Malaysia

Malaysian Institute of Certified Public Accountants

The MICPA is a member voluntary organisation, responsible in developing the accounting profession in Malaysia by providing accounting graduates with an avenue to become a Certified Public Accountant, or better known as CPA since 1958. MICPA has the following mission:

1. to enhance the value and distinctiveness of the CPA qualification.
2. to promote high standards of professional conduct and technical competence of members to safeguard public interest.
3. to provide quality professional education and training thereby creating a competitive advantage for members.

1. Chartered Accountants;
2. Licensed Accountants*; and
3. Associate Members.

• Chartered Accountants

1. has passed any of the final examinations specified in Part I of the First Schedule and has not less than three years’ practical accounting experience in the service of a Chartered Accountant or in a Government department, bank, insurance company, local authority or other commercial, financial, industrial or professional organisation or other undertaking approved by the Council;
2. a member of any of the recognised bodies specified in Part II of the First Schedule;
3. eligible to sit for and has passed the MIA Qualifying Examination and has not less than three years practical accounting experience in the service of a Chartered Accountant or in a Government department, bank, insurance company, local authority or other commercial, financial, industrial or professional organisation or other undertaking approved by the Council; or
4. has authority under subsection 8(2) and (6) of the Companies Act 2016 [Act 125] to act as a company auditor without limitation or conditions.

1. Malaysian Institute of Certified Public Accountants;
2. Institute of Chartered Accountants of Scotland;
3. Institute of Chartered Accountants in England and Wales;
4. Institute of Chartered Accountants in Ireland;
5. Association of Chartered Certified Accountants;
6. Institute of Chartered Accountants in Australia;
7. Certified Practising Accountants Australia;
8. New Zealand Institute of Chartered Accountants;
9. Canadian Institute of Chartered Accountants;
10. Institute of Chartered Accountants of India; and
11. Chartered Institute of Management Accountants.

1. shall be conducted by the examination body approved by the Council; and
2. shall not be conducted without the approval of the Examination Committee.

1. Qualification should not be lower than a first degree relating to accounting, business or finance recognised by the Public Service Department (JPA) or other qualification recognised by MIA Council; and
2. The accounting content of the above qualification must not be less than 60% from the total qualification.

• Associate Member

1. practise or hold himself out as a chartered accountant, auditor, tax consultant, tax adviser or any other like description;
2. adopt, use or exhibit the terms “chartered accountant”, “auditor”, “tax consultant”, “tax adviser” or any other term of like description; or
3. adopt, use or exhibit the term “accountant” or any other term of like description in such circumstances as to indicate or to be likely to lead persons to infer that the person is a chartered accountant or that the person is qualified by any written law to practice the profession of or is in practice as a chartered accountant.”

The law governing the profession is the Accountants Act 1967, which was revised in 2001. The accountancy profession in Malaysia is under the purview of Ministry of Finance (MOF). The Malaysian Institute of Accountants (MIA) is entrusted by the Audit Oversight Board (AOB) to set the auditing and ethics standards; and to monitor the implementation of those standards for the accountants and the profession. The Malaysian Accounting Standard Board (MASB) is responsible to set the Financial Reporting Standards (FRS) for the country.

Under the Accountants Act 1967, the functions of MIA include:

1. to determine the qualifications of persons for admission as members;
2. to provide for the training and education by the MIA or any other body, of persons practising or intending to practice accountancy profession;
3. to approve the MIA Qualifying Examination and to regulate and supervise the conduct of that Examination;
4. to regulate the practice of the accountancy profession in Malaysia;
5. to promote, in any manner it thinks fit, the interests of the accountancy profession in Malaysia;
6. to render pecuniary or other assistance to members or their dependents as it thinks fit with a view to protecting or promoting the welfare of members; and
7. generally to do such acts as it thinks fit for the purpose of achieving any of the aforesaid objects.

In order to perform its duties under the law, MIA is allowed to create any rules and table it at any general meeting for approval in areas, amongst others, such as:

1. the regulation of the practice of the profession of accountancy in Malaysia;
2. the admission of members, the fees payable by members on admission and the manner in which a person shall cease to be a member;
3. the qualifications of persons for admission as members;
4. the training or education of candidates for admission as members and the fees payable;
5. the practical experience required for registration as chartered accountants and the authority of the Council or any Committee thereof to approve places of employment in which the practical experience may be obtained;
6. the classification from time to time of members;
7. the election, appointment, resignation and removal of members of the Council;
8. subject to appointment by the Minister on the advice of the Accountant General, the election, appointment, resignation and removal of the President and the Vice President of the Institute; and
9. the procedure of the Investigation Committee, the Disciplinary Committee, the Disciplinary Appeal Board and the procedure relating to any complaint to any such Committee.

There are several MIA rules applicable to the accountancy profession such as:

1. Membership and Council Rules 2001;
2. By Laws (On Professional Conduct, Ethics and Practice);
3. Disciplinary Rules 2001;

The accountancy profession is also governed by the Companies Act 2016, Financial Reporting Act 1997, Central Bank of Malaysia Act 2009, and the Securities Commission Malaysia Act  1993, among others. 

1. Saniza Said (Chair)
   President, the Malaysian Institute of Accountants (MIA)
2. Ahmad Syahazan Yaacob (Member)
   Vice President, the Malaysian Institute of Accountants (MIA)
3. Faziyatun Mohamed Yahya (Member)
   Council Member, the Malaysian Institute of Accountants (MIA)
4. Shamsul Bahar Ahamad Zainal Badri (Member)
   Council Member, the Malaysian Institute of Accountants (MIA)
5. Irwan Johari (Member)
   Council Member, the Malaysian Institute of Accountants (MIA)
6. Dato’ Seri Dr Mohamad Zabidi Ahmad (Member)
   Council Member, the Malaysian Institute of Accountants (MIA)