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New Regulatory And Reporting Development For Islamic Finance

21 January 2015 – Today, the Malaysian Institute of Accountants (MIA) and IBFIM organised the Islamic Finance Conference 2015 with its theme Islamic Finance: The New Regulatory and Reporting Development for professionals in the financial services industry as well as accountants, auditors and senior managers in various corporations including government link corporation (GLCs).

Designed specifically to provide a continuous learning atmosphere for professional learning and development, the conference discussed pertinent issues surrounding the new regulatory and reporting standards for Islamic finance that is in compliance with the Islamic Financial Services Act 2013 (IFSA 2013).

Delivered by the most prominent speakers from Islamic finance fraternity, IBFIM announced that it has now completed realigning its current training modules including the online learning, which complement the Islamic finance learning modules it launched earlier last year. “Malaysia as the centre for Islamic finance hub has seen a strong growth due to the government’s strong initiatives among others the various recommendations in the Bank Negara Malaysia’s Financial Sector Blueprint and Securities Commission’s Capital Market Masterplan 2 “, said Dato’ Dr. Adnan Alias, Chief Executive Officer of IBFIM.

Datuk Johan Idris, President of MIA, said with the exponential growth in the Islamic finance sector, we must continuously enhance our knowledge and skills especially in the area of regulatory and legal framework. The Islamic Finance Conference 2015 is timely as it will address the impact on the IFSA 2013 in the Islamic financial institutions in Malaysia.

Prof Dato’ Mohamed Ismail, a reputable lawyer and acknowledged as one of the pioneers in Islamic banking, commented on the greater responsibilities placed on the board of directors and senior officers of Islamic banks to ensure the operations of the banks are in compliance with IFSA 2013. He shared his views on how the last 10 years have provided evidence to demonstrate the resilience of Islamic banks during financial crisis and volatile times.

Attended by more than 100 participants comprising accountants, auditors and senior managers from various local corporations, the conference concluded with a better understanding on the financial reporting issues for Islamic finance.

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“Audit committee members must take their responsibilities professionally and objectively,” says PAC Chairman

24 March 2015 – In recent years the role of audit committees has expanded to cover more risk management functions. This is due to the challenging business and risk environment from the Government regulations and enforcement to technology and digitisation.

“Audit committee members must take their responsibilities professionally and objectively as they play an important role in ensuring the integrity and quality of corporate reporting,” said Public Accounts Committee, Chairman, Datuk Nur Jazlan Mohamed during his keynote address at the Audit Committee Conference 2015 in Kuala Lumpur.

He added that “Whatever the audit committees do today, it has to be done professionally, truthfully and comprehensively as they can,”

This is the key message that was conveyed by Datuk Nur Jazlan Mohamed at the Audit Committee Conference 2015, which was held in Kuala Lumpur. The Audit Committee Conference 2015 is jointly organised by the Malaysian Institute of Accountants (MIA) and The Institute of Internal Auditors Malaysia (IIA Malaysia).

The one-day conference attracted over 250 participants comprising senior audit committee members, company directors, governance professionals, business leaders, internal and external auditors and other audit and finance professionals

With the theme Rising To New Challenges, this year’s conference focused on how audit committees are expected to navigate new areas of possibilities and risk such as cyber security and the evolving regulations and international developments.

MIA President Datuk Johan Idris echoed the same that the audit committee members are faced with many challenges in discharging their responsibilities in a landscape that is becoming increasingly regulated and complex.

“With the advancement of technology and the exponential growth of data, Audit Committee members should be aware of cyber security risk trends as well as review adapt policies to address cyber security concerns in their organisations,” he said during his speech.

IIA Malaysia President Philip Satish Rao said as a committee that provides oversight to financial reporting, risk and control, the audit committee must work in partnership with the senior management. With internal auditors as their eyes and ears, the IA functions need to understand, embrace and evolve in the manner internal audits are carried out and value is provided to Boards. IA functions need to be able to continue to also challenge the governance and risk management practices in the organisation including the manner its lines of defence are set-up. In order to provide good governance to any business entity, audit committees need to step up to new challenges to help achieve the strategic objectives of the organisation.”

