served as advisors to a diverse
range of businesses and industries. By harnessing
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Types of Work
their broad-based expertise, an organisation is
able to give the business a competitive edge in all
aspects of management. An accountant is the ideal
management resource. He/She offers specialised
services such as feasibility studies for new
products and business projects, funding advice
on capital restructuring and gearing, mergers and
acquisition assistance in sourcing loans or equity
capital, evaluation, design and implementation of
new systems.
As a one-stop management consultancy, the
accountant also provides other specialised services
such as corporate planning, operations appraisal,
capital investment appraisal, organisational studies
and reports, in addition to niche services such as
project management for property development
and agricultural schemes.
INTERNAL AUDITING
In addition to external auditors, many
organisations now have their own internal
auditor to examine and improve its business
and accounting system. As internal auditors,
accountants would review the organisation’s
accounting system and appraise the strengths
and weaknesses of internal financial controls.
Internal auditors conduct specific investigations as
required by the management as well as liaise and
assist external auditors.
CORPORATE CARE SPECIALIST
Even in the healthiest of financial climates, lack of
liquidity could push your business to the verge of
insolvency. An accountant’s financial expertise and
extensive knowledge of a wide range of businesses
allows him/her to propose flexible solutions for a
cash-strapped company.
The caveat: an accountant’s professional advice
should be sought immediately in order to apply
corrective measures in an effective and timely
fashion.
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In the worst-case scenario of insolvency, your
accountant can help you understand your rights,
obligations and the range of administration options
available to help solve your financial problems.
CORPORATE RECOVERY / INSOLVENCY
Corporate recovery involves investigating
businesses, partnerships and individuals that have
got into financial difficulties. Clients come from
various industries including the banking sector.
Accountants give advice on financial viability,
recommend rescue packages or administer
insolvency procedures in the event of bankruptcy.
To be an approved liquidator, an individual has
to be an approved auditor for at least one (1) year
and has passed an interview conducted by the
Accountant General Office. Approval to act as
approved Liquidator is granted by the Accountant
General Office pursuant to the Companies Act 1965.
MERGERS AND ACQUISITIONS
An accountant understands the business models
of companies operating in diverse industries; thus,
he/she can offer in-depth advice and superior
service on mergers and acquisitions. Accountants
provide vital financial advice and services that can
make or break a mergers or acquisitions process,
including analysis and due diligence of the
targeted entities, the feasibility and viability of any
proposed mergers, the valuation of shares post the
merger or acquisition and tax issues.
CORPORATE FINANCE
This includes advising on corporate transactions,
such as management buy-ins and buy-outs. The
accountant’s role can range from a review and
advisory capacity to that of lead adviser advising
on transaction structures, taxation implications,
financing methods and sources, warranty
negotiations and any other advice relevant to
the particular transaction. Non-transaction work

