KUALA LUMPUR (Oct 5): The Association of Chartered Certified Accountants (ACCA) and Malaysian Institute of Certified Public Accountants (MICPA) have renewed a 10-year-old agreement to continue their commitment to develop and strengthen the accountancy profession in Malaysia.

The Mutual Recognition Agreement (MRA), originally signed by both the bodies in August 2007, will now run for another five years until 2022, they said in a joint statement today.

Since 2007, many qualified members of both associations have become members of the other body and enjoy the benefits of greater international recognition and improved professional mobility.

It helps accountants to have expertise in international standards while enhancing their value in a growing economy, hence the partnership, the bodies said.

ACCA president Brian McEnery said the agreement was first created with the objective of supporting MICPA in helping to meet the demand for accountants in line with the Malaysian government's transformation agenda.

"Our bodies share many same values and we are committed to promoting responsible and ethical business, and supporting sustainable global economic performance," McEnery added.

MICPA president Datuk Tan Theng Hooi said building a wide professional network was just as important in a professional accounting career as being technically sound.

"We organise a wide array of activities for our members year-round, designed to cover professional development, thought leadership and networking, giving our members who have taken up the mutual membership route more opportunities to learn and widen their networks," Tan added.