Background
The MICPA
On July 26, 1958, "The Malayan Association of Certified Public Accountants" was formed by 20 members under the Companies Ordinances, 1940 - 1946 as a professional body.
The Association became "The Malaysian Association of Certified Public Accountants" (MACPA) on July 6, 1964, and subsequently "The Malaysian Institute of Certified Public Accountants" (MICPA) on January 29, 2002.
Objects of the Institute
The Principal Objects of the Institute as set out in the Memorandum and Articles of Association are as follows:
- To advance the theory and practice of accountancy in all its aspects.
- To recruit, educate, train and assess by means of examination or otherwise a body of members skilled in these areas.
- To preserve at all times the professional independence of accountants in whatever capacities they may be serving.
- To maintain high standards of practice and professional conduct by all its members.
- To do all such things as may advance the profession of accountancy in relation to public practice, industry, commerce, education and the public service.
Structure
The MICPA is governed by a Council of 30 elected members, who comprise members from public accounting practice, commerce, industry and the public sector. The role and functions of the Institute are carried out by a force of 15 Committees and numerous working groups
Principal Office Bearers
President
YBhg Dato' Nordin Baharuddin
YBhg Dato' Nordin Baharuddin is currently the Chairman of KUB Malaysia Berhad. He was the Executive Chairman of Ernst & Young Malaysia from 1999-2004 and has over 35 years of work experience in both public accounting practice and in the commercial sector.
Dato' Nordin was admitted as a member of the MICPA in 1982 and became a Council Member of the Institute in 2000. He is the Chairman of the Administrative & Financial Affairs Committee and a Member of the Executive Committee and the Public Affairs Committee of the Institute.
After graduating from The London School of Economics and Political Science, Dato' Nordin joined Deloitte Haskins & Sells in London in 1973 to pursue Chartered Accountancy. Upon qualifying, he joined Petronas in 1979 as Manager in the Production Sharing Audit & Accounts Department, which oversaw the implementation of production sharing contracts between Petronas and other oil companies.
Dato' Nordin joined Ernst & Young in 1980 as Manager and was soon promoted to Principal and Partner. In 1984, he was transferred to the Sarawak office of Ernst & Young to assist the Partner-in-Charge in developing the Ernst & Young offices in that State. In 1990, Dato' Nordin was appointed the Partner-in-charge of Sarawak with overall responsibility for the growth and development of the practice. He also had special responsibility for staff training, quality control and technical standards.
Dato' Nordin has participated in a number of public speaking engagements on a number of subjects relating to accounting, auditing and finance. He has many years of experience providing advisory, accounting and audit services and has also served as a member of the Working Group on Corporate Governance of the Islamic Financial Services Board.
Currently, Dato' Nordin is an Independent Non-Executive Director of Sarawak Enterprise Corporation Berhad, Scomi Engineering Berhad, Visdynamics Holdings Berhad and Senior Advisor to Citibank Berhad.
In recognition of his services to society and the nation, he was awarded the Darjah Setia Negeri Sembilan in 2000, which carries the title Dato'.
He is a Council Member of the Malaysian Institute of Accountants and is also a Fellow of the Institute of Chartered Accountants in England and Wales and a Member of the Financial Reporting Foundation.
Vice' President
YBhg Dato' Ahmad Johan Mohammad Raslan
YBhg Dato' Ahmad Johan Mohammad Raslan is the Executive Chairman of PricewaterhouseCoopers Malaysia and has over 25 years of experience in audit and business advisory both in Malaysia and the United Kingdom.
Dato' Johan holds a Bachelor of Science (Hons) degree in Economics and Accountancy from University of Hull, United Kingdom.
Dato' Johan was admitted as a member of the MICPA in 2002 and became a Council Member of the Institute in 2003. He is the Chairman of the Government Affairs Committee and a Member of the Executive Committee and the Investigation Committee of the Institute.
Dato' is the Chairman of the Financial Reporting Foundation (FRF) and also participates in corporate governance and corporate social responsibility (CSR) issues and has assisted Malaysian regulators to implement its corporate governance framework.
He is a member of the International Advisory Panel of the Labuan Offshore Financial Services Authority, a member of the Working Group C (Corporate Governance and Shareholders Rights) of the Corporate Law Reform Committee, Chairman of CSR Malaysia, and a Board member of Perbadanan Putrajaya.