includes business valuations, business planning
and litigation support work. Clients include listed
companies, private companies, owner-managed
businesses and individuals.
CORPORATE TREASURY
Corporate treasury involves the identification,
assessment and management of financial risk
within an organisation. This will usually include
the management of cash and deposits, the
provision of short-term and long-term borrowings
and the hedging of risks associated with interest
rate and foreign exchange rate movements.
The treasury function reflects the risks inherent
within the particular organisation concerned.
Even in decentralised companies, it is usual to find
a central treasury function. The divisions of the
company often treat this as an ‘internal bank’. The
treasury aggregates all of the internal business and
deals with external financial institutions on behalf
of the entire company.
ENVIRONMENTAL AUDITING
An environmental audit is a methodical
examination of environmental information
about an organisation, a facility or a site, to verify
whether, or to what extent, they conform to
specified audit criteria. Environmental audit is
less structured and usually lacks legal backing
and generally accepted accreditation procedures.
Environmental audit primarily uses existing
documentation of the company being audited,
interviews with managers and personnel and
observation of practises at the facility to check on
environmental quality.
FORENSIC ACCOUNTING
The integration of accounting, auditing and
investigative skills yields the speciality known as
forensic accounting. Forensic accounting provides
an accounting analysis that is suitable to the court,
which will form the basis of discussion, debate and
Types of Work
ultimately dispute resolution. Forensic accountants
are trained to look beyond the numbers and deal
with the business reality of the situation.
It is the fastest growing area of accounting today.
With the growing complexity of the business
environment and the growing number of business
related investigations, forensic accounting
professionals are increasingly asked to assist in
the investigation of financial and business related
issues. An accountant is usually trained to analyse
and scrutinise various areas of financial information
and procedures practised by an organisation.
EXECUTIVE RECRUITMENT
In today’s highly competitive business arena,
a key ingredient to business success is picking
and retaining the right people; successful staff
selection becomes even more imperative when
dealing with personnel at executive level. An
accountant’s extensive business contacts and
broad-based knowledge of various industries and
professions can be priceless in locating competent
and motivated executives to suit business
requirements. Accountants are ideally placed
carry out an executive search, as he/she would be
able to narrow down the field of candidates in an
objective manner to ensure compatibility between
the candidate and the organisation. Furthermore,
his/her wide network ensures that the organisation
would have ample of choices from candidates of
high calibre.
INFORMATION COMMUNICATIONS
TECHNOLOGY
The services of an accountant is also sought
to maximise investments in Information
Communications Technology (ICT). An accountant
is ideally placed to give expert advice on selecting
the right combination of hardware and software to
suit both current business requirements and future
expansion plans.
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Types of Work

An accountant can also provide follow-through

service in ensuring the smooth implementation
and operation of the ICT systems, especially
in identifying specific areas where ICT could
substantially improve business efficiency and profits.

FINANCIAL PLANNING
Accountants are essential advisors both on the
business and personal front. Getting an accountant
to help with personal financial planning can be
vital in realising material goals, whether to build
a nest egg for retirement, invest for the future, or
simply secure a better lifestyle.

In recent years, the scope of investment options

has increased. Accountants can advise financial
choices and assist with investment planning
and estate planning. He/She can help decide
on pension plans, insurance, and the purchases
of assets such as property, bonds and equities;
importantly, he/she is also qualified to act as
executor or trustee for any estate.

Taxation is also a key element in personal

financial planning. The intricacies of modern tax
legislation are such that laymen rarely have a
thorough understanding of tax ramifications. An
accountant, however, is very familiar with the latest
tax developments and is highly qualified to offer
expert advice to help lighten tax burdens.