At the event, delegates will be given insights into the findings of the recent ACI Global Audit Committee Survey. The survey captured views of audit committee members around the world on a range of issues from financial reporting and disclosures, audit quality, and oversight of internal and external auditors, to risk management and crisis readiness, emerging technologies, and audit committee effectiveness.

Key speakers at the conference included AirAsia Berhad’s Chair of Audit Committee V Uthaya Kumar, KPMG in Malaysia Partner Lee Min On; CyberSecurity Malaysia’s Chief Technology Officer Dr Solahuddin Shamsuddin; Ernst & Young Advisory Services Sdn Bhd’s Partner and Advisory Jason Yuen; Microsoft SEA’s Corporate Attorney for Digital Crimes Unit Jonathan Selvasegaram.

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Government Gearing Towards Accrual Accounting

30/03/2015

(L- R) Tan Sri Dato’ Setia Haji Ambrin Buang, Prof. Dr. S. Susela Devi, Dean Faculty of Business & Information Technology, UNITAR International University, Managing Director, Zinkin Ettinger Sdn Bhd Datuk John Zinkin and Datuk Nur Jazlan Mohamed.

In an effort to enable the public sector to improve its financial management, the Government is moving towards accrual-based accounting. This would enhance the accountability and transparency in its financial management, improve decision making and, gain trust from its stakeholders. Currently, the Federal Government is applying modified cash basis accounting.

In accrual-based accounting, financial events are recognised when they occur regardless of when cash transactions occur. This means financial events are recognised at the time in which the transaction occurs rather than when payment is made (or received).

According to the Auditor General of Malaysia Tan Sri Dato’ Setia Haji Ambrin Buang there are several benefits of adopting accrual accounting in the public sector, for example, it enhances transparency and accountability especially on information relating to Government assets and liabilities. As a result, decision makers would be able to make informed decisions that are instrumental for our economic growth.

“More effective management of national credit and national debts is another benefit for adopting accrual accounting,” he explained, during the Government Accrual Accounting Conference 2015 in Kuala Lumpur.

Agreeing to the statement made by Auditor General of Malaysia Tan Sri Dato’ Setia Haji Ambrin Buang is Public Accounts Committee’s Chairman Datuk Nur Jazlan Mohamed.

“We can study on how some countries have adopted accrual accounting and, adopt the best practices that suit the Malaysian landscape,” he said.

According to the Malaysian Institute of Accountants, Registrar, Sudirman Masduki the adoption of accrual-based accounting will put the practices of Malaysian public sector finance in line with developed countries, but he cautioned that the move is not without its challenges.

“The respective employees in the public sector, for example, that deal with consolidated funds, statements of accounts and the various accounting procedures will have to be trained to ensure that accrual-based accounting will be successfully adopted,” he said during his welcome address at the Government Accrual Accounting Conference 2015 in Kuala Lumpur.

With this in mind, MIA, The Malaysian Institute of Certified Public Accountants (MICPA) and The Chartered Institute of Public Finance and Accountancy (CIPFA) UK have signed a Memorandum of Understanding (MoU) at the conference today. The three parties are committed to work together to strengthen public financial management through the enhancement of skills and identifying areas of capacity building in the accountancy profession and the public sector in Malaysia.

The Government Accrual Accounting Conference 2015 is a two-day conference, which attracted over 100 participants comprising accountants and auditors in the public sector and, head of Government departments and agencies. The conference was also attended by head of Government training agencies, private sector accountants who have dealings with the public sector and agencies, auditors who are assigned to audit public sector and agencies, and academicians.

Symposium for Corporate Board Members

 

25/08/2014

 

The Malaysian Institute of Accountants (MIA) has organised the Corporate Board Leadership Symposium 2014 with the support from Bursa Malaysia, BoardRoom, Federation Of Public Listed Companies Bhd, Minority Shareholder Watchdog Group (MSWG) and PwC on the 25th August 2014 in Kuala Lumpur.At the Corporate Board Leadership Symposium 2014, participants had the opportunity to listen to experts speak on the latest trends in the corporate leadership as well as the issues faced by board members in complying with the new regulations, legislations and codes of practice in the business environment.

