There is no specific date in Malaysia which is widely accepted by the community and is designated as National Accounting Day or similar professional holiday for accountants.
Thus we recommend to celebrate International Accounting Day on November 10th.
At the same time some organisations are also trying to fill the gap and appoint a dedicated celebration days for accountants in Malaysia – to acknowledge the unique contribution accountants have made to businesses, the community and the Malaysian economy.
Brief facts about accounting profession in Malaysia
The use of the word ‘accountant’
In Malaysia, the word ‘accountant’ is protected as provided for under the provisions of the Act which states that no one can hold himself out or practice as an accountant unless he is registered as a member of MIA.
MIA, or Malaysian Institute of Accountants, is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has 30383 members.
MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.
The Accountants Act prescribes a list of qualifications which are approved for admission as members of MIA:
- accredited Bachelor of Accountancy degrees from Malaysian universities;
- membership of recognized professional bodies, of which MICPA is the only Malaysian body;
- MIA Qualifying Examination, conducted by higher education institutions prescribed in the Act or the MICPA.
Members of MIA are entitled to use the designation “chartered accountant”. In accordance with the provisions of the Accountants Act, registration with MIA as a chartered accountant is mandatory in order to engage in public accounting practice. In other circumstances, for example in employment or in business, registration with MIA is required if a person holds himself out or infers that he is a chartered accountant. Thus, not all CPAs or holders of accredited Bachelor of Accountancy degrees register with MIA. As MICPA is a recognised professional body under the Accountants Act, all the members of MICPA are eligible for registration with MIA as a chartered accountant. However, members of MIA are not eligible for membership of MICPA unless they have satisfied MICPA’s examination and practical experience requirements.
It should also be noted that auditors are licensed by the Ministry of Finance, not MIA