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8.0 Issues Surrounding the World Today and its Impact
on the Accountancy Profession
CHANGES IN TECHNOLOGY
Communication and
information technology is at
the change and its acceleration
is in excess of the other types
of technological change.
In the current environment the holder of the
relevant information has the ultimate power and
the advantage in decision-making in a swift and
precise pace.
In order to follow the information technology
waves and to avoid from being far behind,
educators now have a greater obligation to the
students to ensure that they become literate
in the business application of the information
technology.
CHANGES IN POLITICAL AND SOCIAL
ENVIRONMENT
The social and political environments have also
changed drastically. The peace dividends that
most of the world benefiting from, also do come
from rapid changes in military and armament
technology, satellite technology, communication
and information technology etc.
The fact that most of the entertainment, education
and employment could be conducted from home
and from distant places, owes its phenomenal
changes to advances in the technology. In
short, one may conclude that in these areas the
technological changes are driving force in social
and political environment.
15
Issues Surrounding the World Today and its Impact on the Accountancy Profession
GLOBALISATION
Globalisation and trade liberalisation are
redefining the rules of how business is conducted,
and the accountancy profession has not been
spared of this phenomenon. There is increased
need for members to take a pro-active stand in
capability and capacity building. Members of the
profession would also have to take advantage
of the opportunities that present themselves,
be resourceful in translating problems into
opportunities as well as skilful in managing the
risks concerned once the market is opened up to
foreign players. There have been calls from various
parties within the industry for small practitioners
to merge their businesses in order to leverage on
each other’s strengths in facing the entrance of
foreign competitors.
PARADIGM SHIFTS
The major events, which are and will effect
organisations, are not mere extrapolation of the
past, but they are ‘paradigm shifts’. What is a
‘paradigm shift’? Paradigm is a set of rules that
(1) describe boundaries, and (2) recommend
actions to be successful within those boundaries.
Paradigm shift occurs when the rules change,
therefore, changing the success factors. Today,
most paradigms are shifting revolutionary
rather than changing evolutionary. Paradigms,
in 1940s’ and 1950s’, were assumed to be in a
certain environment for decision-making process.
In 1960s’ and 1970s’ along with the increased
uncertainties and complexities the decision world,
16
paradigms shifted to a world of turbulence and
unpredictability. In 1980s’ and 1990s’, the shift
has been towards an environment characterised
as ‘virtual reality’ environment. The major cause
of such phenomenal shifts is deemed to be
the unprecedented changes in technology,
globalisation and unification of most markets, and
major changes in political and social changes in
the world environment. With such transformations
in problem solving and viewing the world, one
must shift one’s paradigms in order to succeed in
this new environment.
CHANGES IN THE EDUCATION ENVIRONMENT
The future of the education is shaped by the
changes in technology and the society. The
objective of education and its ends seldom
change. However, education means or processes
do change with the changes in the environment.
BUSINESS AND ACCOUNTING EDUCATION
Business and accounting education is no
exception from most other types of education. The
objective of accounting education is to educate
and graduate professionals to assume future
managerial and accounting roles in business and
workplaces in the society. Methods of conducting
business are changing dramatically. As a result,
the education of future managers should change
accordingly to prepare accounting graduates
for drastically different styles and technique of
complying with the new innovative management
functions.
6.0 Route to Becoming a Qualified Accountant in Malaysia

In Malaysia, the word ‘accountant’ is protected. The Malaysian Institute of Accountants

(MIA) was established under Accountants Act 1967 as the national regulatory body for
accountants in Malaysia. All persons practising as accountants or auditors in Malaysia
must be registered with the Institute. MIA members are categorised as Chartered
Accountants.

HOW TO BECOME A CHARTERED ACCOUNTANT IN MALAYSIA

Chartered
Accountant
C.A. (M)

Route 2
Full
member of
one of the Apply for
recognised MIA
professional membership
accountancy
bodies

Route 1 Route 3
Obtain
minimum
3 years of MIA
Chartered Qualifying
Accountant’s Examination
Relevant (MIA QE)
Experience
(CARE)

Unrecognised
Recognised Recognised university
professional university degree/
accountancy accounting Professional
body degree accountancy
body

STPM/
GCE ‘A’ level/ LCCI/
University foundation
programme/
Matriculation/
Accounting or
non-accounting
diploma

17
7.0 Qualifying as an Accountant in Malaysia

To practise or to obtain the WORK EXPERIENCE

`ACCOUNTANT’ status in Malaysia,
one needs to fulfil one of the
following qualifications
Have obtained a Bachelor of
Route Accounting degree from a recognised
1 local university under Part I of the First
Schedule of the Accountants Act, 1967
OR
Have obtained membership in
Route one of the recognised professional
2 accountancy bodies under Part II of
the First Schedule of the Accountants
For Route 1 and Route 3, once the academic
requirements have been fulfilled, the person must
obtain a minimum 3 years of relevant practical
accounting experience before they apply for
MIA membership to become a full-fledged
‘ACCOUNTANT’ or ‘Chartered Accountant Malaysia,
C.A.(M)’.
To help aspiring accountants gain relevant working
experience after completing their studies, MIA
has created the Chartered Accountants’ Relevant
Experience (CARE) Programme. Under the CARE
programme, a mentor will supervise CARE
mentees until the necessary minimum 3 years
working experience is complete.

