This article first appeared in The Edge Malaysia Weekly on October 21, 2019 - October 27, 2019

ACCOUNTANTS have a major role to play in directing organisations in a changing landscape where technology disruption is the norm and issues of trust and sustainability dominate.

Thus, the Malaysian Institute of Accountants (MIA) International Accountants Conference 2019, with its theme of “Trust and Sustainability in a Digital Economy”, aims to address several key issues that are affecting the accounting profession today, such as trust deficit, sustainability challenges and digital disruption.

MIA CEO Dr Nurmazilah Mahzan says with Industrial Revolution 4.0 gaining momentum, the number of organisations that are embracing technology in the unfolding digital economy are increasing.

“As business partners, strategic advisers, decision-makers and financial stewards, it is imperative for accountants to be able to navigate this new landscape competently as technologies such as artificial intelligence (AI), blockchain, cloud, cybersecurity, data analytics and robotics become mainstream in business and the profession.

“As their roles diversify, accountants are expected to share the lead in steering the adoption and integration of technology into finance, business, compliance and governance,” she adds.

As for trust, which is integral to good governance, Nurmazilah says building the trustworthiness and integrity of public institutions is key to bridging the trust deficit.

“To strengthen trust and bridge the trust deficit, it is important that these public institutions provide accurate and complete financial and non-financial information in order to demonstrate accountability and stewardship and to reinforce their credibility,” she continues.

“Accountants play a pivotal role in these areas (governance, reporting and assurance), either as preparers, auditors, regulators or those charged with governance, in order to uphold trust.”

Sustainability issues, which are getting more pronounced, will also be at the forefront of the conference.

“Globally, the public demands the accountability of businesses and governments to pressing issues such as climate change, plastic waste, financial inclusion, income and wealth inequality and the digital divide. As business leaders, strategic partners and advisers and influential decision-makers, accountants are expected to collaborate on strategies and solutions for sustainability.

“[Hence], for the first time in the MIA conference’s trajectory, our speakers will deliver content on sustainability issues linked to the United Nations’ Sustainable Development Goals. Our sustainability content will be meticulously linked to the areas in which accountants can make a difference [such as] enhanced reporting, accountability and transparency,” says Nurmazilah.

The two-day conference, which kicks off on Oct 22, is expected to bring together 3,200 delegates from 30 countries, with 70 speakers across 20 sessions.

MIA executive director of strategy and development G Shanmugam says the conference will be useful for thought leaders and people who want to upskill themselves on the latest developments affecting the profession, namely digital, sustainability and governance.

Other key issues at the forefront of this year’s conference include Budget 2020 and the Shared Prosperity Vision.

“Our expert speakers will touch on what the Budget 2020 and Shared Prosperity Vision are designed to achieve, and the challenges and opportunities arising from the proposed measures.

“In particular, MIA, as the voice of the accountancy profession, lauds the Budget 2020 measures on digitalisation, foreign direct investment, capacity building, Islamic finance and professional development, all of which are timely and align well with MIA’s current and future initiatives,” says Shanmugam.

The conference will also touch on sustainability skill sets of 21st century accountants, in particular how they can strategise and support solutions for sustainability and sustainable best practices.

“We will also look at how accountants can support the adoption of reporting frameworks and champion their organisation’s reporting on their sustainability and impacts as well as how technology is transforming business and impacting sustainable best practices and reporting,” adds Shanmugam.

The Edge is the official media partner of the MIA International Accountants Conference 2019

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