This article first appeared in The Edge Malaysia Weekly on June 5, 2023 - June 11, 2023

INVESTORS and stakeholders are increasingly prioritising climate change and environmental, social and governance (ESG) compliance. This has led to accountancy professionals emerging as key thought leaders in anchoring organisational sustainability, with their valued financial and non-financial insights offering guidance in the bid to boost resilience amid prolonged global uncertainty and tremendous headwinds.

In particular, accountancy professionals have been entrusted with the responsibility of upholding the profession’s code of ethics and championing accountability, integrity and trust for good governance in the public interest.

The Malaysian Institute of Accountants (MIA) has chosen “Future Fit Profession: Charting a Better Tomorrow” as the theme of its upcoming MIA International Accountants Conference 2023 (MIA Conference 2023) on June 13 and 14, with a strong emphasis on ESG advocacy and sustainability, as both issues present immense opportunities and risks for businesses, the accountancy profession, the economy and the world.

“The theme is carefully aligned with our advocacy for the future relevance of accountants and the profession to support sustainable nation-building. In a complex, disruptive and unprecedented post-Covid world, accountancy professionals must be able to navigate their expanding and diverse roles to provide effective leadership and services in business and the economy,” MIA conference director and executive director of strategy and development G Shanmugam tells The Edge.

The conference is a hybrid event, allowing delegates to attend in person or participate virtually. Comprising 16 sessions presented by 80 speakers from across the globe, the conference is aimed at helping accountants acquire technical and non-financial competencies that are tailored to hone their adaptability, acumen, agility and ability to future-proof themselves, while helping them to navigate diverse and fluid roles in an increasingly complex and disruptive world.

Accountants will be instrumental in leading the supporting initiatives and implementation efforts to help mitigate the devastating risks and impacts of climate change, according to MIA CEO Dr Wan Ahmad Rudirman Wan Razak.

“As partners and strategic advisers to business, accountants can play a key role by harnessing their competencies to enhance ESG and sustainability measurements and disclosures to support climate-friendly policies and promote better decisions and outcomes,” he says.

Beyond the conventional auditing of financial documents and reconciling bank statements, accountants add value to an organisation at multiple levels, he points out, such as climate risk assessments, calculating cost-benefit perspectives on climate-related matters, establishing a system of internal control for the reporting of sustainability information, and raising and allocating funds needed for climate mitigation and adaptation.

As such, the MIA Conference 2023 touches on topics such as ESG audits and greenwashing risks, guidance on measuring and evaluating ESG performance, sustainability disclosure practices, and disclosure requirements aligned with the guidelines of the Task Force on Climate-Related Financial Disclosures (TCFD), the advisory body set up by the Group of 20 nations to address concerns on insufficient disclosure of climate-related risks and opportunities for businesses.

In an age where nearly every profession is being disrupted by rapid digital and technological advancements, accountancy is no exception. Thus, those in the industry must keep abreast of digital developments to continue delivering value in a constantly evolving economical landscape.

MIA, as regulator and developer of the profession in the country, strongly advocates for accountants to embrace digital transformation to ensure the profession is future fit and relevant, as well as equipped to drive sustainability goals forward and support good digital governance, says Wan Ahmad.

“This will entail being adept and knowledgeable on the adoption and implications of technologies and tools that are relevant to the profession. These include investing and upskilling in technologies such as artificial intelligence (AI) — including generative AI like ChatGPT — big data analytics, blockchain, cloud computing, cybersecurity, drones for inventory management and smart contracts,” he adds.

To support further digital adoption in the profession, MIA held the MIA Digital Month 2023 from Feb 16 to March 8, followed by its annual MIA AccTech that featured the latest pivotal technological developments in finance and accounting, and the launch of its inaugural Digital Technology Adoption Awards (DTAA).

The DTAA, introduced in March, recognises and acknowledges successful technology implementations and achievements in the accountancy profession in three categories — commerce and industry, public practice and public sector. The deadline for participating in the DTAA has been extended to Aug 30, and anyone with a digital transformation success story is encouraged to apply.

Meanwhile, Shanmugam says the MIA Conference 2023 is the pinnacle of the institute’s Continuing Professional Education (CPE) initiatives, which are on track to deliver more than 900 CPE programmes this year.

“Our CPE is designed to strengthen the accountancy profession for its nation-building role and hence, is carefully geared to the needs of our members and the profession,” he adds.

The highlights of this year’s conference are the sessions by Asmâa Resmouki, president of the International Federation of Accountants, who will be speaking on the global profession’s efforts to drive ESG and sustainability, and by Sonam Wangchuk, an inventor, scientist and education reformist.

Accountants and finance professionals across all industries — public or private, aspiring junior executives or experienced senior business leaders — are welcome to take part in the conference.

The Edge is the official media partner of the MIA International Accountants Conference 2023

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