“This Symposium was conceptualised as a high level event to encourage debate and effective ideas towards capacity building and quality among Malaysian boards,” said Johan Idris, President of MIA, during the Welcome Address.

The key thought leaders who attended the symposium are Tan Sri Dr Sulaiman Mahbob, Chairman MSWG; Johan Mahmood Merican, CEO of Talent Corporation Malaysia Bhd; Nor Azimah Abdul Aziz, Director for Corporate Development and Policy Division of Companies Commission of Malaysia; Philip Koh Tong Ngee, the Senior Partner of Mah-Kamariyah & Philip Koh and, Rita Benoy Bushon, CEO of MSWG;

The other speakers are Roshan Thiran, CEO of Leaderonomics, Sridharan Nair, Managing Partner of PwC Malaysia; Professor Dr. G. Suresh Kumar, Co-founder & Senior Consultant of S.P.E.A.A.R.S International (M) Sdn Bhd and, Tengku Azian Shahriman, Director for Education and SRI Human Capital Development of PEMANDU Prime Minister’s Department;

Also at the Symposium were Dr Veerinderjeet Singh, Independent Non-Executive Director of Malaysian Subsidiary of an International Bank; Vijayam Nadarajah, Specialist (Corporate Programme) of Accreditation Finance Accreditation Agency; Vikram Cardozo, the Senior HR Director of GE ASEAN and, Datuk Zaiton Mohd Hassan, the Vice President of MIA and President of ACCA Malaysia Advisory Committee.

Jonathan Allen Yabut, the Winner of Apprentice Asia, also gave a talk during the luncheon session.

The one-day event was attended by some 40 participants from the senior management level.

MIA holds GST Conference 2014

 

17/07/2014

 


(L- R)- Chester Leong, Danny Choong, Johan Idris, Dato’ Subromaniam Tholasy, Morrie Cheng, Ng Sue Lynn and Aaron Charles Lavell

 

The Malaysian Institute of Accountants (MIA) recently organised the GST Conference 2014 on 17th July 2014 at the Connexion@Nexus, Bangsar South, Kuala Lumpur.

With less than a year to go before the Goods and Services Tax or GST comes into effect, the conference is a great platform for finance leaders and tax practitioners from other neighbouring countries to share knowledge, techniques and strategies on how to integrate GST into an organisation while aligning with its business objectives.

At the welcome address of the GST Conference 2014 MIA President Johan Idris said MIA will continue to work closely with the Government in facilitating the GST implementation exercise. The GST is one of a valuable source to ensure that our tax system become more effective, efficient, transparent and business-friendly.

The speakers at the conference were Royal Malaysian Customs Department, Director of Customs, GST Division, Dato’ Subromaniam Tholasy; Hong Kong-based Asia Sun Life Financial, Head of Tax and Accounting, Morrie Cheng; Sun Life Malaysia Assurance Berhad, CFO, Danny Choong; Australia-based WMS Chartered Accountants, Partner, Aaron Charles Lavell; Singapore-based Boardroom Limited, Head of Tax Services, Chester Leong and Singapore-based RSM Chio Lim LLP, Director, GST Services, Richard Ong.

The other speakers were KPMG Tax Services, Executive Director, Indirect Tax, Ng Sue Lynn, Lee Hishammuddin Allen & Gledhill, Senior Associate, Siti Fatimah Mohd Shahrom and, IBM Malaysia, CFO, Wong Chiun Chiek.

There was also a GST post-conference workshop for SMEs on day-2, which was facilitated by YYC GST Consultants, Partner, Yap Shin Siang.

The two-day event was attended by more than 250 participants.

 

Audit Committee Leadership is Key to Effective Corporate Governance

 

20/03/2014

 


Johan addressing the audience in the first plenary session. Seated (L- R) Martin Giles Manen, Chairman, Audit Committee of two public listed companies; Wan Ahmad Ikram Wan Ahmad Lotfi, Chief Financial Officer, Perbadanan Insurans Deposit Malaysia (PIDM); Lee Tuck Heng, Chairman, Audit and Assurance Standard Board, MIA.