Act, 1967
OR

Route Have passed the MIA Qualifying

3 Examination (MIA QE)

18
8.0 Recognised Accounting Degree*
(First Schedule, Part I of The Accountants Act, 1967)

Bachelor of Accounting, Bachelor of Accounting (Honours),

University of Malaya Universiti Islam Antarabangsa Malaysia
Jalan Lembah Pantai P.O. Box 10
50603 Kuala Lumpur 50728 Kuala Lumpur
Tel : +603 7967 7022 Tel : +603 6196 4000
Fax : +603 7956 0027 Fax : +603 6196 4053
Website : www.um.edu.my Website : www.iium.edu.my

Bachelor of Accounting (Honours), Bachelor of Accounting (Honours),

Universiti Kebangsaan Malaysia Universiti Sains Malaysia
43600 UKM, Bangi 11800 USM
Selangor Darul Ehsan Pulau Pinang
Tel : +603 8921 5555 Tel : +604 653 3888
Fax : +603 8921 4097 Fax : +604 658 9666
Website : www.ukm.my Website : www.usm.my

Bachelor of Accounting, Bachelor of Accounting (Honours),

Universiti Teknologi MARA (Information System)
40450 Shah Alam Universiti Utara Malaysia
Selangor Darul Ehsan 06010 UUM Sintok
Tel : +603 5544 2000 Kedah Darul Aman
Fax : +603 5544 3510 Tel : +604 928 4000
Website : www.uitm.edu.my Fax : +604 928 3016
Website : www.uum.edu.my
Bachelor of Accounting (Honours),
Universiti Utara Malaysia Bachelor of Accounting (Honours),
06010 UUM Sintok Universiti Tenaga Nasional
Kedah Darul Aman (the academic programme commenced
Tel : +604 928 4000 from the academic year 2002/2003 onwards)
Fax : +604 928 3016 26700 Bandar Muadzam Shah
Website : www.uum.edu.my Pahang
Tel: +609 455 2020
Bachelor of Accounting (Honours), Fax: +609 455 2000
Universiti Putra Malaysia Website : www.uniten.edu.my
43400 UPM Serdang
Selangor Darul Ehsan
Tel : +603 8946 6000
Fax : +603 8948 7273
Website : www.upm.edu.my

19
Recognised Accounting Degree* (First Schedule, Part I of The Accountants Act, 1967)

Bachelor of Accounting (Honours), Bachelor of Accounting (Honours),

Universiti Multimedia Universiti Selangor
(the academic programme commenced Jalan Timur Tambahan
from the academic year 2002/2003 onwards) 45600 Bestari Jaya
Jalan Multimedia Selangor Darul Ehsan
63100 Cyberjaya Tel : +603 3289 7336
Selangor Darul Ehsan Fax: +603 3289 7335
Tel : 1300 800 668/+603 8312 5327 Website : www.unisel.edu.my
Fax : +603 8312 5088
Website : www.mmu.edu.my Bachelor of Accounting (Honours),
Universiti Sultan Zainal Abidin
Bachelor of Accounting (Honours), Gong Badak Campus
Universiti Multimedia 21300 Kuala Terengganu
(the academic programme commenced Terengganu Darul Iman
from the academic year 2002/2003 onwards) Tel: +609-668 8888
Jalan Ayer Keroh Lama Fax: +609-666 2566
75450 Melaka Website : www.unisza.edu.my
Tel: 1300 800 668
Website : www.mmu.edu.my Bachelor of Accounting (Honours),
Universiti Sains Islam Malaysia
Bachelor of Accounting (Honours), Bandar Baru Nilai
Universiti Malaysia Terengganu 71800 Nilai
21030 Kuala Terengganu Negeri Sembilan Darul Khusus
Terengganu Darul Iman Tel: + 606-798 6301/6402/6304/6305/6306
Tel : +609 6684 391 Fax: +606-798 6302/6308
Fax: +609 6684 390 Website : www.usim.edu.my
Website : www.umt.edu.my
Bachelor of Accounting (Honours),
Bachelor of Accounting (Honours), Universiti Tunku Abdul Rahman
Universiti Malaysia Sabah Bandar Sungai Long Campus
Jalan UMS Lot PT 21144, Jalan Sungai Long
88400 Kota Kinabalu Bandar Sungai Long
Sabah Cheras
Tel : +6088 320 000 43000 Kajang
Fax: +6088 320 223 Selangor Darul Ehsan
Website : www.ums.edu.my Tel: +603-9019 4722
Fax: +603-9019 7062
Website : www.utar.edu.my

