Wong Yong Sin’s Post

Thoughts on MIA’s Public Consultation Papers on Regulating Body Corporates - Can this initiative address the core issues without limiting opportunities for Malaysian accountants? The proposal by MIA to regulate body corporates in public practice seems to be a progressive move aimed at unifying service quality across the accounting industry. However, the real question is: Will this initiative address the core issues without compromising potential opportunities for Malaysian accountants? There are two key stakeholder groups to consider: local practitioners serving the domestic market and foreign practitioners setting up satellite offices in Malaysia to serve overseas markets. 1. Local Practitioners For local practitioners, one pressing issue is the prevalence of unregulated individuals (often referred to as "bogus accountants") offering public accounting services without being governed by MIA. This undermines the profession by diluting fees and tarnishing its reputation with substandard services. While the imposition of practicing certificate requirements is a step toward addressing this issue, a more practical concern arises: How can we effectively detect and prevent bogus accountants from operating under business structures not registered for public practice? This challenge extends not only to body corporates but also to unincorporated entities. MIA must strengthen enforcement mechanisms to ensure that the profession is regulated across all business models, ensuring fair competition and upholding professional standards. 2. Foreign Practitioners There has been a noticeable rise in foreign practitioners establishing offshore support offices in Malaysia, primarily to tap into local accounting talent to serve overseas clients. Malaysian accountants are highly valued globally due to their adaptability and bilingual abilities. Foreign practitioners typically offer more attractive salary packages than local firms, which improves the standard of living for Malaysian professionals and may encourage more young people to pursue accounting careers, given the better career prospects and remuneration. However, a balanced approach is needed to monitor practice quality without discouraging foreign practitioners from setting up back-end offices in Malaysia. Discouraging this trend would contradict government efforts to keep Malaysia’s talent and economy relevant in the global supply chain. A practical solution would be to offer foreign practitioners, especially those covered under mutual recognition agreements (e.g., ASEAN CPA), a pathway to obtain a Malaysian practicing certificate, thus ensuring compliance without stifling foreign investment in the local accounting industry.

Apart from participating in webinars and various trainings, I also participated in the national level accounting quiz competition organized by the Indonesian accounting class. The benefits that I can take while participating in this quiz competition are: 1. Strengthening Understanding of Accounting Concepts: o Participating in the accounting quiz helps deepen the understanding of accounting principles, including basic concepts such as balance sheet, income statement, and cash flow. It also includes a better understanding of accounting standards. 2. Improved Speed and Accuracy: o Quizzing spurs participants to answer quickly and precisely, which is important in accounting, especially when working with data and budgets that require high precision. 3. Improved Teamwork: o In this competition, 3 people are needed. This teaches participants to work together, share tasks and complement each other, which are important skills in an accounting work environment that often requires collaboration. 4. Relationship building: o Quiz competitions are often where students from different backgrounds meet, allowing participants to network in the future. With all these benefits, accounting quizzes are one of the effective ways to hone your skills and knowledge in accounting while enjoying a competitive challenge.

The Importance of Continuous Professional Development in Accounting Continuous Professional Development (CPD) is essential in the field of accounting, as it ensures that professionals stay up-to-date with the latest regulations, technologies, and techniques. In an ever-changing industry like accounting, where rules and standards are constantly evolving, CPD is crucial for accountants to maintain their competence and provide high-quality services to clients. Continuous Professional Development in accounting involves a range of activities, such as attending workshops and seminars, completing online courses, and participating in networking events. These activities help accountants to broaden their knowledge and skills, and stay current with industry best practices. One of the key benefits of CPD for accountants is that it helps them to adapt to changes in regulations and standards. With new laws and guidelines being introduced regularly, accountants need to stay informed and ensure that their practices are compliant. CPD provides accountants with the opportunity to learn about these changes and how they will impact their work, enabling them to stay ahead of the curve and avoid any potential pitfalls. CPD also allows accountants to enhance their technical skills and stay abreast of the latest technologies in the industry. With the rise of automation and artificial intelligence in accounting, it is essential for professionals to be familiar with these tools and how they can be integrated into their work. By investing in CPD, accountants can ensure that they are equipped with the skills and knowledge needed to excel in a rapidly changing environment. Furthermore, CPD plays a crucial role in maintaining the credibility and reputation of accountants. Clients expect their accountants to be knowledgeable and competent, and CPD demonstrates a commitment to professional growth and development. By continuously improving their skills and staying current with industry trends, accountants can build trust with clients and position themselves as valuable assets to their firms. In conclusion, Continuous Professional Development is vital for accountants to stay relevant and competitive in the industry. By investing in CPD, professionals can enhance their expertise, adapt to changes in regulations and technology, and build credibility with clients. Ultimately, CPD is a cornerstone of success in the field of accounting, and professionals who prioritize their professional development will undoubtedly thrive in their careers. #ContinuousProfessionalDevelopment #Accounting #Technology

