Professional Documents
Culture Documents
C AREER GUIDE
YO U R PAT H T O A B R I G H T E R F U T U R E
C O N T E N T S
1.0
2.0 Accountancy
3.0
Careers In Accountancy
4.0
Types of Work
5.0
Issues Surrounding the World Today and its Impact
on the Accountancy Profession
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9
15
6.0
17
7.0
18
8.0
19
9.0
21
10.0
22
11.0
Application of Candidacy
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12.0
MIA QE Syllabus
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13.0
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2.0 Accountancy
THE BEGINNING OF
ACCOUNTING
Accountancy is believed to be
among the oldest profession in
the world. The origin of keeping
account has been traced as far
back as 8,500 B.C. Archaeologists had found clay
tokens in the form of cones, disks, spheres and
pellets in Mesopotamia (present Iraq). Further
record keeping activities are known to have existed
at least four to five thousand years ago amongst
the Babylonians, the Egyptians, the Greeks and
the Romans. Over the years, accounting has
become increasingly sophisticated. In 1494, with
the advocation of the principles of a double-entry
bookkeeping system, the foundation for modern
accounting was laid. The basic principle that for
every debit it should have its equal and opposite
credit is still true even to this day.
Accountancy
Careers in Accountancy
ACCOUNTANTS IN
INSTITUTION OF HIGHER
LEARNING
This group of accountants
are involved in the education
sector. There are number
of accountants who are teaching in colleges,
universities and institutes as lecturers and
professors. Their involvement includes the training
of future accountants, accountancy research and
development and management matters.
ENGAGING A PROFESSIONAL ACCOUNTANT
IN PUBLIC PRACTICE
Accounting Functions
Many small businesses do not have the volume of
financial transactions that necessitate hiring a fulltime accountant as staff. Engaging an accountant
firm on a consultative basis is a good first step
for a growing business. The sensible cost of
professional services rendered by the accounting
firm can often cost less than the salary and
benefits of a full-time employee and, at the same
time, you may be getting a higher level of advice
from a Chartered Accountant.
An accounting firm usually handles the following
accounting functions:
Tax return preparation;
Preparing financial statements, including the
statement of financial position, statement of
comprehensive income, and statement of cash
flow;
Analysis or problem-solving advice.
An accounting firm generally offers an hourly rate
schedule. There may be different rates for different
accounting on the level of complexity, and the
personnel from the accountants firm who are
actually involved in performing the tasks.
Management Accounting
Management accountancy offers a rich and diverse
range of opportunities critical to the success of all
organisations. The role has changed considerably
over recent years. Increasingly involved in
the commercial decision-making process,
management accountants ensure that betterinformed decisions are made, whether in terms
of improving performance, deciding on where to
invest capital, reviewing past and current results or
planning for the future.
The complexity of modern business requires
sophisticated systems and finance processes to
provide the essential information and support
to managers. Decision-makers and management
accountants need to be technically capable
of developing the information systems,
interpreting the outputs and presenting them in
a persuasive manner.
Financial Reporting
Reporting involves the investigation and
preparation of accounts to be published or
broadcast. It covers the provision of all information
from the holder, normally the accountant, to the
user, who may be a business owner, line manager,
the board of directors, the shareholders or the bank.
The information prepared varies from simple bank
reconciliation to a full annual report, from a business
forecast to support an overdraft application to an
investment appraisal on a potential acquisition. In all
cases the reporting accountant must bear in mind
the end-users of the report. As users of financial
reports are seldom involved in the day-to-day
activities of the business, the report has to be clear
and unambiguous.
AUDITING
Legislation
Under Section 174(2) of the Companies Act,
1965, all companies should appoint statutory
Types of Work
10
Types of Work
TAX CONSULTANCY
Tax accountants act for a wide range of individuals,
partnerships, trusts and companies. Clients include
business people, owners of private companies,
overseas individuals and companies wishing to
invest in Malaysia, and other professional firms.
