Two leading accountancy bodies, ACCA (Association of Chartered Certified Accountants) and MICPA (The Malaysian Institute of Certified Public Accountants) have renewed an agreement that supports both parties’ commitment to develop and strengthen the accountancy profession in Malaysia.

The Mutual Recognition Agreement (MRA), which was originally signed by both premier accountancy bodies in August 2007, will now run for a further five years until 2022. In the years since the original agreement was signed, many qualified members of both associations have successfully become members of the other body and enjoy the benefits of greater international recognition and improved professional mobility.

Commenting on the agreement, ACCA President Mr Brian McEnery said, “Our Mutual Recognition 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 of the same values and we are committed to promoting responsible and ethical business, as well as supporting sustainable global economic performance. Our partnership with national bodies such as MICPA has been significant in contributing to the success of the profession here in Malaysia. We highly value this partnership, and are looking forward to many more fruitful years of collaboration.”

MICPA President Datuk Tan Theng Hooi added, “This collaboration of mutual membership between our bodies has worked well for our members, as building a wide professional network is just as important in a professional accounting career as being technically sound. Both our bodies 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.”

The accounting profession has been steadily experiencing growth worldwide, reflecting the demand for accredited professional accountants who have expertise in international standards. Both ACCA and MICPA believe that the profession is best served by partnerships which promote high accounting and ethical standards, enhancing the value of accountants in a growing economy.