 

President of the Malaysian Institute of Accountants (MIA), Johan Idris urged audit committee members to improve their level of accountability as directors, and in management roles through leadership, especially so in these volatile and ever changing economic climate. He said this at the second Audit Committee Conference in Kuala Lumpur today, an event co-organised with the Institute of Internal Auditors (IIA) Malaysia.”Audit committee members are entrusted by stakeholders in identifying, addressing and managing risks in their respective organisations and companies. This can be effectively achieved by implementing good corporate governance standards and best practices which are instrumental in promoting values of integrity, transparency, and accountability within the organisation,” said Johan.

Johan added that, though the role of the auditors in upholding the integrity of the financial reporting system has received minimal scrutiny in these testing times, it would still be essential to have in place a vigilant and vigorous audit profession. He urged the audit committee to regularly monitor if there is a need to tighten internal controls and risk management in the organisations. The audit committee should also act as an independent first line of defence against any poor corporate governance and regular controls.

“Integrity and an ethics-based organisation culture would help instil confidence in our corporate financial reporting, and will be a strong deterrent to fraudulent and irregular practices. In that sense, I am confident that the audit committee is well positioned in addressing the increased challenges and expectations imposed on them,” he said.

Themed `Stepping Up For Better Governance’, the conference comes ahead of the much anticipated revamp of the auditor report standards set by the International Auditing and Assurance Standards Board (AASB) scheduled for the fourth-quarter 2014.

This year’s conference focussed on increasing director’s awareness of current developments and issues relating to the role of audit committee in assuring better corporate governance and enhancing the competencies of audit committees. The one-day conference attracted over 300 participants comprising mainly of senior audit committee members, company directors, governance professionals, business leaders, internal and external auditors and other audit and finance professionals.

Key speakers at the conference included Paul J. Sobel, Chairman of Board, IIA Global USA; Martin Giles Manen, Chairman, Audit Committee Chairman for several public linked companies; Megat Mizan Nicholas Denney, Member of Board of Governors, Malaysian Institute of Corporate Governance and Datuk Mohd Nasir Ahmad, Chairman of Audit Committee, SME Development Bank Malaysia Berhad.

 


Over 300 participants attended the conference

Read more at http://www.mia.org.my/new/news_details.asp?ID=3784#Rc3dJsXzcx5kyjcz.99

MIA Conference 2013 Highlights The Role Of Accountants In Supporting Organisations Deliver Consistent, Sustainable Growth And Shareholder Value

 

26/11/2013

 


 

Kuala Lumpur, 26 November – Accountants today are urged to lead in creating and managing organisational value. Their key function is to help their organisations deliver consistent, sustainable growth and shareholder value.

“Facing these pressures, accountants are expected to shoulder multiple roles beyond the finance and assurance function in this new economic era where turbulence and volatility are constants” , said Malaysian Institute of Accountants (MIA) President, Johan Idris at the opening ceremony of the MIA International Accountants Conference (MIA Conference) 2013.

The Conference which attracted more 2500 delegates from 24 countries was officiated by YB. Dato’ Seri Ahmad Husni Mohamad Hanadzlah, Minister of Finance II, Malaysia.

Themed, ‘Managing Value, Accelerating Growth‘ the conference is especially tailored to support accountants and financial business leaders to create and manage value and deliver growth in their primary roles as executives, key decision-makers and business support partners,” added Johan.

Echoing the same message, the MIA Conference Organising Committee Chairman, Datuk Mohd Nasir Ahmad said: “The theme of the Conference is consistent with the role of accountants to add value to performance of an organisation. As managing value becomes vital to the business agenda, more accountants are taking on strategic and leadership roles and increasingly being held accountable for the business performance of their organisations”.

During the two-day conference, 38 thought leaders explore issues related to key areas that affect the accountancy profession now and the future and provide concrete solutions to overcome the challenges faces by the industry in four (4) plenary sessions and 12 Concurrent Sessions.

Headlining the MIAC 2013 is Warren Allen, President of the International Federation of Accountants (IFAC) and an influential global business leader who is speaking on the latest developments in business and the profession and how these will affect accountants in his keynote address during the first plenary session.

Allen shares his thoughts on how accountants should capitalise on the latest developments and trends in the profession – such as integrated reporting, IFRS convergence, the drive for quality, ongoing reforms, embracing and embedding a culture of risk management, ethics and good governance, etc. – to catalyse business growth and make an impact in a challenging and borderless world.

