By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants [Issued November 2010]
PART II: BY-LAWS ON PROFESSIONAL CONDUCT AND PRACTICE
Section 410 Continuing Professional Education
410.1 There are rapid changes to the knowledge and competencies that are required of professional accountants in order for them to discharge their professional obligations effectively and responsibly. Rapid developments by way of changes to legislation, accounting standards and guidelines, developments in technology, increased public expectations of the services of professional accountants, place increasing demands on the profession. Professional accountants face unprecedented scrutiny about the quality of internal control, governance, financial statements and independent audits. These pressures apply to professional accountants in both the private and public sectors. Professional accountants in all sectors have important contributions to make. Continued development of professional competence and lifelong learning are critical to meet these expectations. It is every professional accountant’s responsibility to ensure that the quality of professional service rendered is of high standard.
410.2 In order to maintain professional competence and to ensure the exercise of due care at all times, a professional accountant is required to fulfil the requirements of and participate in CPE learning activities that are relevant to his or her current and future work and professional responsibilities. CPE requirements are applicable to all professional accountants regardless of sector or size of business in which they operate, because:
(a) All professional accountants have an ethical obligation of due care to their clients, employers and relevant stakeholders and need to demonstrate their ability to discharge this responsibility in a competent manner.
(b) Professional accountants in all sectors hold positions of importance involving among others, financial reporting, public accountability and maintaining the public trust.
(c) The public is likely to rely on the designation or professional standing of the professional accountant. Moreover, all professional accountants carry the professional designation and any lack of competence or ethical behaviour has the same consequences to the reputation and standing of the profession, irrespective of the sector or role in which they operate.
(d) All sectors are affected by the rapidly changing environment and the consequential need to adapt the strategic or business plans of those organizations relying on the professional accountant’s professional competence.
(e) Employers hiring professional accountants in any sector rely, at least to some extent, on the professional designation as proof of professional competence.
410.3 CPE learning activities are those learning activities that develop and maintain capabilities to enable professional accountants to perform competently within their professional environments. Participation in CPE learning activities is therefore vital in maintaining high standards and public confidence in the profession.
410.4 All professional accountants are required to complete at least 120 CPE credit hours of relevant CPE learning for every rolling 3 calendar year period, of which 60 CPE credit hours should be structured and verifiable, and at least twenty (20) CPE credit hours of such structured and verifiable CPE learning should be obtained each calendar year. Accredited structured and unstructured CPE learning activities are shown in Appendix V to the By-Laws. The application of these requirements to professional accountants who have been admitted as members at different periods is set out in Appendix VI to the By-Laws.
410.5 Any failure to maintain and improve professional competence is a violation of one of the fundamental principles of the profession and can result in disciplinary action. It is unfair to the majority of professional accountants who comply with the CPE requirements to allow those who do not comply to claim the same status or competencies.
NOTE: The above provisions are based substantially on the provisions in the International Education Standard (IES) 7 issued by IFAC.
410.6 A CPE audit will be conducted by the Institute on a sample of professional accountants who will be selected at random from the Institute’s records. During each CPE audit, the randomly selected professional accountants will be required to produce evidence of their compliance with the CPE requirements set out in section 130 of Part I of the By-Laws.
410.7 Professional accountants are required to maintain records of their compliance with the CPE requirements set out in section 410 above.
410.8 Professional accountants are required to tender the appropriate evidence of such compliance if called upon to do so pursuant to paragraph
410.9 The Council may in its absolute discretion, grant a temporary or partial exemption from the CPE requirements for the following reasons –
(a) prolonged illness or disability; and/or
(b) any other reason as may be determined by the Council.
410.10 An application made pursuant to paragraph 410.9 should be in writing and supported by a certificate from a licensed physician or hospital in the case of subparagraph (a), or supported by any other relevant documents in respect of subparagraphs (b), wherever appropriate. Such application should be made no later than 30 days after the professional accountant is selected for the CPE audit.
410.11 The decision of the Council on an application made pursuant to paragraph 410.9 is final.
410.12 In exercising its discretion pursuant to paragraph 410.9, the Council may require the professional accountant to submit a letter of undertaking stating that the professional accountant will fulfil the CPE requirements pursuant to section 410 above upon recovery from the illness or upon the lapse of the reason for which the Council has granted the exemption.
