The Malaysian Institute of Accountants (MIA)
continued to advocate intensively for the profession to adopt and embrace
technology at the second MIA AccTech Conference 2019 – Advancing Tech for Next
Generation.
MIA CEO Dr. Nurmazilah Dato’ Mahzan, a passionate
evangelist for technology transformation and enablement for accountants, set
the tone for the Conference in her opening presentation - PLENARY 1: MOVING THE NEEDLE ON TECH-ENABLED ACCOUNTING.
Explaining
MIA’s digital milestones, she explained that the inaugural AccTech in 2018 as
well as the concurrent launch of the MIA Digital Technology Blueprint were the
two initiatives that really jumpstarted MIA’s technology journey, which is
aligned with its higher purpose of strategic nation building. “Our purpose or
strategic agenda with digital is to enable the profession, make it more
relevant and create higher value by integrating technology across all our
stakeholders – both internal and external. By using technology as an enabler, this
helps MIA to be more efficient and effective in achieving our overall holistic
purpose, which is to regulate and develop the accountancy profession to support
nation building.”
Dr.
Nurmazilah proudly related that the AccTech conference franchise and the
Digital Technology Blueprint have been recognised internationally as pioneering
initiatives to embed digitalisation and technology in the profession, in order
to make accountants more relevant and productive in the digital economy (please
click here for the
Digital Technology Blueprint). Since their launch in 2018 and
throughout the first half of 2019, MIA has steadily gained international
recognition as an authority on digital adoption for the profession. Dr.
Nurmazilah was invited to speak at the Chief Executive’s Forum organised by
IFAC in Feb 2019 on the Future of the Profession: Embracing
the Drivers of Disruption.
At the Asia Pacific level, MIA was awarded OpenGov’s Malaysian
Recognition of Excellence award for the Blueprint, as part of OpenGov’s
regional Recognition of Excellence series.
Dr.
Nurmazilah touched on the fluid technology landscape and impacts on the
profession, focusing in particular on how accountants should respond to
disruption and threats of job obsolescence. The solution lies in reskilling and
acquiring digital wisdom to navigate the digital economy.
Future Skillsets
for Tech Accountants – Soft Skills and Data Science Skills
She advised
accountants to “take the initiative to change and acquire the skills that
enable you to carry out high-value and high-level cognitive non-routine roles.”
Most important to enable technology transformation is for accountants to
embrace the right mindset and culture, to be curious, resilient and adaptable. “The future skillsets that MIA has
identified go beyond numeracy, which is the domain of the profession, to
encompass complex problem solving; critical thinking; creativity; people
management; coordination, communications and collaboration; emotional
intelligence; judgement and decision-making; negotiation; service orientation;
and cognitive flexibility,” explained Dr. Nurmazilah.
MIA is embedding these cultural
changes and new skillsets in its development programmes and continuing
professional education and training to benefit members and the profession at
large. Going forward, MIA also proposes a framework of useful data science skills
for accountants that aligns with its competency frameworks; this is currently
at the exposure draft stage. Specific areas of data expertise and competency
for accountants might cover skills such as data exploration; data creation,
storage and cleaning; data transformation; data modelling; data governance and
strategy; and algorithmic decision making.
Digital Wisdom and Digital
Governance
On top of acquiring new
skills, accountants need to pivot to digital wisdom (a term first coined by
education reformist Marc Prensky) and digital governance. “Digital wisdom is a
new wisdom that requires finding the best combination of mind and technology;
the wisdom received through a creative use of digital technologies. In other
words, digital tools can make us truly wiser and digital wisdom comes from
thoughtful use of digital technologies,” she explained. Digital governance here
refers to upholding professional ethics and digital ethics to protect the
public interest and support overall good governance in the fabric of business
and society. By integrating digital wisdom and good governance in its
development offerings, MIA hopes to deliver a new paradigm of learning that
creates highly competent and ethical tech accountants.
She
concluded her presentation by urging accountants to participate in MIA’s 2019
Survey on Technology Adoption by the Accountancy Profession in Malaysia 2019 to
formulate the operational plan to implement the MIA’s Digital Technology
Blueprint. The link to survey https://www.surveymonkey.com/r/TechnologyAdoption2019
Malaysian Institute of Accountants (MIA)
Established under the Accountants Act 1967, MIA is
the national accountancy body that regulate, develops, supports and enhances
the integrity, status and interests of the profession in Malaysia. MIA accords the Chartered Accountant Malaysia
or “C.A. (M)” designation. Working closely alongside businesses, MIA connects
its membership to an unmatched range of information resources, events,
professional development and networking opportunities.
Presently, there are more than 35,500 members
making their strides in businesses across all industries in Malaysia and around
the world.
MIA’s international outlook and connections are
reflected in its membership of regional and international professional
organisations such as the ASEAN Federation of Accountants (AFA), and the
International Federation of Accountants (IFAC). For more information on MIA,
visit www.mia.org.my
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