The second Plenary session focuses on integrated reporting, which enables better decision-making and governance and indelibly change the historical corporate reporting model as we know it today.

Plenary 3 presents an outlook of the risks and potentials of the global economy for near future, with an emphasis on the growth opportunities available in Asian markets. Meanwhile, Plenary 4 offers insights into creativity which is essential to driving innovation and competitiveness.

Meanwhile, the Conference concurrent sessions are tailored to help accountants and finance professionals advance in their particular domain, be it public practice, corporate or government. Topics include the developments in the area of tax legislations, risk management, and innovations among others to facilitate strategic planning and decision making, shared services and whistle blowing protocols to protect organisations against escalating fraud risks.

Recognising the emerging clout of SMEs and SMPs, the conference also places tremendous weight on internationalising SMEs and SMPs to help them scale up and prepare for the challenges of changing legislation and cross border economic integration. There are also heavy focuses on IFRS for SMEs; the route to internationalisation and expansion for SMEs and SMPs depends on the successful adoption of IFRS for SMEs for global comparability and competitiveness. Comply or languish is the message for small enterprises.

Indeed, it could be said that “learn, upskill or be left behind” is the key takeaway message for accountants and finance professionals at all levels.

“We believe that the content and knowledge on offer at the MIAC 2013 is well worth the price of admission. Only by learning constantly and keeping yourself up to date with the latest developments can you come closer to attaining your full potential as accountants of the 21st century,” urged Johan.

“We must bear in mind that all our strategies and plans can only be achieved with competent human capital. Therefore, it is imperative that Malaysia creates and maintains a first-class education system for accountancy training in order to produce trained accountancy graduates who are on par with those from other leading countries. I am confident that our educationists are ever ready to institute reforms for the sake of our future generations. To that extent, MIA pledges to cooperate with the institutions of higher education in the country as well as all other professional accountancy bodies to ensure that accountants trained in Malaysia will possess global competencies,” said Johan.

In line with this, during the opening ceremony, MIA hosted a special Document Exchange Ceremony between TalentCorp and professional Accounting Bodies. This Exchange is representative of the joining of forces of TalentCorp with five (5) Professional Accountancy Bodies to address the shortage of qualified professional accountants under what is known as the Upskilling Program for the finance shared services in Malaysia.

Johan said that MIA fervently supports relevant stakeholders especially from the institutes of higher learning and other developmental agencies in their endeavour to further propel the development of the accountancy profession in Malaysia.

 

MIA Bags top RAWR Awards for Excellence in Business Conference

 

18/09/2013

 

Johan Idris RAW

 

Malaysian Institute of Accountants (MIA), has notched another first by winning the ‘National Conference for Excellence’ in the Business Events category at the inaugural rAWr (Recognising Award Winning Results) Awards 2013, through its flagship event, the MIA International Accountants Conference (MIA Conference) 2012.The Awards presentation ceremony was held on 18 September at KL Convention Centre during rAWr 2013 Gala Dinner.The rAWr Awards is co-organised by the Malaysia Convention & Exhibition Bureau (MyCEB) and the Malaysian Association of Convention and Exhibition Organisers and Suppliers (MACEOS) to recognise excellence, leadership, professional standards, innovation and best practices within the Meeting, Incentive, Convention and Exhibition (MICE) or business events industry.MIA President, Johan Idris was present to receive the Award from MyCEB’s CEO, Zulkefli Haji Sharif and MACEOS President, Jonathan Kan.Speaking on the Institute’s success, Johan conveyed the Institute’s delight at receiving the award. “We are honoured and elated to be on the winners’ list of the inaugural rAWr Awards. This Award goes to MIA Team, especially the MIA Conference 2012 Chairperson, Datuk Mohd Nasir Ahmad.

“MIA feel honoured that our contribution in the industry through MIA Conference is being recognised. We will certainly continue this winning endeavour in the years to come by organising a value added conference which caters the need of the Accounting and business fraternity”.

The rAWr Awards covered 27 categories within the four main components of the MICE industry including Best International Conference, Best Trade Exhibition, Best Incentive Programme, Best Event and Best Environmental Initiative.