The issuance of an approval to be a tax agent is
governed by the Income Tax Act, 1967. An approval
is only granted after the applicant has passed an
interview conducted by the Tax Authorities.
Tax accountants assist clients in three areas:
COMPANY SECRETARIAL
The Companies Act sets out a bewildering array of
duties, responsibilities and guidelines that must be
adhered to in administrating a company. Failure to
comply with the requirements of the Act can incur
severe penalties, including the imposition of hefty
fines and in extreme cases, even imprisonment.
The accountant can help with the operation
within the boundaries of the Act and guide the
company to take full advantage of the benefits and
protection provided by the Act.
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Types of Work
Types of Work
13
Types of Work
14
CHANGES IN TECHNOLOGY
Communication and
information technology is at
the change and its acceleration
is in excess of the other types
of technological change.
In the current environment the holder of the
relevant information has the ultimate power and
the advantage in decision-making in a swift and
precise pace.
In order to follow the information technology
waves and to avoid from being far behind,
educators now have a greater obligation to the
students to ensure that they become literate
in the business application of the information
technology.
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Issues Surrounding the World Today and its Impact on the Accountancy Profession
GLOBALISATION
Globalisation and trade liberalisation are
redefining the rules of how business is conducted,
and the accountancy profession has not been
spared of this phenomenon. There is increased
need for members to take a pro-active stand in
capability and capacity building. Members of the
profession would also have to take advantage
of the opportunities that present themselves,
be resourceful in translating problems into
opportunities as well as skilful in managing the
risks concerned once the market is opened up to
foreign players. There have been calls from various
parties within the industry for small practitioners
to merge their businesses in order to leverage on
each others strengths in facing the entrance of
foreign competitors.
PARADIGM SHIFTS
The major events, which are and will effect
organisations, are not mere extrapolation of the
past, but they are paradigm shifts. What is a
paradigm shift? Paradigm is a set of rules that
(1) describe boundaries, and (2) recommend
actions to be successful within those boundaries.
Paradigm shift occurs when the rules change,
therefore, changing the success factors. Today,
most paradigms are shifting revolutionary
rather than changing evolutionary. Paradigms,
in 1940s and 1950s, were assumed to be in a
certain environment for decision-making process.
In 1960s and 1970s along with the increased
uncertainties and complexities the decision world,
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Chartered
Accountant
C.A. (M)
Route 2
Full
member of
one of the
recognised
professional
accountancy
bodies
Apply for
MIA
membership
Route 1
Recognised
professional
accountancy
body
Route 3
Obtain
minimum
3 years of
Chartered
Accountants
Relevant
Experience
(CARE)
MIA
Qualifying
Examination
(MIA QE)
Recognised
university
accounting
degree
Unrecognised
university
degree/
Professional
accountancy
body
STPM/
GCE A level/ LCCI/
University foundation
programme/
Matriculation/
Accounting or
non-accounting
diploma
17
Route
OR
Route
OR
Route
18
WORK EXPERIENCE
For Route 1 and Route 3, once the academic
requirements have been fulfilled, the person must
obtain a minimum 3 years of relevant practical
accounting experience before they apply for
MIA membership to become a full-fledged
ACCOUNTANT or Chartered Accountant Malaysia,
C.A.(M).
To help aspiring accountants gain relevant working
experience after completing their studies, MIA
has created the Chartered Accountants Relevant
Experience (CARE) Programme. Under the CARE
programme, a mentor will supervise CARE
mentees until the necessary minimum 3 years
working experience is complete.
