ACCOUNTING INSTITUTIONAL : Securities Commission Malaysia (SC)

The Securities Commission Malaysia (SC) is a statutory body entrusted with the responsibility of regulating and systematically developing the Malaysia’s capital markets. It has direct responsibility in supervising and monitoring the activities of market institutions and regulating all persons licensed under the Capital Markets and Services Act 2007.

The SC’s many regulatory functions include:

• Supervising exchanges, clearing houses and central depositories;
• Registering authority for prospectuses of corporations other than unlisted recreational clubs;
• Approving authority for corporate bond issues;
• Regulating all matters relating to securities and derivatives contracts;
• Regulating the take-over and mergers of companies
• Regulating all matters relating to unit trust schemes;
• Licensing and supervising all licensed persons;
• Encouraging self-regulation; and
• Ensuring proper conduct of market institutions and licensed persons.

MISSION

To promote and maintain fair, efficient, secure, transparent securities and derivatives markets and to facilitate the orderly development of an innovative and competitive capital market.

MEMBERS OF SECURITIES COMMISSION MALAYSIA

The eight members of the Securities Commission Malaysia are appointed by the Minister of Finance:

Datuk Ranjit Ajit Singh

• Chairman, Securities Commission Malaysia

Dato Dr Nik Ramlah Mahmood

• Deputy Chief Executive, Securities Comission Malaysia

Datuk Francis Tan Leh Kiah

• Managing Director, Azman, Davidson & Co., Advocates & Solicitors

Dato’ Gumuri Hussain

• Former Chairman, SME Bank (Bank Perusahaan Kecil & Sederhana Malaysia Bhd)

Fazlur Rahman Ebrahim

• Former Managing Director Prokhas Sdn Bhd

Tan Sri Mohamed Jawhar Hassan

• Chairman, New Straits Times Press (Malaysia) Berhad

Tan Sri Dato’ Hasmah Abdullah

• Former Director-General/Chief Executive Officer, Inland Revenue Board of Malaysia

Tan Sri Dr Madinah Mohamad

• Secretary General, Ministry of Education

ACCOUNTING INSTITUTIONAL : Malaysian Institute of Accountants (MIA)

MIA is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has 32068 members.

MIA's responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.

Section 6 of the Accountants Act 1967 (The Act) stated that the functions of the Institute shall be:-

• To determine the qualifications of persons for admission as members;
• To provide for the training and education by the Institute or any other body, of persons practicing or intending to practice the profession of accountancy;
• To approve the MIA Qualifying Examination (QE) and to regulate and supervise the conduct of that Examination;
• To regulate the practice of the profession of accountancy in Malaysia;
• To promote, in any manner it thinks fit, the interest of the profession of accountancy in Malaysia;
• To render pecuniary or other assistance to members or their dependents as it thinks fit with a view to protecting or promoting the welfare of members; and
• Generally to do such acts as it thinks fit for the purpose of achieving any of the aforesaid objects.

MISSION

To develop, support and monitor quality and expertise consistent with global best practices of the accountancy profession in the interest of stakeholders

MEMBERS OF THE MALAYSIAN INSTITUTE OF ACCOUNTANTS

Accountant General

• Dato’ Haji Che Pee bin Samsudin

President

• Dato' Mohammad Faiz Azmi

Vice President

• Datuk Zaiton Mohd Hassan

Deputy Accountant General

• Saat b. Esa
• Prof Dr Rozainun Abd Aziz
• Prof Dr Ayoib Che Ahmad
• Prof Dr Che Ruhana Isa @ Mohamed Isa
• Prof Dr Maliah Sulaiman Assoc Prof Dr Romlah Jaffar
• Dato' Abdul Rauf Rashid
• Dato' Gan Ah Tee
• Wong Chin Aik
• Tan Theng Hooi
• Mohd Zabidi Md Nor
• Yeo Tek Ling
• Dr. Veerinderjeet Singh
• Mohamad Azmi Ali
• Abu Bakar Rajudin
• Leong Kah Mun
• Dr Mohd Nordin Mohd Zain
• Dato' Heng Ji Keng
• Lim Thiam Kee, Peter
• Foong Mun Kong
• Asst Prof Ng Kean Kok
• Yap Seng Chong
• Narendra Kumar Jasani
• Salihin bin Abang
• Wong Wye Pong, Brian

Registrar 

• Sudirman Masduki

ACCOUNTING INSTITUTIONAL : Malaysian Institute of Certified Public Accountants (MICPA)

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.

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.

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.

MEMBER OF THE MALAYSIAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

MICPA is governed by a Council of 30 elected members, who comprise members from public accounting practice, commerce, industry and the public sector. The role and functions of the Institute are carried out by a force of 13 Committees and numerous working groups.