410.13 Members of the Institute who are mentors in the CARE programme for duration of one (1) year will be entitled to 4 CPE structured hours regardless of the number of the mentee that he has. To qualify as a mentor, one must have been mentoring a CARE participant (mentee) for a minimum of three (3) months. If he had been mentoring less than one (1) year, the CPE hours will be prorated accordingly.
FAQs about PD
Each participant will receive a Payment Advice from MIA. Please note that admittance will only be permitted upon receipt of full payment.
Payment can be made by Cash,Credit Card and Cheque. For payments made via cheque, please make in favour of the ‘MALAYSIAN INSTITUTE OF ACCOUNTANTS’.
Full payment of the above amount shall be made within thirty (30) days from the date of the
Payment Advice or on the day of the event, whichever earlier. Admittance may be denied upon failure to make full payment as per the above requirement.
Online payment can be made HERE after receiving the payment advice from us.
Tax Invoice will be issued upon receipt of payment or on event date, whichever comes first.
Upon registering, participant(s) are considered successfully enrolled in the event. Should participant(s) decide to cancel/transfer their enrolment, a cancellation/transfer policy shall be applied as follows.
a) Written cancellation/ transfer received less than five (5) working days from the date of the event:
– A refund (less administrative charge of 20%) will be made
– Unpaid registrations will also be liable for 20% administrative charges
b) Written cancellation/ no show on the day of the programme:
– No refund will be entertained
– Unpaid registrations will also be liable for full payment of the registration fee
– Partial cancellation is not allowed
You can substitute an alternate participant if you wish to avoid cancellation/ transfer charges. Any difference in fees will be charged accordingly.
Malaysian Institute of Accountants (MIA) reserves the right to change the facilitator, date and to cancel the programme should circumstances beyond its control arises. MIA also reserves the right to make alternative arrangements without prior notice should it be necessary to do so. Upon signing the registration form, you are deemed to have read and accepted the terms and conditions.
Upon full attendance of the programme, participants will be issued an “E-certificate”. Participants will receive an email with a download link and are required to download the e-certificate within 30 days. For this purpose, it is COMPULSORY to fill in the email address clearly.
For MIA members, the CPE hours will be credited into the Membership System within 2 weeks.
HRDF SBL Claimable
Most of the Training Programmes conducted by PD are eligible for HRDF claims under the Skim Bantuan Latihan (SBL) Scheme, subject to prior application to HRDF by the employers/companies.
|Login and Launch eTRiS|
|Click on ‘Application’|
|Select from menu ‘Grant’ > ‘Apply Grant’|
|Select SBL from menu ‘Scheme Code’ > ‘Apply’|
|Then fill up the form accordingly.|
|For detailed instructions kindly download User Guide (External) and go to Section 6 Grant Application with Scheme Codes: SBL|
Training Grant Claims
Training Grant claims will be paid upon submission of the claim form by the employers after the completion of the training programme. It should be submitted by using the online claim form of which can be obtained from HRDF officers or the website. To avoid any delays in processing claims, employers should ensure that the form is complete and correct. Relevant receipts must also be included. All copies of receipts or supporting documents must be certified by the employer.
|Login to HDRF Portal and launch eTRiS.|
|Click on ‘Application’ icon|
|Select from menu, click on ‘Claim’.|
|Choose either you want to ‘Submit Claims with Grants’ or ‘Submit Other Claims’.|
|Please fill in the online form together with the supporting document, then click on ‘Submit’ button.|
|Click here to start claim.|
|Note: Copies of the documents must be certified according to PSMB’s format.|
|Infokit SBL – Bahasa Malaysia|
|Infokit SBL – English|
Securities Industry Development Corporation (SIDC)
Selected Training Programmes conducted by PD which are relevant to the capital market have been accredited by SIDC.
The CPE Tracker System will keep your participation records.
PD will submit your participation details through CPE Tracker System within three (3) working days after the completion of the course. You can check your accumulated CPE points at http://ers.seccom.com.my/cpepublic.
