The CPA Malaysia qualification is recognised by The Institute of Chartered Accountants of England and Wales (ICAEW) in 2004 where credits were granted. Recently, ICAEW have undertaken further assessment of the CPA Malaysia qualification in comparison with the ACA qualification introduced in 2007.
Members of MICPA are now able to gain credit from the ICAEW's Professional Stage comprising of 12 papers and the Technical Integration Business Reporting paper. The Professional Stage consists of Knowledge modules and Application modules. The knowledge modules introduce the core concepts underpinning accountancy. The Application modules demonstrate how one can build on his/her knowledge in practice.
Knowledge Modules
- Business and Finance
- Management Information
- Accounting
- Law
- Assurance
- Principles of Taxation
Application Modules
- Business Strategy
- Financial Management
- Financial Accounting
- Financial Reporting
- Audit and Assurance
- Taxation
In order to gain the ACA qualification, members of MICPA will need to pass the Advanced Stage Business Change paper and Case Study, as well as complete the Structured Training in Ethics programme.
Members of MICPA will no longer be required to acquire three years' work experience in an ICAEW authorised training employer, which further simplifies the process for MICPA members to become ICAEW members.
The exemption awarded by ICAEW to the CPA qualification offered by the MICPA further endorses the close co-operation between the two bodies in the education and training of professional accountants.
The changes come into effect on January 1, 2009.