BASIC FOR ACCOUNT STUDENT

The Malaysian Institute of Certified Public Accountants (MICPA), which was established in 1958, is another accountancy body that is involved in the training and development of accountants in Malaysia.^[3] Apart from that, accountancy bodies from the Commonwealth countries such as the Association of Certified Chartered Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants in Australia (ICAA) and CPA Australia are also active in training and developing Malaysians towards attaining professional accountancy qualifications.Accounting courses are offered both by the public and private higher education institutions in Malaysia. Presently, accountancy degree from 11 institutions of higher learning are recognised for the purpose of admission to the membership of MIA. ^[4] Some of the institution of higher learnings also offer programmes leading towards attaining professional accountancy qualifications such as ACCA, CIMA, ICAEW and MICPA.

Accounting standards are issued by the Malaysian Accounting Standards Board (MASB) by virtue of the power conferred by the Financial Reporting Act, 1997.^[5] The Financial Reporting Act also establishes the Financial Reporting Foundation, which is the body that is responsible to oversee MASB's performance and financial arrangement. ^[6]

The MASB had announced the effort to bring Malaysia to be in full convergence with the International Financial Reporting Standards (IFRS) by 2012. ^[7

As at 30 June 2008, there are 1,348 firms which are offering auditing services and another 650 firms providing other accountancy related services. ^[2] Most of the global accounting firms such as Ernst & Young, Deloitte, KMPG, PricewaterhouseCoopers, BDO, Howarth and Grant Thornton have their presence in Malaysia.

Accounting firms have to be registered with MIA and members of MIA who wish to offer public practice services should also possess practising certificate issue by MIA. However, specific approvals should be obtained to provide the following services:

• Audit of limited companies; approval to be obtained from the Ministry of Finance and firms should be registered with the Companies Commission Malaysia
• Audit of co-operative societies; approval to be obtained from the Malaysia Co-operative Society Commission
• Audit of banks and financial institutions; approval to be obtained from Bank Negara Malaysia
• Tax agent services, approval to be obtained from the Inland Revenue Board
• Receivership and liquidation services; approval to be obtained from the Ministry of Finance
• Financial planning; approval to be obtained from the Securities Commission Malaysia