With the development of digital technology, the role of accountants will be more challenging.
It is imperative that they are trained at the highest standards and tested by the rigour of professional accountancy examinations.
At the same time, the lack of Bumiputera involvement in the professional accounting field is of great concern.
Based on the figures stated by Malaysian Institute of Accountants (MIA), there are fewer than 1,800, or eight per cent, of Bumiputera accountants.
This is way lower than market demand.
Malaysia Professional Accountancy Centre (MyPAC), established in 2014, is in collaboration with Yayasan Peneraju Pendidikan Bumiputera (Yayasan Peneraju) to increase the number of certified Bumiputera accountants.
Higher Education Minister Datuk Seri Idris Jusoh in his keynote address at the MyPAC Appreciation Award ceremony, said the traditional role of a professional accountant is evolving.
He said as a professional accountant, their role is above and beyond the preparation of financial reports.
That role, he said, had been taken over by technology.
“However, those reports and analyses will need to be interpreted and communicated.
“I am not worried that we will be replaced by artificial intelligence because I am confident that algorithm shall not overcome mental elasticity.
“As a young graduate armed with professional accountancy qualification, you have a competitive edge against the others in pursuing your career.
“Having the qualification is one thing, applying it in your career is a different story
altogether,” he added.
Idris said graduates must be responsible for their own development.
“It does not stop with them completing the examination.
“If they are serious about expanding their career, invest in themselves and continue learning.
“As future leaders, they cannot ignore the rapidly advancing digital technologies.
“And, they should be familiar with blockchain technology, and understand the discussion and implications of cryptocurrencies.”
Idris presented certificates to 60 Association of Chartered Certified Accountants (ACCA) students, who have passed with flying colours.
INTEC Education College announced that their Professional Accountancy Centre (IPAC) students had produced the best results for the December examination.
Present were UiTM Vice-Chancellor Professor Emeritus Datuk Dr Hassan Said, UITM Private Education College (UPESB) chairman Professor Dr Suhaimi Abdul Talib, UiTM Holdings Group chief executive officer Azlizan Fadzil and INTEC Education College chief executive Professor Dr Yamin Yasin.
Suhaimi said IPAC Education had produced many exemplary graduates and had received the platinum status award in just two years.
“We have consistently produced above world average passing rate, about 75 per cent at every sitting of examination.
“This is the result of the determination and dedication of the lecturers and the teaching and learning ecosystem at IPAC.”
IPAC director Associate Professor Mahfudzah Mohamed said the institute was established to boost the number of students taking professional exams.
“But, we are able to do more because of the facilities we have.”
She said IPAC lecturers had the right ingredients for success as they had students with
the right attitude.
“We hope to continue producing professional graduates by doing things right.”
The series of successes came from ACCA, Certified Accounting Technician (CAT) and Certificate in Finance and Business (CFAB).
These students are recognised as the World Prize Winners with range of ranking beginning at world No. 1, 2 and 6.
Wan Nor Marfudah Wan Yusof, 21, from Jerteh, Terengganu, is World No. 1 for the ACCA paper Financial Reporting.
She said she was exposed to thousands of past years exam questions since she joined the programme 1 1/2 years ago.
“My lecturer at INTEC also gave extra notes to understand the topic better.
“ACCA is one of the toughest accounting exams. But I told myself that I would give my very best.”
She said it was the first time she was ranked.
Her father had told her not to take ACCA, but to do another degree programme, but she was determined to continue.
“It is not all about numbers, but ACCA covers everything that a professional accountant needs to know, such as Accountant in Business, Management Accounting, Financial Accounting, Corporate and Business Law, Performance Management, Taxation and Financial Reporting.
“It paves the way for us to become a chartered accountant.”
Marfudah scored 95 per cent for her Financial Reporting paper.
Muhamad Nurakmal Mohd Musri, 20, from Sungai Petani, Kedah, scored 100 per cent in Financial Accounting and 98 per cent for Management Accounting in the CAT exams.
For him, it was important to not skip classes because once you missed a class you would miss many things.
A former Science student, Nurakmal took Accounting papers out of curiosity and ended up liking the subject. He is starting on his ACCA soon.
“I believe in maintaining good relationships with lecturers and peers. I always ask my lecturers to explain and discuss with my friends so that everyone will understand better.
INTEC has received 2,564 students for professional accountancy programmes with 1,787 studying CAT, ACCA, Certificate in Business Accounting and CFAB by ICAEW.