Chee Seng Chin’s Post

Accountants (Amendment of First Schedule)(No. 2) Order 2024 amends the First Schedule of the Accountants Act 1967 in Malaysia. 1. Purpose:   The amendments update the list of recognised qualifications and professional bodies for accountants in Malaysia. 2. Key Changes:   a) University Name Updates:    📍 "Kolej Universiti Sains dan Teknologi Malaysia" is now "Universiti Malaysia Terengganu"    📍 "Universiti Industri Selangor" is now "Universiti Selangor"   b) Professional Body Changes:    📍 Removed:        - Institute of Chartered Accountants in Australia       - New Zealand Chartered Accountants    📍 Updated:       - "Australian Society of Certified Practising Accountants" is now "CPA Australia"    📍 Added:       - Chartered Accountants Australia and New Zealand 3. Significance:   📍 These changes reflect the evolving landscape of accounting education and professional qualifications in Malaysia and internationally.   📍 They ensure that the Act recognises current and relevant qualifications for accountants practising in Malaysia. 4. Impact:   📍 Graduates from the renamed universities will still have their qualifications recognised.   📍 Accountants with qualifications from CPA Australia or Chartered Accountants Australia and New Zealand will now be recognised.   📍Those with older qualifications from the removed bodies may need to check their status. 5. Authority:   📍 These changes were made by the Minister of Finance II, Datuk Seri Amir Hamzah Azizan, after consulting with the Malaysian Institute of Accountants. 6. Effective Date:   📍 The order was made on 14 June 2024. For the general public, especially those in or considering the accounting profession, these changes ensure that the recognition of accounting qualifications in Malaysia remains up-to-date with international standards and organisational changes. Current and aspiring accountants need to be aware of these updates to ensure their qualifications are recognised for professional practice in Malaysia.

Malaysia is also currently facing a tremendous shortage of accountants. Graduates would rather work in the accountancy sector overseas where the pay is higher. Or work in other sectors where the work-life balance is supposedly better. As a practitioner with an audit practice, I have noticed over the past five years that there is less and less interest from Gen Z’ers to train as an accountant. Add to this phenomenon the proposed increase in the Audit Exemption threshold, there will be a significant reduction in training positions within audit and accounting firms. A decline in new entrants plus less available jobs for entrants means that it is quite likely that Malaysia would face a skills gap that would take many years to overcome.

Chairman Noe Quiñanola’s recent comments about the shortage of accountants in the Philippines shed light on a critical issue facing our profession. Despite having approximately 200,000 certified public accountants in the country, the annual increase in new CPAs remains minimal due to persistently low passing rates on licensure examinations, which rarely exceed 25 percent. This disparity between the number of professionals needed and the number available is a significant concern for the industry. As a student aspiring to become a CPA, I find this situation both alarming and motivating. The low passing rates and the overall shortage emphasize the urgency of addressing this gap in the profession. It makes me more aware of the challenges that lie ahead and the responsibility I will have to shoulder as part of the future workforce. The need for more qualified accountants highlights how essential it is for me to excel in my studies and prepare thoroughly for the licensure exams. In response to this challenge, I am committed to dedicating myself to my studies and seeking out opportunities for professional development. I plan to engage in additional preparatory courses and practical experiences to enhance my skills and knowledge. Additionally, I aim to contribute to initiatives that support and encourage more students to pursue accounting careers, thereby helping to address the shortage and strengthen the profession in the long term. https://lnkd.in/deG62vuz

Many people don't know the terminology in the accounting field as it relates to the various stages a candidate goes through as they progress further into the field of accounting. In this article we explain the process from the start to the day the accountant qualifies. #zeeliepasa #saipaproud #accountingfirm #traineeaccountant #taxservices #accountingservices SAIPA - South African Institute of Professional Accountants

"Having an accountancy qualification can unlock accounting career paths in a way that normal degrees can’t." - If you want to see some of your options then this article is brilliant! #MarksSattin #Accountant #ACCA #CIMA #ACA #AAT

