The Malaysian Institute of Certified Public Accountants (MICPA)

Background

The Malaysian Institute of Certified Public Accountants (MICPA) has been developing the accounting profession in Malaysia for over five decades by providing accounting graduates with an avenue to become a Certified Public Accountant (CPA). Since its establishment in 1958, MICPA has played a key role in the setting of accounting standards and technical advisory for the Malaysian regulatory bodies responsible for carving out the business and financial landscape of this nation.

MICPA has more than 3,200 members and over 500 registered candidates. Members of the Institute are professionally qualified “certified public accountants” bearing the CPA qualification.

The Institute is a founding member of the International Federation of Accountants (IFAC) and has contributed significantly to sustaining the accounting profession nationally, as well as globally. MICPA has demonstrated its dedication in protecting public interest by promoting convergence to international standards through participation in the IFAC Compliance Program.

In 2009, a Memorandum of Understanding (MoU) was signed between MICPA and the Institute of Chartered Accountants Australia (ICAA), sealing a new era of professional ties marking an important milestone for both bodies in their quest to work together to promote the interest of students, members and the accountancy profession. The MoU provides for mutual advanced entry for candidates into both of the accountancy bodies’ professional examinations.

In 2014, we saw the amalgamation between ICAA and the New Zealand Institute of Chartered Accountants (NZICA) which led to the establishment of Chartered Accountants Australia and New Zealand (CAANZ). Now, graduates of the MICPA-CAANZ Programme will obtain 2 professional qualifications – CPA (Malaysia) and CA (ANZ).

The depth of technical accounting knowledge and understanding of the Malaysian business environment has helped MICPA shape its core professional accountancy programme – the MICPA-CAANZ Programme, to suit business professionals practicing in Malaysia whilst increasing their accessibility to the accounting profession on international shores. The partnership between MICPA and CAANZ has widened the horizons of programme graduates in terms of international opportunities and access to resources such as the Global Accounting Alliance (GAA) which provides support from a network of professional accounting bodies in 11 different countries.

Brief history

On July 26, 1958, the Malayan Association of Certified Public Accountants was incorporated under the Companies Ordinances (1940 – 1946) as a self-regulatory accountancy body. Subsequently, the Association became The Malaysian Association of Certified Public Accountants (MACPA) on July 6, 1964, and was finally renamed The Malaysian Institute of Certified Public Accountants (MICPA) on January 29, 2002.

In 2009, MICPA signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants Australia (ICAA), sealing a new era of professional ties promoting the interest of students, members and the accounting profession. The MoU provides for:

·         The delivery of a joint Professional Accounting Programme in Malaysia, granting graduates of the Programme with the eligibility to become members of both Institutes

·         Mutual recognition for members of both Institutes

·         Collaboration between Institutes in the organising of thought leadership events in Malaysia

A new development in 2014 saw the amalgamation of ICAA and the New Zealand Institute of Chartered Accountants (NZICA) which led to the establishment of Chartered Accountants Australia and New Zealand (CAANZ), a 100,000-strong membership of professionals. With the merger, graduates of the joint Programme will obtain 2 professional qualifications and be entitled to use the credentials CPA (Malaysia) and CA (ANZ) as members of both Institutes.

Objects of the institute

The Principal Objects of the Institute as set out in the Memorandum and Articles of Association are as follows:

·         To advance the theory and practice of accountancy in all its aspects.

·         To recruit, educate, train and assess by means of examination or otherwise a body of members skilled in these areas.

·         To preserve at all times the professional independence of accountants in whatever capacities they may be serving.

·         To maintain high standards of practice and professional conduct by all its members.

·         To do all such things as may advance the profession of accountancy in relation to public practice, industry, commerce, education and the public service.

Vision

To be the premier business qualification in Malaysia, comparable to the best in the world.

Mission

·         To enhance the value and distinctiveness of the Certified Public Accountant (CPA) qualification.

·         To promote high standards of professional conduct and technical competence of members to safeguard public interest.

·         To provide quality professional education and training thereby creating a competitive advantage for members.