Dato' Johan is a member of the Institute of Chartered Accountants in England and Wales as well as a member of the Malaysian Institute of Accountants (MIA),
He is also a Director of the Kuala Lumpur Business Club and a Trustee of the Tun Suffian Foundation. Johan is an Eisenhower Fellow.
The MICPA Council - 2008/2009
| Dato' Nordin Baharuddin (President) |
| Dato' Ahmad Johan Mohammad Raslan (Vice-President) |
| Dato' Abdul Halim Mohyiddin (Immediate Past President) |
| Abdul Halim Md Lassim |
| Abdul Jabbar Abdul Majid |
| Ahmad Mustapha Ghazali |
| Beh Tok Koay |
| Datin Hajjah Fadzilah bt Saad |
| Datuk Gan Ah Tee |
| Goh Lee Hwa (Miss) |
| Peter Lim Thiam Kee |
| Lee Tuck Heng |
| Lim Tian Huat |
| Loh Lay Choon (Miss) |
| Dato' Hj Maidin Syed Ali |
| Mohamed Raslan Abdul Rahman |
| Ng Kim Tuck |
| Ng Mi Li (Miss) |
| Ken Pushpanathan |
| Poon Yew Hoe |
| See Huey Beng |
| Seow Yoo Lin |
| Sam Soh Siong Hoon |
| Sukanta K Dutt |
| Tan Chin Hock |
| Dr Veerinderjeet Singh |
| Venkatramanan Viswanathan |
| Dato' Yeo How |
| Robert Tan |
| Datuk Robert Yong Kuen Loke |
Chairman of Committees - 2008/2009
| Executive | Dato' Nordin Baharuddin |
|---|---|
| Accounting & Auditing Technical Committee | Sukanta Dutt Alt Chairman:Ng Kim Tuck |
| Administrative & Financial Affairs | Dato' Ahmad Johan Mohammad Raslan |
| Commerce & Industry | Dato' Yeo How |
| Disciplinary | Ahmad Mustapha Ghazali Alt Chairman:Abdul Jabbar Abdul Majid |
| Education & Training | Dato' Abdul Halim Mohyiddin |
| Examination | Abdul Jabbar Abdul Majid Alt Chairman:Beh Tok Koay |
| Financial Statements Review | Ken Pushpanathan |
| Government Affairs | Dato' Ahmad Johan bin Mohammad Raslan |
| Insolvency Practice | Lim Tian Huat |
| Investigation | See Huey Beng Alt Chairman:Datin Hj Fadzilah Saad |
| Membership Affairs | Seow Yoo Lin |
| Public Affairs | Datuk Robert Yong Kuen Loke |
| Public Practice Committee | Sam Soh Siong Hoon |
| Tax Practice Committee | Beh Tok Koay |
The MICPA Secretariat
Principal Officers
| Executive Director | Mr Foo Yoke Pin |
|---|---|
| Technical Manager | Ms Melissa Yeoh |
| Training Manager | Vacant |
| Education & Research Manager | Ms Jenny Chua |
| PA & Communications Manager | Ms Vicky Rajaretnam |
| Marketing Manager | Ms Evelyn Lim |
| Assistant Manager, Membership Services | Ms Salyasusanti Achom |
| Examination Officer | Ms Lee How Lai |
| Senior Technical Executive | Ms Chrystin Liew |
Past Presidents of MICPA [1958 ?2007]
| 1958 - 1959 | En R D Stewart |
|---|---|
| 1959 - 1961 | En W M Piercy |
| 1961 - 1962 | En H R Villiers |
| 1962 - 1963 | En Chan Kum Chee (Deceased) |
| 1963 - 1964 | En Frederick Weatherly |
| 1964 - 1965 | En Y. C. Kang (Deceased) |
| 1965 - 1966 | En C. H. Yong |
| 1966 - 1967 | En Cheah Pee Aik |
| 1967 - 1969 | YBhg Datuk Abdul Razak Yusof (Deceased) |
| 1969 - 1971 | YBhg Tan Sri Dato?Jaffar Hussein |
| 1971 - 1973 | YBhg Dato?Mohd Salleh Yusof |
| 1973 - 1975 | YBhg Tan Sri Dato?Jaffar Hussein |
| 1975 - 1977 | En Abdul Rahman Abdul Hamid |
| 1977 - 1979 | YBhg Datuk Peter Yew Min Sang |
| 1979 - 1981 | Dr Nawawi Mat Awin |
| 1981 - 1984 | YBhg Dato' Hj Megat Abdul Rahman |
| 1984 - 1986 | YBhg Dato' Abu Hassan Kendut |
| 1986 - 1987 | En Subimal Sen Gupta |
| 1987 - 1989 | En Larry Seow Thiam Fatt |
| 1989 - 1991 | YBhg Dato' Hj Zainal Abidin Putih |
| 1992 - 1994 | YM Raja Datuk Arshad Raja Tun Uda |
| 1994 - 1996 | YBhg Datuk Oh Chong Peng |
| 1996 - 1998 | En Abdul Jabbar Abdul Majid |
| 1998 - 1999 | YBhg Datuk Ali bin Tan Sri Abdul Kadir |
| 1999 - 2002 | YBhg Datuk Dr Abdul Samad Hj Alias |
| 2002 - 2004 | En Beh Tok Koay |
| 2004 - 2007 | YBhg Dato' Abdul Halim Mohyiddin |
The Certified Public Accountant