Bachelor of Accountancy (Honours)

INTI International University
Faculty of Business, Communications and Law
Persiaran Perdana BBN
Putra Nilai, 71800 Nilai
Negeri Sembilan
Tel: 06-798 2000
Fax: 06-799 7513
Website : http://newinti.edu.my
20
9.0 Recognised Professional Accountancy Bodies**
(First Schedule, Part II of The Accountants Act, 1967)

The Malaysian Institute of Certified Public CPA Australia

Accountants (MICPA) Suite 10.01, Level 10
15, Jalan Medan Tuanku The Gardens South Tower
50300 Kuala Lumpur Mid Valley City, Lingkaran Syed Putra
Tel : +603 2698 9622 | Faks : +603 2698 9403 59200, Kuala Lumpur
Website : www.micpa.com.my Tel : +603 2267 3388 | Faks : +603 2287 3030
Website : www.cpaaustralia.com.au
The Institute of Chartered Accountants of
Scotland (ICAS) Canadian Institute of Chartered Accountants
CA House, 21 Haymarket Yards (CICA)
Edinburgh EH12 5BH, Scotland 277 Wellington Street West
Tel : +440131 3470100 | Faks : +440131 347 0105 Toronto, ON M5V 3H2
Website : www.icas.org.uk Canada
Tel : +1-416-977-3222 | Faks : +1-416-977-8585
The Institute of Chartered Accountants in Website : www.cica.ca
England and Wales (ICAEW)
ICAEW Malaysia Branch The Institute of Chartered Accountants in India
Level 2, Chulan Tower (ICAI)
3, Jalan Conlay ICAI Bhawan
50450 Kuala Lumpur Indraprastha Marg., Post Box No.7100
Tel : +603 2171 6022 New Delhi – 110 002, India
Website : www.icaew.com Tel : 0091-011-3989 3989 | Faks : 0091-011-3011 0580
Website : www.icai.org
Institute of Chartered Accountants in Ireland
(ICAI) Chartered Institute of Management
CA House, 47 Pearse St Accountants in United Kingdom) (CIMA)
Dublin 2, Ireland CIMA SE Asia
Tel : 00-353-1-6377200 | Faks : 00-353-1-6680842 Lot 1.05, Level 1
Website : www.charteredaccountants.ie KPMG Tower, 8 First Avenue
Bandar Utama, 47800, Petaling Jaya
Association of Chartered Certified Accountants Selangor Darul Ehsan
(ACCA) Tel : +603 7723 0230 | Faks : +603 7723 0231
ACCA Malaysia Sdn Bhd Website : www.cimaglobal.com
27th Floor, Sunway Tower
86 Jalan Ampang New Zealand Institute of Chartered
50450, Kuala Lumpur Accountants (NZICA)
Tel : 1-800-88-5051 | Faks : +603 2713 5052 c/o New Zealand High Commission
Website : www.malaysia.accaglobal.com 21st Floor, Menara IMC
8, Jalan Sultan Ismail
The Institute of Chartered Accountants in 50250, Kuala Lumpur
Australia (ICAA) Tel : +603 2078 2533 | Faks : +603 2078 0387
C-3A-10, 4th Floor, Block C Website : www.nzembassy.com
Damansara Intan
1, Jln SS20/27
47400 Petaling Jaya
Selangor Darul Ehsan
Tel : +603 7118 2062 | Faks : +603 7118 2063
Website : www.charteredaccountants.com.au
21
10.0 Alternative Route to Qualify as Accountants,
the MIA QE Way
MIA QUALIFYING
EXAMINATION (MIA QE)
Since 2003, MIA has been
carrying out the MIA Qualifying
Examination (MIA QE) as
an alternative pathway for
accounting, business and finance graduates to
qualify as chartered accountants.
MIA QE is a step closer for aspiring accountants to
be chartered accountants who do not possess a
qualification in accountancy recognised by MIA as
stated in Part I and Part II of the First Schedule to
the Accountants Act 1967.
22
ELIGIBILITY
Section 15A (2) of the Act provides that a person
shall only be eligible to sit for the MIA QE if he/she
possesses a qualification relating to accounting,
business or finance recognised by the Public
Services Department of the Government or other
qualifications approved by the MIA Council.
These include:
• Local/Overseas graduates;
• Students who have graduated from twinning
programmes; and
• Students who have graduated from 3+0
programmes
However, pursuant to Rules 3 (3) of the MIA QE
Rules 2002, the accounting content in the above
qualifications must not be less than 60 percent of
the total qualification that will be assessed by the
MIA Examination Committee.
 Alternative Route to Qualify as Accountants the MIA QE Way

