APEC Economy: Malaysia

Accountancy Services – General background

In Malaysia, the word ‘accountant’ is protected under the provisions of the Accountants Act 1967 (hereby referred to as the ‘Act’), which states that no one can hold himself or herself out or practice as an accountant unless he or she is registered as a member of the Malaysian Institute of Accountants (MIA).
One can become a Chartered Accountant by:
a) Passing any of the final examinations of the universities specified in Part I of the First Schedule of the Act and has not less than 3 years experience;
b) Being a member of any of the recognised professional bodies specified in Part II of the First Schedule of the Act; and/or
c) Eligible to sit for and having passed the MIA Qualifying Examination and has not less than 3 years experience.

The Act can be viewed at http://www.mia.org.my/handbook/act/.

The provision of the following accountancy services requires a license from the Ministry of Finance (the regulatory body):

Licensing Requirements

The contact details of the organisation that control the licensing of accountants and the applicable regulations to licensing in this jurisdiction is as follows:

Organisation:

Ministry of Finance

Contact Name:

Sh. Saidtul Fazilah bt. S. Azman

Address:

Jabatan Akauntan Negara
Unit Kemajuan Profession

Address 2:

Kompleks Kementerian Kewangan
No. 1 Persiaran Perdana, Presint 2

City/Town:

Putrajaya

State:

Wilayah Persekutuan

ZIP/ Postcode:

62594

Economy:

Malaysia

Email address:

sfazilah@anm.gov.my

Phone number:

88821000

Website:

www.anm.gov.my

Licensing of Foreign Nationals

There are no nationality requirements to offer professional accountancy services. However, the service provider must have their principal or only place of residence in Malaysia to be in public practice in Malaysia.
Members in public practice may carry out public practice services such as accounting, audit, insolvency, taxation and other related services. However as stated above, the practice of audit, insolvency and taxation are covered under other legislation and require additional licences from the Ministry of Finance.
Applicants for audit licences are required to possess 3 years of continuous relevant and sufficient audit experience; and to have attended the Public Practice Programme organised by the MIA prior to the submission of the licence application.
For more information on setting up Public Practice in Malaysia, please go to http://www.mia.org.my/new/members_practising_introduction.asp

Limited Licence

A foreign accountant cannot obtain a limited licence to provide accountancy services in this jurisdiction.

Professional Accounting Bodies

Membership with MIA is required in order to provide professional accountancy services in this jurisdiction.
MICPA is the only local professional body in Malaysia that conducts professional accountancy examination in Malaysia.
There are two recognised professional accounting bodies in this economy:

Organisation 1:

Malaysian Institute of Accountants (MIA)

Contact Name:

Ho Foong Moi (Ms)

Address:

Dewan Akauntan, No.2 Jalan Tun Sambanthan 3

Address 2:

Brickfields

City/Town:

Kuala Lumpur

State:

Wilayah Persekutuan

ZIP/ Postcode:

50370

Economy:

Malaysia

Email address:

hfm@mia.org.my

Phone number:
Fax No:

+603 – 2279 9200
+603 – 2279 9380

Website:

www.mia.org.my

Levels of membership:

  1. Chartered Accountants
  2. Licensed Accountants
  3. Associate Members

Eligibility to other bodies in the APEC economies

MIA has MRAs with the Indonesian Institute of Accountants and CPA Australia

Alliance & MOUs

Nil

 

Organisation 2:

The Malaysian Institute of Certified Public Accountants (MICPA)

Contact Name:

Foo Yoke Pin (Mr)

Address:

No.15 Jalan Medan Tuanku

Address 2:

City/Town:

Kuala Lumpur

State:

Wilayah Persekutuan

ZIP/ Postcode:

50300

Economy:

Malaysia

Email address:

ypfoo@micpa.com.mu

Phone number:
Fax No:

+603 2698 9622
+603 2698 9403

Website:

www.micpa.com.my

Levels of membership:

1. Full Membership – CPA
2. Certified Financial Accountant (CFIA)
3. Provisional members
4. Associate Members

Eligibility to other bodies in the APEC economies

Institute of Chartered Accountants in England & Wales (ICAEW)
Institute of Chartered Accountants in Australia (ICAA)

Alliance & MOUs

MRA between MICPA and Association of Chartered Certified Accountants (UK)

Temporary practice arrangements

A foreign accountant is not permitted to provide professional accountancy services on a temporary basis without a local license in the jurisdiction.

Rules on firms and commercial association

In this jurisdiction:

Other regulatory issues

In this jurisdiction there are:

Additional information relevant to the Accounting profession

Foreign accountants can become members of local accounting bodies through MRA or direct admission as members of the local accounting bodies but would need to hold the necessary licences to engage in public practice.

Contact Details

Organisation 1:

Ministry of Finance

 

Website: www.anm.gov.my
Email address: sfazilah@anm.gov.my

Organisation 2:

Malaysian Institute of Accountants

 

Website: www.mia.org.my
Email address: mia@mia.org.my

Organisation 3:

The Malaysian Institute of Certified Public Accountants

 

Website: www.micpa.com.my
Email address: micpa@micpa.com.my