KUALA LUMPUR – ICAEW and The Malaysian Institute of Certified Public Accountants (MICPA) have signed an agreement to cooperate in strengthening the accountancy profession.
The agreement between ICAEW, founded in the UK, and MICPA will be in place until 2025 and is aimed at enhancing cooperation and good relations between the two professional accounting bodies. It also means that fully qualified, eligible members of one of the professional bodies can become a member of the other, based on their experience, through a special membership scheme.
The agreement also emphasises the requirement for members to keep up their continuing professional development and education in accordance with International Federation of Accountants (IFAC) standards and sets the stage for joint initiatives to be undertaken by both professional bodies.
A short panel discussion followed the signing ceremony. Called ‘the Role of the Accountancy Profession in Building a Just and Sustainable Future’, it highlighted the need for finance professionals to encourage the businesses they work with to be more sustainable.
According to Mr. Izza there will have to be changes in business models, methodologies and how activities are conducted, in line with the United Nation’s Sustainable Development Goals. He said “Part of our role as Chartered Accountants is to help educate. One of the key things that the accountancy profession does better than anybody else is measure, report, and assure.
“Those three things are going to be absolutely crucial for businesses making a transition from where they are today to a more sustainable world, and when they are in place, businesses will be able to make better decisions to change. This is why the accountancy profession’s role in this is so central and pivotal.”
President of MICPA, Dr Veerinderjeet Singh echoed the sentiment by stating, “As professionals, this is a time for us to ensure that whatever we do, the advice, guidance and direction we give our clients, we need to build in the aspect of sustainability in terms of environmental issues, social issues and governance issues, fundamentally the Environmental Social and Corporate Governance aspects.
“Financial advisors and professionals have a tremendous role to provide a holistic solution which has to include the concept of sustainability embedded into the long-term solution outcomes. Ultimately, we need to be more vigilant in making sure we look at the social agenda.”
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