The Malaysian Institute of Certified Public Accountants (MICPA) - Malaysia

The Malaysian Institute of Certified Public Accountants (MICPA) - Malaysia
The Malaysian Institute of Certified Public Accountants (MICPA) - Malaysia

The Malaysian Institute of Certified Public Accountants (MICPA) was established in 1958 as the only Malaysian professional accounting body. Its main objectives are to advance the theory and practice of accountancy, provide education and training leading to the Certified Public Accountant (CPA) qualification and promote the status and interest of the accountancy profession and its members. The CPA qualification is recognised under the Malaysian Companies Act 2016 (previously, the Companies Act 1965) for appointment as auditors, company secretaries and liquidators. MICPA was prescribed as a Recognised Professional Body on March 15, 2018. With the prescription, MICPA members may apply to the Minister charged with the responsibility for finance to be approved as a liquidator under the Companies Act 2016. Education and Training MICPA offers the MICPA Programme – a joint professional qualification offered with Chartered Accountants Australia and New Zealand (CA ANZ) which provides graduates with 2 professional memberships and titles – CPA (M) and CA (ANZ). Programme graduates have access to the Global Accounting Alliance (GAA) which provides membership and technical support from a network of 10 premier professional accounting bodies. MICPA’s technical and education excellence serves as a backbone in providing the requisite foundation required of a qualified Insolvency Practitioner, one of which is through the setting of professional examinations. The Business and Company Law module in the Professional Stage Examination covers areas such as receivership, winding-up and liquidation, financial management and restructuring and corporate rescue mechanisms (i.e. judicial management and corporate voluntary arrangement). Services to Members MICPA members actively participate in insolvency-related seminars and training, and are involved in insolvency engagements that cover restructuring, turnaround and special administrations. A robust Continuing Professional Development (CPD) programme is run throughout the year to ensure members remain informed and updated about developments in the profession, covering areas such as auditing, accounting standards, insolvency, and taxation. MICPA’s Insolvency Practice Committee The Insolvency Practice Committee was established by the Institute in 1992 to assist members who are liquidators. MICPA’s views are frequently sought by the authorities on matters relating to the development of insolvency law and practice in Malaysia, and is evidenced by: • Invitation to become a member of Working Group D of the Corporate Law Reform Committee established by the Companies Commission of Malaysia (CCM) in 2003 to review the Malaysian Companies Act 1965 • Providing CCM with feedback in 2013 on the Public Consultation on the New Companies Bill 2015 • Invitation to sit in the Corporate Practice Consultative Forum – Restructuring, Insolvency and Practice Sub-Committee by CCM, subsequent to the gazette of the new Companies Act 2016 on September 15, 2016. • Invitation to participate in a consultation session on the drafting of the Companies (Amendment) Bill 2020.