ALTERNATIVE ROUTE TO QUALIFY AS A C.A. (M)

5. QUALIFY & APPLY FOR C.A. (M) MEMBERSHIP

• Receive the Certified of Successful Completion
• Apply for membership of MIA & use the designatory letters C.A. (M)
after your name

4. UNDERTAKE & COMPLETE THE MIA QE ASSESSMENT FOR ALL

4 PAPERS
• Attend a series of workshops
• Sit and pass the final examination

3. REGISTER FOR THE MIA QE WORKSHOP & FINAL EXAMINATION

• Submit forms with the registration fees
• Workshop fee RM1,500 per paper (inclusive MIA QE Study Text
& Workshop Manual)
• Final examination RM300 per paper

2. APPROVAL BY THE EXAMINATION COMMITTEE

• Receive Certificate of Candidacy (CoC) – Valid for 2 years
• Renewal of CoC for another 2 years
• Access for supporting information from MIA website

1. REGISTER AS A CANDIDATE
• Submit form with a registration fee of RM300
• Include certified true copies of IC, educational certificates a & transcript

23
11.0 Application of Candidacy

APPLICATION OF CANDIDACY
Interested candidates are requested to submit the application form along with the necessary documents
and registration fee to MIA on or before the closing date for acceptance of applications as per below:

EXAMINATION SESSION CLOSING DATE

MARCH 31 October of the previous year
SEPTEMBER 30 April of the current year

APPLICATION FOR QUALIFYING EXAMINATION

The MIA QE consists of 4 papers and candidates have the option of registering for all four papers at one
sitting or stagger the papers over a maximum period of four years. Candidates are required to register for
the workshop and final examination with MIA and the details are as follows:

EXAMINATION SESSION OPENING DATE CLOSING DATE

MARCH Mid October of the previous year End November of the previous year
SEPTEMBER Mid April of the current year End May of the current year

MIA QE ASSESSMENT FRAMEWORK

FINAL EXAMINATION (60%)

• Compulsory to pass the Final Exam
• To attain at least 30% out of total 60%

WORKSHOP EVALUATION (60%)

• Group (20%) – project paper & presentation
• Individual (20%) – quizzes & assignments