The office hours of the Institute including branches are as follows:
|Mondays – Fridays||: 8.45 a.m. – 5.30 p.m.|
Library (Kuala Lumpur)
|Mondays – Fridays||: 8.45 a.m. – 5.30 p.m.|
|Saturdays||: 8.45 a.m. – 12.45 p.m.|
Part II of the First Schedule of the Accountants Act, 1967 (The Act) specifies associations of accountants recognised by MIA for purposes of admission as a member of MIA. A member of MICPA (referred to as a scheduled body) can apply to be a member of MIA and admission as a member of MIA will be granted upon fulfilment of other conditions specified in Section 14 and Section 15 of The Act.
Membership Into MIA
Membership of the Institute is classified into three (3) categories:
(a) chartered accountant;
(b) licensed accountant; and
(c) associate member.
There are two prerequisites for a person to apply for MIA membership. You must have:
i) obtained one of the qualifications recognised by MIA (please refer to Q.3, Q.6 and Q.7)
ii) obtained not less than 3 years relevant practical working experience in areas related to accounting.
If you have fulfilled the above requirements, you may apply for membership into MIA. To register, you are required to complete and submit the MIA application form to the Institute with all the relevant documents.
Any person wishing to apply for membership into MIA as a Chartered Accountant needs to have one of the following qualifications recognised by the Institute:
|i)||Have passed any of the final examination specified in Part 1 of the First Schedule of the Accountants Act, 1967; or|
|ii)||Be a member of any of the recognised bodies specified in Part II of the First Schedule of the Accountants Act, 1967; or|
|iii)||Be eligible to sit for and has passed the Malaysian Institute of Accountants Qualifying Examination (QE).|
In addition, applicants would need to gain 3 years of practical 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.
Applying For Membership
Q1. Where can I obtain the MIA application form? Can the form be mailed to me or do I need to collect it from the MIA office?
The MIA application form can be obtained free of charge from its Head Office in Brickfields, Kuala Lumpur or its Regional Offices (Johor, Northern, Sabah,Sarawak) or downloaded from the MIA website under Membership Area. The said form can also be mailed to prospective members upon request, either in writing (mail, fax, e-mail) or verbal.
Enclosed with every application form is a copy of the ‘Eligibility for Registering with the Malaysian Institute of Accountants’. One section on the ‘Checklist’ outlines the documents that are required to be enclosed with the duly completed application form.
Q3. I have a qualification recognised under Part 1 of the First Schedule to the Act, how would I prove that I have the relevant experience for admission?
You would be required to submit the Record of Practical Experience when submitting your application for membership.
A member will be advised when the membership certificate is ready for collection. A member may only collect his membership certificate after he has attended the members’ induction course.
Members from Klang Valley and Selangor are required to collect their certificates personally or their respective representative to collect on their behalf with an authorisation letter stating the name and I.C. No.
However, members in other states may request for the membership certificate to be sent to them. You may send in your request by mail, fax or e-mail addressed to the Institute and stating clearly the address to be sent to and your contact number. We are unable to send to P.O. Box addresses.
Members in Johor, Penang, Sabah and Sarawak may request for their certificate to be sent to the Institute Regional office for collection.
Members who are overseas, who wish to have their certificates sent to them, will have to bear courier charges depending on the location.
Members who have lost/misplaced their membership certificate and wish to get replacement are requested to submit a statutory declaration form together with replacement certificate fee of RM 10 (with proof of police report) or RM 50 (without valid reason).
|Description||: Statutory Declaration Form|
|Right click HERE and select ‘Save Target As’ to download the document.|
Members Induction Course
Yes. Members are required to attend the induction course within 6 months from the date they are being admitted as a member of the Institute. Please refer to the Institute’s By-Laws – Section 400.1.
The Institute has launched its MIA e-Learning portal recently and the Member Induction Course (MIC) is now conducted via online. Newly admitted members will be informed on the registration guidelines of MIA e-Learning accordingly.
No. The Member Induction Course is now conducted via e-learning (e-MIC). As such, extension to members who are based overseas is no longer applicable on the ground that members are able to access e-MIC via internet from anywhere and at any time.
The Council may in its absolute discretion, grant a postponement from the requirement of this section for the following reasons:-
(a) prolonged illness or disability; or
(b) any other reason as may be found reasonable by the Council.
A written application seeking exemption shall be given to the Institute supported with relevant documents. Please refer to the Institute’s By-Laws – Section 400.2 and 400.3.
Yes you can pay online for programmes you have signed up for. You will be taken to the Online Payment page immediately after Online Registration. If you decide to pay online later, you can click ONLINE PAYMENT.