SSM’s Expansion Of Audit Exemption- Is It Really Good For The Accounting Industry, Business And The Nation? A Contrarian Perspective If I were standing at the crossroads of selecting a career path today, I’d take a long, hard look before stepping into the field of accounting, especially with the shifting landscape of Small and Medium-sized Practices (SMPs). 1. The recent proposal by Suruhanjaya Syarikat Malaysia (SSM) to significantly raise the audit exemption thresholds for Malaysian companies is something we need to stop and think about deeply. At first glance, it’s aimed at easing regulatory burdens on businesses. But when you look closer, the implications of such a drastic shift—from an initial proposal dated 2 February 2023 to the newly suggested thresholds of RM3,000,000 in turnover or assets, coupled with an employee count criterion of 30—suggest a leap rather than a step. This could seriously change the very future of the accounting profession in Malaysia. 2. Why This Might Be A Problem Imagine nearly 70% of companies no longer needing audits. This not only has a big impact on the future SMPs but it also hugely diminishes the opportunities for aspiring accountants to start their own practices. This could send a wrong perception that accountants are no longer important, which might turn the next generation away from this career path. This trend is evident in Singapore, where there is a noticeable decline in the number of accounting students after the implementation of audit exemptions. As a result Singapore has a severe shortage of accountants and they are luring more and more talents from Malaysia. With the proposed audit exemption developments, it closes another door for accountants who aspire to set up their own practice and there’s a real fear that even more accountants might pack their bags for Singapore, leaving Malaysia’s talent pool running low. 3. Looking at the Bigger Picture There is also a bigger goal at play here. Malaysia has dreams of becoming a more competitive, economically strong country. Part of the key driver identified to achieve that was to have a large, skilled pool of accountant (60,000 was the goal) to help drive this growth. Right now, we're short of that goal (MIA members now stand at 39,547) and making audits optional for so many companies might take us even further off track. 4. What's at Stake We are talking about the future of a profession and, in a way, the economic future of the country. Accountants play a huge role in keeping business efficient and healthy. We are not just number crunchers; we are an essential part of a healthy economy. 5. A Call for a Second Look Jumping into such a significant change might lead to regrets down the line. It's crucial we take the time now to think what's truly best for both the business world and the future of accounting profession.

Embarking on your journey in an accounting firm as a newly joined staff member can feel like stepping into a whirlwind of excitement and challenges. But fret not! Here are some invaluable insider tips to help you not only navigate but also excel in this dynamic environment: 1.     Embrace Learning: Be open to soaking up knowledge like a sponge. Ask questions, seek guidance from senior colleagues, and never stop learning. The accounting landscape constantly evolves, so staying curious and adaptable is key.   2.     Master Time Management: Time is your most precious resource. Learn to prioritize tasks effectively, set realistic deadlines, and use time-blocking techniques to stay organized amidst the chaos.   3.     Develop Strong Communication Skills: Clear and concise communication is essential in the accounting world. Whether it's discussing financial reports with clients or collaborating with team members, honing your communication skills will set you apart.   4.     Attention to Detail: Accuracy is non-negotiable in accounting. Pay attention to the finer details, double-check your work, and maintain meticulous records to always ensure accuracy and compliance.   5.     Build Relationships: Cultivate positive relationships with your colleagues, clients, and stakeholders. Networking within the firm and beyond can open doors to new opportunities and valuable insights.   6.     Stay Calm Under Pressure: Deadlines, audits, and client demands can create high-pressure situations. Cultivate resilience, stay composed, and tackle challenges with a cool head. Remember, you've got this!   7.     Seek Feedback and Mentorship: Don't be afraid to seek feedback on your work and actively seek out mentorship opportunities. Constructive feedback can help you grow professionally, while mentorship provides invaluable guidance and support.   8.     Maintain Work-Life Balance: In a hectic environment, it's easy to burn out. Prioritize self-care, set boundaries, and make time for activities outside of work that bring you joy and relaxation.   9.     Stay Updated on Industry Trends: The accounting landscape is ever evolving, with new regulations, technologies, and trends emerging constantly. Stay informed about industry developments through professional development courses, webinars, and networking events.   10. Stay Positive and Flexible: Embrace challenges with a positive attitude and a flexible mindset. Adaptability is key in the accounting world, so embrace change, learn from setbacks, and keep moving forward.   By following these tips and staying true to yourself, you're on track to thrive in the world of accounting! Keep pushing forward with determination and positivity – your success is just around the corner! ASQ Consulting Group Malaysia #unitylove #happyenterprise #taxexperts #asqconsultinggroup

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. It's important for current and aspiring accountants to be aware of these updates to ensure their qualifications are recognised for professional practice in Malaysia.

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.