BCL AFAR AUD TAX

24
12.0 MIA QE Syllabus
1. BUSINESS AND COMPANY LAW (BCL)
To provide a sound knowledge of the core
elements of Malaysian Business Law together
with a thorough understanding of the
Malaysian Company Law and its regulations
with their applications in the management and
administration of companies to the best interest of
society and the profession.
2. ADVANCED FINANCIAL ACCOUNTING
AND REPORTING (AFAR)
To equip candidates with the knowledge and
skills to apply financial reporting standards in
the preparation of financial statements for public
companies and group of companies.
3. AUDITING AND ASSURANCE SERVICES
(AUD)
To equip candidates with the knowledge and
understanding of the audit process and reports
when performing an audit of financial statements,
including considerations for other issues relating to
provisions of audit-related and assurance services.
4. TAXATION (TAX)
To equip candidates with the knowledge and
understanding of the concepts, principles and
current taxation practices in Malaysia as well as
the ability to solve practical problems and to be
familiar with aspects of other relevant legislation.
EXAMINATION ADMINISTRATION
University Technology Mara (UiTM) has been
appointed as the Examination Body to conduct
the MIA QE for a period of three years. UiTM will
set the examination, mark and assess the answer
scripts and forward the examination results to the
MIA Examination Committee. The University was
selected based on its impressive track record, staff
strength and excellent infrastructure.
EXAMINATION CENTRES
The final examinations are conducted throughout
Malaysia at the following venues:
1. UITM Shah Alam – for Selangor and Federal
Terriority
2. MIA Regional Offices in Johor Bahru, Penang,
Sabah and Sarawak.
MIA QE CERTIFICATE OF SUCCESSFUL
COMPLETION
Upon completion of all 4 papers, the successful
candidate will obtain a Certificate of Successful
Completion from MIA. To qualify for MIA
membership, in addition to obtaining the
Certificate of Successful Completion, applicants
would need to gain 3 years of working experience
in the service of chartered accountant or in
a government department, bank, insurance
company, local authority or other commercial,
financial, industrial or professional organisation
25
13.0 Career Prospects in Accountancy
Accountants have many varied
skills and are employable in
any industry and businesses.
They are employed and are
partners in accounting firms,
chief financial officers of
multi-national organisations,
deans and lecturers of the accounting faculties in
universities, directors in government departments,
chief executive officers, tax advisers, bankers
and finance directors of many commercial and
industrial organisations.
If one were to browse through the daily newspapers
for employment, one would find many vacancies for
accountants, finance directors, finance executives,
finance managers, internal auditors, accounts
manager, accounts supervisors, etc.
It would also not be surprising to find certain
positions traditionally not held by accountants,
have advertisements listing the requirements for
accounting qualifications. Some of these positions
are corporate care managers, relationship
managers and such. The prospect for an
accountant is therefore limitless.
An accountant is normally situated in an ideal
position to propel themselves onto the upper
levels of management. This is due to the fact that
the skills of an accountant are fundamental skills
26
in the business world, which gives the accountant
the advantage of understanding the financial
workings of an organisation. The expertise of
an accountant enables him/her to offer advice
on financial matters to the management and
therefore becomes a crucial advantage to the
career advancement of the accountant.
Accountants are also not limited geographically
especially for those who choose to acquire
an internationally recognised accounting
qualification. However, those who acquire other
accounting programmes may later pursue
an internationally recognised accounting
qualification, to enable him/her to market his/her
services in the international market.
Malaysia, as it moves towards achieving fully
developed nation status would require more
accountants to fill the many vacancies arising from
the industries and businesses which are being
established. Foreign investors encouraged by the
businesses in the country will need the expertise of
accountants to provide them with financial advice.
Fresh accounting graduates with no experience
may expect a salary between RM1,500 and
RM2,000. However, this would depend on the size
of the organisation and scope of work.
 If you are interested to chart your career
in the accountancy profession visit
www.mia.org.my,
e-mail mia@mia.org.my or call us
at +603 2279 9200

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