• Dato’ Abdul Rauf Abdul Rashid (President)
• Tan Theng Hooi (Vice President)
• Dato’ Abdul Halim Mohyiddin
• Abdul Halim Md Lassim
• Dato’ Ahmad Fuaad Mohd Kenali
• Beh Tok Koay
• Datin Hajjah Fadzilah bte Saad
• Dato’ Gan Ah Tee
• Goh Lee Hwa (Ms)
• Ken Pushpanathan
• Alex Khaw Hock Hoe
• Lee Tuck Heng
• Peter Lim Thiam Kee
• Loh Lay Choon (Ms)
• Dato’ Mohammad Faiz bin Mohammad Azmi
• Ng Kim Tuck
• Ong Chee Wai
• Patrick Ng Gan Hooi
• Poon Yew Hoe
• Sukanta K Dutt
• Rozaini bin Mohd Sani
• Tang Seng Choon
• Dr Teh Chee Ghee
• Stanley Teo Swee Chua
• Thong Foo Vung
• Dr Veerinderjeet Singh
• Venkatramanan Viswanathan
• Yeoh Siew Ming (Ms)
• Datuk Robert Yong Kuen Loke
• Gary Yong Yoon Shing

ACCOUNTING INSTITUTIONAL : Malaysian Accounting Standards Board (MASB)

The Malaysian Accounting Standards Board (MASB) is established under the Financial Reporting Act 1997 (the Act) as an independent authority to develop and issue accounting and financial reporting standards in Malaysia.

The MASB, together with the Financial Reporting Foundation (FRF), make up the frameworks for financial reporting in Malaysia. These frameworks comprises an independent standard-setting structure with representation from all relevant parties in the standard-setting process, including preparers, users, regulators and the accountancy profession.

The functions and powers of the MASB as provided under the Act are to:

• Issue new accounting standards as approved accounting standards;
• Review, revise or adopt as approved accounting standards, existing accounting standards;
• Amend, substitute, suspend, defer, withdraw or revoke any approved accounting standards in whole or in part;
• Issue, approve, review, revise, amend, substitute, suspend, defer, withdraw or revoke any issues bulletin in whole or in part;
• Issue, approve, review, revise, amend, substitute, suspend, defer, withdraw or revoke any statement of principles, any technical and other releases and any other document relating to financial reporting by whatever name called in whole or in part;
• Sponsor or undertake development of possible accounting standards;
• Collaborate with other national and international accounting standard-setters and monitor the development of other national and international accounting standards;
• Participate in and contribute to the development of a single set of accounting standards for international use;
• Conduct such public consultation as may be necessary in order to determine the contents of accounting concepts, principles and standards;
• Develop a conceptual framework for the purpose of evaluating proposed accounting standards;
• Make such changes to the form and content of proposed accounting standards as it considers necessary;
• Monitor the operation of approved accounting standards to assess their continued relevance and their effectiveness; and
• To perform any other function conferred or imposed upon it by the Act or such other function as the Minister of Finance may prescribe by order published in the Gazette.

MISSION

The MASB's mission is to develop and promote high quality accounting and financial reporting standards that are consistent with international best practice for the benefit of users, preparers, auditors and the public in Malaysia. In a wider context, the MASB seeks to participate in and contribute to the development of a single set of financial reporting standards for international use.

In the pursuit of its mission, the MASB is guided by a clear set of policy objectives:

(a) to develop high quality, clear and enforceable national accounting and financial reporting standards that benefit users, preparers, auditors and the public.

(b) to participate in and contribute to the International Accounting Standard Board’s (IASB) standard-setting process in the development of a single set of accounting and financial reporting standards for international use.

(c) to promote the use and seek views on the application of accounting and financial reporting standards by way of engagement and dissemination of information to users, preparers, auditors and the public.

(d) to collaborate with other national standard-setters for the development of international accounting and financial reporting standards; and

(e) to promote and support research in the area of financial reporting, in particular, for emerging markets and Islamic markets.

MEMBERS OF THE MALAYSIAN ACCOUNTING STANDARDS BOARD

The MASB is made up of eight (8) members who are appointed by the Minister of Finance. It comprises the Chairman of the MASB, the Accountant-General and six (6) other members who posses knowledge and experience in the matters of financial accounting and reporting, and in one or more of the fields of accountancy, law, business and finance. In addition, the Minister of Finance has appointed three (3) advisors to the MASB, one each from the Bank Negara Malaysia, the Securities Commission and the Registrar of Companies.

The members of MASB are:

• Encik Mohamed Raslan Abdul Rahman (Chairman) - Partner, KPMG Malaysia
• Dato' Che Pee Samsudin - Accountant General of Malaysia
• Datuk Tong Poh Keow - Group Chief Financial Officer, Sime Darby Berhad
• Mr Tan Soo Yan - Partner, Ernst & Young
• Mr Chan Kam Chiew - Partner, KPMG
• Mr Thaya Sangara Pillai - Partner, PricewaterhouseCoopers
• Prof Dr Maliah Sulaiman - Professor, International Islamic University Malaysia
• Encik Mohamed Rafique Merican - Group Chief Financial Officer, maybank Group

ADVISORS

• Ms Jessica Chew Cheng Lian - Bank Negara Malaysia
• Mr David Yap Weng Seong - Registrar of Companies
• Mr Eugene Wong Weng Soon - Securities Commission