"Switching up study spots to stay productive and refreshed! 📚☕ As an ACCA student, balancing the heavy syllabus with a relaxing environment helps me stay focused. How do you find your perfect study balance? #ACCA #Productivity #WorkLifeBalance #accountant#audit#cost accounting "

MANE ACCOUNTING THURSDAY THOUGHTS Australian Government requested by Chartered Accountants Australia and New Zealand (CA ANZ) and CPA Australia to fast-track visas for accountants to meet local need. According to CA ANZ and CPA Australia the government must bring in more migrants with accounting, audit and finance skills because local talent is failing to meet the demand caused by insolvencies and new reporting requirements. CA ANZ is calling for eleven occupations to be urgently added to the final core skills occupation list to address the ongoing shortages in accounting, audit and finance professionals across Australia which are not being filled by domestic candidates,” CA ANZ CEO Ainslie van Onselen said. “While there’s been lively debate about why yoga instructors, martial artists and dog handlers are among the occupations the government is ‘confident should be on the list’, it’s time to get serious.” The submission called for the addition of 11 occupations to the final core skills list: taxation accountant, general accountant, management accountant, external auditor, internal auditor, finance manager, financial investment adviser, management consultant, ICT security specialist, and ICT business analyst.  The drastic decline in the number of domestic student enrolments in accounting and accounting-related university courses such as management and commerce also “exacerbated” the shortage, it said. Most firms expected demand to increase in the next five years for internal auditors (89 per cent), external auditors (76 per cent), taxation accountants (73 per cent), management accountants (60 per cent) and general accountants (55 per cent). “[Businesses] need access to the expertise of accountants and auditors, not just now, but well into the future,” van Onselen said. “A failure to include auditors and accountants on the final list won’t help organisations meet their mandatory legislative and regulatory audit requirements”. Jobs and Skills Australia is expected to deliver its final advice on the core skills list to the government later this year. As reported by AccountantsDaily. Full article can be read here –  https://lnkd.in/gyYjpBnn 

A positive move from the Institute of Singapore Chartered Accountants (ISCA) who have recently launched three resource packs to encourage young people to work towards a career in accountancy. This comes as recent figures have shown that the number of accountancy undergraduates in Singapore has fallen by 10% over the past 5 years. This is slightly concerning for the future of accountancy here in Singapore, but hopefully, these new resources from ISCA help to encourage some students to take a career in the field. What are your thoughts?

Experience sharing: 21st National Inter-Varsity Accounting Quiz   Although it's been a while, but it's really an interesting college experience, so I'm here to share my experience and thoughts on the accounting competition.   National Inter-Varsity Accounting Quiz (N-IVAQ), a nationwide accounting competition organised by MMU and co-organised by MIA. The competition was opened to all students of higher institutions in Malaysia, and the competition comprises into two phases which is Qualifying round and Final round.   The qualifying round consists of sixty accounting questions covering finance, financial accounting, taxation, auditing, management accounting, etc., which participants must complete in one hour. The final round will be case study analysis round. Participants will need to prepare their presentation on their findings and analysis of the case study within 45 minutes.   Although our team unfortunately failed to get the top three in the competition, however, it is our honour to enter the top ten finalists. There are many things we can learn in the process of the competition, including skills other than accounting knowledge.   This includes team spirit, teamwork, time management, performance reporting, etc. These skills cannot be learned from lecture, and only by experiencing and participating in person then only able to learn the essence of these skills. As we know, in the future workplace, not only relevant professional knowledge is needed, but also many soft skills are needed.   Furthermore, learning is important, but only focussing on learning may limit your thinking mind and ideas. Participating in more activities such as this kind of accounting competition can help us to absorb more ideas and opinions from others participants, expand our thinking abilities and explore our thinking-mind.   Lastly, I would like to say thank you to my teammates; those days when we worked hard together will be a wonderful and unforgettable memory for me forever. And thank you, Sunway College Ipoh, for giving me this precious opportunity to participate in this accounting competition. #NIVAQ #MMU #MIA