KUALA LUMPUR — A strong and trusted accountancy profession is crucial to helping Malaysian businesses move up the value chain through better financial management, stronger governance and risk oversight, and more informed strategic decision-making.
Deputy Finance Minister Liew Chin Tong said accountants played an important role in providing reliable financial information, strengthening accountability and supporting sound governance, enabling businesses to attract investment, pursue higher-value opportunities and compete effectively.
“Moving up the value chain requires businesses to allocate capital effectively, manage risks, strengthen governance and make informed decisions about growth.
“Trust is the profession’s foundation and a competitive advantage for Malaysia,” he said during a courtesy visit to the Malaysian Institute of Accountants (MIA) headquarters in Bangsar South, where he discussed with its leadership the profession’s role in governance and nation-building.
MIA Vice-President Ahmad Syahazan Yaacob said the integrity of Malaysia’s financial reporting ecosystem depended on all stakeholders fulfilling their respective responsibilities.
“The strength of Malaysia’s financial reporting ecosystem depends on strategic collaboration and a shared commitment to accountability, competence and integrity.
“By working together to uphold high standards of financial reporting and governance, particularly among large organisations, we can strengthen public confidence, safeguard economic resilience and contribute to the nation’s sustainable growth,” he said.
Ahmad Syahazan said ensuring the profession remained future-ready was equally important in strengthening professional judgement and developing the capabilities needed to uphold integrity and public trust.
He said MIA, as the statutory body responsible for regulating and developing the accountancy profession under the Accountants Act 1967, was engaging the Ministry of Finance on proposed amendments to the Act to create an enabling environment for accounting professionals while better protecting the public interest.
“A future-ready accountancy profession anchored in ethics and integrity is essential to Malaysia’s economic ambitions.
“By strengthening business capabilities, upholding professional judgement and building trust in financial and corporate information, accountants can help businesses compete more effectively and support the nation’s long-term economic growth,” he said.
He said MIA also prioritised talent development to strengthen the profession’s capabilities and contribute to the country’s overall competitiveness.
As businesses expand and undertake more complex activities, demand is expected to grow for professional services in areas such as tax advisory, funding readiness, business transformation, sustainability reporting, governance and risk management.
MIA is strengthening the profession’s talent pipeline and capabilities through education, professional development and training initiatives.
Liew also stressed that ethics and integrity were essential to strengthening governance and safeguarding public trust.
“Corruption and money laundering undermine public trust, weaken national institutions, distort economic development and threaten the nation’s long-term prosperity.
“Addressing these challenges requires highly competent accountancy professionals who demonstrate the highest standards of ethics, integrity, independence and professionalism,” he said.
He said a robust regulatory framework was equally important to ensure accountability, enforce compliance and uphold professional standards.
“Together, ethical and competent accountants and effective regulatory mechanisms form a critical line of defence against financial misconduct, protecting the public, strengthening national governance, and preserving the nation’s economic stability and reputation,” he said.
—Bernama