The Certified Public Accountant or CPA title bestows upon a person the status of a highly trained business professional who has the knowledge and experience to recognise and meet the needs of business. The title is earned by successful completion of the examinations of the MICPA and obtaining the prequisite practical training.
Today, more and more business are operating in a global market. This is facilitated by the advancement in information and communications technology. The CPA programme will adequately prepare professional accountants for the new world of business.
The education curriculum covers international accounting and financial reporting standards, business finance and strategies. The training in business ranging from small and medium enterprises to multinational corporations and cross border projects will equip potential CPAs with the knowledge and skills to build a successful career in almost any work environment one can think of.
Almost half of MICPA's membership is involved in public practice and provide a wide range of services including audit and assurance services, management consultancy, financial planning, tax advice, corporate restructuring, insolvency practice and IT consultancy. CPAs in commerce and industry, who constitute almost 40% of MICPA’s membership, hold top executive positions in financial institutions, as well as large Malaysian and multinational corporations. Many CPAs also work as financial analysts and fund managers.
Our membership stands at over 3,000 members and close to 800 students who are pursuing the CPA Qualification.
Becoming a CPA
To qualify as a CPA, a person must fulfill the following requirements:
- Possess an accredited degree in accountancy or other discipline or a diploma in accountancy at the tertiary level;
- Pass the MICPA examinations within the prescribed period; and
- Obtain at least 3 years of supervised practical experience.
In addition, being at the heart of business, a CPA must be proven to possess the following qualities:
- Good reasoning power - while not necessarily a mathematical wizard, he must be numerate
- A good degree of discipline - which will be required during practical training and the acquisition of technical knowledge
- A good command of language and communication skills - since a CPA operates in a knowledge based environment and is required to deal with people at different levels and in many functions
- Objectivity and integrity - because as a professional advisor and a person who is frequently in a position of trust, a CPAs personal integrity must be beyond question.
A total of over 200 students enter the MICPA to be trained as CPAs every year.
To date, the MICPA has trained more than 3,000 qualified accountants, some of which are currently well placed in senior positions in the Government, public practice and in commerce and industry.
Service to Members
The MICPA provides a wide range of valuable services to its members including:
- Development and issuance of standards and guidelines on accounting, auditing and financial reporting;
- Rendering advisory services to members on all areas of CPAs work covering accounting, auditing, taxation, company law, financial management and insolvency practice;
- Conducting continuing professional education and development programmes;
- Setting and monitoring members' compliance with ethical standards governing members' professional conduct thereby safeguarding the interest of the general public;
- Updating members via a Members' Handbook containing technical and professional standards and via a bi-monthly journal, The Malaysian Accountant.
Technical Activities
The MICPA has played an instrumental role in the research and development of accounting and auditing standards in Malaysia.
