ICA Australia President Visits MIA

The President of the Institute of Chartered Accountants in Australia (ICA Australia) Richard Deutsch had a discussion with the Malaysian Institute of Accountants (MIA) President Nik Mohd Hasyudeen Yusoff during his visit to MIA headquarters in Kuala Lumpur on 25 March 2009. Mr Deutsch was accompanied by Bill Palmer, ICA Australia General Manager of Standards & Public Affairs.

A number of issues relating to the development of the accountancy profession in Australia and Malaysia were discussed including the development of the oversight of accounting firms auditing companies in the capital market and the implementation of International Financial Reporting Standards (IFRS) during financial economic crisis. Mr Deutsch also shared his observation about the need to educate directors of public listed companies to understand and be involved in the implementation of IFRS in their companies and the effectiveness of the implementation require great support from the board. The involvement of ICA Australia in the World Congress of Accountants which would be held in Kuala Lumpur in November 2010 was also discussed.

The MIA President expressed his gratitude for the willingness of ICA Australia to cooperate in the areas of improving audit quality including the quality assurance process of audit practices as well in the implementation of IFRS in Malaysia.

The discussion was also attended by Rosli Abdullah, the Chief Executive Officer of MIA.