Bachelor of Accounting,
University of Malaya
Jalan Lembah Pantai
50603 Kuala Lumpur
Tel : +603 7967 7022
Fax : +603 7956 0027
Website : www.um.edu.my
Bachelor of Accounting,
Universiti Teknologi MARA
40450 Shah Alam
Selangor Darul Ehsan
Tel : +603 5544 2000
Fax : +603 5544 3510
Website : www.uitm.edu.my
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Recognised Accounting Degree* (First Schedule, Part I of The Accountants Act, 1967)
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CPA Australia
Suite 10.01, Level 10
The Gardens South Tower
Mid Valley City, Lingkaran Syed Putra
59200, Kuala Lumpur
Tel : +603 2267 3388 | Faks : +603 2287 3030
Website : www.cpaaustralia.com.au
Canadian Institute of Chartered Accountants
(CICA)
277 Wellington Street West
Toronto, ON M5V 3H2
Canada
Tel : +1-416-977-3222 | Faks : +1-416-977-8585
Website : www.cica.ca
The Institute of Chartered Accountants in India
(ICAI)
ICAI Bhawan
Indraprastha Marg., Post Box No.7100
New Delhi 110 002, India
Tel : 0091-011-3989 3989 | Faks : 0091-011-3011 0580
Website : www.icai.org
Chartered Institute of Management
Accountants in United Kingdom) (CIMA)
CIMA SE Asia
Lot 1.05, Level 1
KPMG Tower, 8 First Avenue
Bandar Utama, 47800, Petaling Jaya
Selangor Darul Ehsan
Tel : +603 7723 0230 | Faks : +603 7723 0231
Website : www.cimaglobal.com
New Zealand Institute of Chartered
Accountants (NZICA)
c/o New Zealand High Commission
21st Floor, Menara IMC
8, Jalan Sultan Ismail
50250, Kuala Lumpur
Tel : +603 2078 2533 | Faks : +603 2078 0387
Website : www.nzembassy.com
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MIA QUALIFYING
EXAMINATION (MIA QE)
Since 2003, MIA has been
carrying out the MIA Qualifying
Examination (MIA QE) as
an alternative pathway for
accounting, business and finance graduates to
qualify as chartered accountants.
MIA QE is a step closer for aspiring accountants to
be chartered accountants who do not possess a
qualification in accountancy recognised by MIA as
stated in Part I and Part II of the First Schedule to
the Accountants Act 1967.
ELIGIBILITY
Section 15A (2) of the Act provides that a person
shall only be eligible to sit for the MIA QE if he/she
possesses a qualification relating to accounting,
business or finance recognised by the Public
Services Department of the Government or other
qualifications approved by the MIA Council.
These include:
Local/Overseas graduates;
Students who have graduated from twinning
programmes; and
Students who have graduated from 3+0
programmes
However, pursuant to Rules 3 (3) of the MIA QE
Rules 2002, the accounting content in the above
qualifications must not be less than 60 percent of
the total qualification that will be assessed by the
MIA Examination Committee.
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2.
1. REGISTER AS A CANDIDATE
Submit form with a registration fee of RM300
Include certified true copies of IC, educational certificates a & transcript
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CLOSING DATE
MARCH
SEPTEMBER
OPENING DATE
CLOSING DATE
MARCH
SEPTEMBER
BCL
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AFAR
AUD
TAX
EXAMINATION ADMINISTRATION
University Technology Mara (UiTM) has been
appointed as the Examination Body to conduct
the MIA QE for a period of three years. UiTM will
set the examination, mark and assess the answer
scripts and forward the examination results to the
MIA Examination Committee. The University was
selected based on its impressive track record, staff
strength and excellent infrastructure.
EXAMINATION CENTRES
The final examinations are conducted throughout
Malaysia at the following venues:
1. UITM Shah Alam for Selangor and Federal
Terriority
2. MIA Regional Offices in Johor Bahru, Penang,
Sabah and Sarawak.
MIA QE CERTIFICATE OF SUCCESSFUL
COMPLETION
Upon completion of all 4 papers, the successful
candidate will obtain a Certificate of Successful
Completion from MIA. To qualify for MIA
membership, in addition to obtaining the
Certificate of Successful Completion, applicants
would need to gain 3 years of working experience
in the service of chartered accountant or in
a government department, bank, insurance
company, local authority or other commercial,
financial, industrial or professional organisation
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