For those who are contemplating which professional qualification to pursue in the accounting line, among the options you can consider (assuming no exemptions): 1) Association of Chartered Certified Accountants (ACCA) FIA-ACCA (for post-SPM) - 7 papers to navigate: a) Recording Financial Transactions (FA1) [but for those who scored A for their Accounting subject at SPM level, they're exempted] b) Management Information (MA1) c) Managing Financial Records (FA2) d) Managing Costs and Finance (MA2) e) Business and Technology (FBT) f) Management Accounting (FMA) g) Financial Accounting (FFA) Applied Skills - 6 papers to navigate: a) Corporate and Business Law (CBL) b) Performance Management (PM) c) Taxation (TX) d) Financial Reporting (FR) e) Audit and Assurance (AA) f) Financial Management (FM) Strategic Professional - 2 compulsory papers: a) Strategic Business Leader (SBL) b) Strategic Business Reporting (SBR) Strategic Professional - must choose 2 out of 4 papers: a) Advanced Financial Management (AFM) b) Advanced Performance Management (APM) c) Advanced Taxation (ATX) d) Advanced Audit and Assurance (AAA) My path as I grew up - I took all the Accounting equivalent subjects during my degree that enabled me to obtain exemptions up till the Applied Skills, which means that I only had to take 5 Strategic Professional papers at the time (previously, SBL was made of 2 separate subjects). Member path - 3 years' of relevant work experience Fellow path - 8 years' of relevant work experience 2) Malaysian Institute of Certified Public Accountants (MICPA) Professional Stage Examination (PSE) - 4 papers to navigate (equivalent to ACCA's Applied Skills stage): a) Business Strategy and Financial Management (BSFM) b) Auditing c) Business and Company Law (BCL) d) Financial Reporting (FR) Advanced Stage Examination (ASE) - 8 papers to navigate (equivalent to ACCA's Strategic Professional stage): a) Ethics and Business (EB) b) Risk and Technology (RT) c) Financial Accounting and Reporting (FAR) d) Taxation Malaysia (TAXMY) e) Business Performance (BP) f) Audit and Risk (AR) g) Integrated Chartered Accounting Practices (ICAP) h) 1 elective subject For those who aren't too keen on exams like ACCA or ICAEW, then MICPA might be for you (4 assessment-based subjects and 4 exam-based subjects). MICPA has a dual qualification program with Chartered Accountants of Australia and New Zealand (CAANZ), which you can be a member of both bodies after obtaining 3 years of relevant working experience. If you take either one (ACCA or MICPA) above, is there a pathway to being a member of Institute of Chartered Accountants in England and Wales (ICAEW)? I'll cover that in my next post whenever convenient. Have a great week ahead everyone.

Tikrit Journal of Administrative and Economic Sciences, Vol. 20, No. 66, Part (2): 171-193 https://buff.ly/3z8XrGJ The impact of adopting international accounting education standards on the quality of accounting qualification: An exploratory study on a sample of academics in accounting specializations/Tikrit University Abstract: The research aimed to test the extent of the impact of adopting accounting education standards in enhancing the quality of accounting qualification in the Iraqi environment. The accounting education standards were represented within eight dimensions that reflect the eight international accounting education standards (IAES1-8), while the quality of accounting qualification was represented within four dimensions: (values ethical, personal skills, practical skills, technical skills). A questionnaire form was also prepared with the aim of collecting the necessary data to test the research hypotheses. It was distributed to the research sample represented by academic professors within accounting specializations and postgraduate and bachelor’s degree students in the Accounting Department within the College of Administration and Economics at Tikrit University. The number of questionnaires returned and suitable for analysis reached 75 forms. The descriptive analytical method was also adopted for the purpose of preparing the research and reaching its objectives, and the research reached a set of conclusions, the most important of which is that international accounting education standards have a moral and positive effect in enhancing the quality of accounting qualification. In particular, standard (8) related to providing qualification requirements for professional auditors, the research suggests strengthening university accounting curricula with the vocabulary of international accounting education standards because of their effective role in enhancing the quality of university outputs of promising accountants and auditors, professionals and academics.

Examiner Performance Influenced by Core Self-Evaluation: Examining the Moderating Role of Information Technology https://lnkd.in/d-QurRMX Authors Ulfa Rabiyah Kartini Hanafi Andi Kusumawati Aini Indrijawati 1 Departement, of Accounting Hasanuddin University, Makassar, Indonesia 2 Department of Accounting, Hasanuddin University, Makassar, Indonesia 3 Department of Accounting, University Hasanuddin, Makassar, Indonesia Abstract This study aims to understand the role of core self-evaluation in examiner performance, as well as provide an illustration of how information technology moderates the effect of core self-evaluation on examiner performance. This study seeks to fill the lack of empirical evidence about the role of personality models; personality models are needed to improve individual performance. The conceptual framework model is developed using attribution theory and the Technology Acceptance Model (TAM) model as the grand theory. Two hundred sixty-five questionnaires were distributed to tax examiners in five provinces on the island of Sulawesi; the data were collected using Google Forms. In the hypothesis analysis, the researcher uses SEM-Amos to describe the effect of the independent variables on the dependent variable. The results of this study indicate that locus of control, emotional stability, self-esteem, and self-efficacy influence the examiner performance. Likewise, information technology can moderate the effect of locus of control, emotional stability, self-esteem, and self-efficacy on examiner performance. Presumably, the findings of this study can be used by tax service offices to improve the performance of their examiner by utilizing information technology to meet budget realization targets. Academics, too, can support new knowledge as well as theory development. Keywords Locus of control emotional stability self-esteem self-efficacy Information Technology