Its scope of commitment in developing technical standards include:
- Reviewing and setting guidelines on the applications of International Accounting Standards (IAS) and International Standards on Auditing (ISA) in Malaysia;
- Development of Malaysian Accounting and Auditing Standards for application where specific standards are necessary in order to comply with local business conditions and statutory requirements;
- Working jointly with relevant Government authorities in developing accounting and reporting standards for specialised industries such as banking and financial services and insurance;
- Working in consultation with various regulatory authorities in reviewing existing regulations and legislations, and in the development of new ones;
- Providing Government with technical assistance in whatever areas that might require the application and review of technical standards.
The upshot of all these efforts are clearly evident. Today the MICPA has earned to its credit:
- The issuance of no less than 80 accounting and auditing standards and guidelines;
- Full recognition for these standards - not only by the business community, both local and international, but also the regulatory authorities and most significantly the Government;
- A high stature in international circles and forums. The MICPA is more often than not acknowledged as the authoritative corporate "representative" of the accountancy profession of Malaysia.
- Maintenance of high standards in financial reporting in the country which, by all measurements, are ranked as one of the top in the Asia-Pacific region.
Service with Technical Excellence
Businesses today have diversified so much and are as complex as they are challenging. Highly qualified business professionals are needed to provide you with sound accounting and financial advice and assistance.
CPAs play a critical role in providing the services and expertise needed to ensure businesses stay ahead of current trends in the competitive commercial world, whether locally and internationally. CPAs uphold the motto "Service with Technical Excellence" in:
- Public Practice
- Information Technology
- Financial Services
- Management Consultancy
- Public Sector Services
- Industry & Commerce
Public Practice
The practice side of the profession is undertaken by individuals or groups of individuals in partnership. Auditing, analysing the accounts, advising on information and financial structure and systems and agreeing taxation liabilities with Inland Revenue Department are major functions of most practising firms of CPAs.
The services provided by practising firms of CPAs, however, are more extensive than this. Today, CPAs in public practice are expected to provide advices on corporate structure and finance, in fact act as advisers on financial control procedures and to undertake financial advisory, liquidation and company reconstruction work. CPAs with their broad knowledge of taxation are also increasingly sought after by clients for advice on the taxation implications of their business activities and of projected investment decisions.
Information Technology
With the advent of the age of Information Technology, companies of all sizes are increasingly reliant on computers. It is to their accountants that management very often look to for advice on the use of computers for information management purposes.
Financial Services
In the face of growing complexity, change and competition, business need expert financial advice. Financial services have therefore become a major growth areas, and is also one in which many CPAs are serving rewarding
The need for financial services is reflected in the greater demand for the specialised services of merchant banks and other similar financial services organisations. Clients of such services are advised on the merits of particular cources of action, on ways to raise finance on the best terms and on the optimum utilisation of their existing assets.
CPAs, with their unique training and expertise in financial accounting and analysis, are particularly sought after by financial institutions and are highly demanded in the financial services area.
Management Consultancy
With their wide experience in finance and information systems and their training in the areas of analytical techniques, CPAs act as specialists in firms of management consultant. In fact, many firms of practising CPAs today operate their own management consultancy divisions. These management consultants undertaken assignments to provide specialists advice on such matters as business strategy, financial management, personnel administration, information technology, production planning, systems and financial control.
Public Sector Services
The expansion in the responsibilities and financial commitments of government departments and public sector entities in the recent years has led to the growth in the number of appointments available therein for qualified accountants. The increasing interest in the public sector in the area of financial management and control presents great opportunities for CPAs, undertaking appointments such as treasury accountants, finance officers, tax officers or government auditors.
Industry & Commerce
Faced with the competitive and volatile business conditions of the present time, modern industrial and commercial organisations are obliged to adopt new methods, skills and technology to maintain a competitive edge. To such organisations, the CPAs with their thorough knowledge and extensive exposure in financial affairs and business methods, are an invaluable assets. In industry or commerce, CPAs occupy positions as financial controllers, management accountants, company secretaries or internal auditors.
With a qualification which offers great career mobility, CPAs also branch out from the financial sphere into other fields within an organisations. Their broad accountancy training also enable CPAs to fill appointments in general management, production, sales and marketing.
Education & Training
Education and training have been a core area of MICPA's activities. The Institute implemented its system of education and training leading to the CPA Qualification in 1961. Today, the MICPA remains the ONLY Local body in Malaysia which conducts a professional accountancy examination which is recognised under the Accountants Act 1967.
The MICPA CPA Qualification was accorded due recognition by the Government in 1967, which entitled CPAs for appointment as approved company auditors, liquidators and company secretaries under the Companies Act 1965. Over the years, the CPA qualification has gained wide recognition as a premier business professional qualification.
This is a clear testimony of the high quality of a "Made in Malaysia" product and now brand.The CPA certification is a badge of professional distinction and excellence. It is also the most challenging qualification to achieve.
Awards
Each year, the MICPA confers awards to deserving students under the MICPA Excellence Awards.
The objective of the MICPA Excellence Awards is to give honour and recognition to young graduates who have achieved all-round excellence in the pursuit of an accounting qualification.
The Excellence Awards are divided into two categories namely:
- Excellence Awards for The Most Outstanding CPA Student
- Excellence Awards for Best Accounting Graduates
Anugerah Presiden
The Institute also presents an annual award called Anugerah Presiden to a member of the Institute who has made exceptional contributions to the nation, to society, to the development of the accountancy profession, and in particular, the Institute.
Code of Professional Conduct and Ethics
- For the purpose of carrying into effect the provisions of the Memorandum and Articles of Association and bye-laws of the Institute, and without prejudice to the generality of the foregoing, with particular reference to Clause 3(c), (d), (e) and (t) of the Memorandum of Association, Articles 22(1)(c) and (d) and 27(i) of the Articles of Association and bye-law 27, the Council hereby makes the following regulations which shall be referred to as "the Code of Professional Conduct and Ethics" or "the Code".
- Members of the Institute are required to maintain high standards of professional conduct. The Institute's Code of Professional Conduct and Ethics sets out the ethical requirements for relationship with clients, employers, fellow members and the public generally.
- The Code sets out the minimum ethical requirements which the Council considers appropriate to the profession in general and to the members in particular. Accordingly, it is expected that members will at all times maintain a level of professionalism in excess of such minimum requirements.
- The ethical requirements of the Institute are set out in two sections, one comprising the Fundamental Principles and the other the Professional Statements.
- The Fundamental Principles are drawn from the duties owed by members of the professions, whether in practice or not , and from the requirements of the Institute's Memorandum and Articles of Association. They are framed in broad and general terms and constitute basic advice on professional behaviour.
- The Professional Statements provide more detailed requirements in certain circumstances. However, they are by no means intended to limit the generality of the Fundamental Principles.
- It is mandatory for all members of the Institute, whether in public practice or not, to comply with this Code. For example, a member who is finance director of a company should, in advising his board on professional matters, be governed by the same high standards of professional behaviour as would a member in practice consulted by the board. A member who fails to observe the ethical requirements set out in this Code may be liable to disciplinary action as provided in Article 22 of the Institute's Articles of Association.
- A member who is also member of another professional body or bodies is normally obliged to observe the ethical requirements of that body or bodies at the same time. Where conflict between the ethical requirements of such other body or bodies and those of the Institute exists, the member should comply with the stricter requirements.
- When a member is in practice overseas in a country in which the professional is regulated by a reputable body or by law, he may adhere to the local guidance even though to do so may not be in accordance with the ethical requirements of the Institute. If a member is in practice in a country in which the profession is not so regulated then he should be guided by the Institute's ethical requirements unless well established and generally accepted local practice of the profession is to the contrary.
- A member who is in doubt as to his ethical standing, and who cannot resolve this doubt by reference to his Code, should consult the Institute.
- A provisional member or a registered student of the Institute is also bound by the ethical requirements of the Institute and has the same right to consult the Institute as has a member.
- The expression "member" unless the context otherwise requires, includes a firm through which a member acts or performs his professional functions. It also includes a provisional member and a registered student of the Institute, whereever the context does not logically exclude them.
- Unless repugnant to the context, words and expressions used here shall have the same meanings as in the Memorandum and Articles of Association of The Malaysian Institute of Certified Public Accountants.
- The Council of the Institute has resolved that this Code replaces the Institute's Statement on Professional Conduct and Ethics issued in July 1982 and shall become effective from December 1, 1991.
General
Introduction
Format of the Code
Interpretation
Effective Date
International Affiliation
The MICPA is an established professional body with technical excellence. It is a member of the International Accounting Standards Board (IASB) and also a founder member of the following international and regional organisations:
