1 2 TABLE OF CONTENTS Introduction 4 - 5 Welcome Address by the MIA President 6 - 7 Keynote Address by the Minister of Finance II Malaysia 8 - 9 Plenary 1: 2016 Economic Outlook & AEC 10 - 11 Plenary 2: Driving Tomorrow’s Business Success 12 - 13 Concurrent Session 1A: Managing Crisis in the Age of Social Media 14 - 15 Concurrent Session 1B: Gender Diversity in Leadership – Making the 16 - 17 Breakthrough Concurrent Session 1C: Auditing in Big Data Ecosystem – Preparing the 18 - 19 Auditors to the Next Level Concurrent Session 2A: Finance Function Make Over – Adapting to 20 - 21 Emerging Business Challenges Concurrent Session 2B: The New Auditor’s Report – A Game Changer? 22 - 23 Concurrent Session 2C: Getting Ready for the New Changes in MFRSs 24 - 25 Lunch & Entertainment 26 - 29 Concurrent Session 3A: Enhancing Transparency in Public Sector – The 30 - 31 Role of Accountants Concurrent Session 3B: Towards a Coordinated Tax Policy Impending 32 - 33 AEC Concurrent Session 3C: Integrated Reporting (IR) in Islamic Finance 34 - 35 Institution – From Compliance to Value Proposition Concurrent Session 4A: Managing the Evolution of Threats in the Cyber 36 - 37 Age Concurrent Session 4B: Impact of Cloud and Emergence of Postmodern 38 - 39 ERP to Organisations Concurrent Session 4C: Opportunities Beyond Numbers 40 - 41 Plenary 3: Post-Implementation of GST – Managing Issues and Challenges 42 - 43 Plenary 4: “Through the Lens of the Iron Lady” 44 - 45 Lucky Draw Session 46 Conference Snapshots 47 3 4 CONFERENCE THEME The remarkable blueprint of the ASEAN Economic Community (AEC) aims to position the Association of Southeast Asian Nations (ASEAN) as a powerful influential economic bloc in the 21st century, one equivalent to the world’s seventh largest economy with a combined market of 625 million citizens, generating an annual GDP of US$2.5 trillion. However, this grand vision must be anchored in synergy today, before the AEC can truly crystallise and become tomorrow’s reality. At sovereign level, collaborations must escalate to bridge disparities and encourage seamless intra-ASEAN relations and integration. Malaysia in its role as ASEAN chair is keen to enhance its domestic strengths and build synergies by celebrating diversity and promoting inclusivity, to fuel economic growth and raise living standards across the region. Meanwhile, business as a key player in AEC transformation is encouraged to embrace borderless markets, by championing innovation and continuous improvement to emerge as world- class competitors. As a partner and provider of core financial and strategic management expertise, accountants are pivotal in facilitating the region’s transformation. The AEC will accelerate demand for professional accountants and their expertise; the MIA International Accountants Conference 2015 aims to equip accountants with the relevant competencies and cross-cultural sensitivities to collaborate and prosper in an integrated market where financial talent will be increasingly mobile. By synergising our strengths today, we can help realise ASEAN’s collective vision of tomorrow. ABOUT MIA CONFERENCE 2015 The MIA International Accountants Conference 2015 is a flagship event designed for and dedicated to accountants and corporate leaders from around the world. Known as the MIA Conference 2015, the Conference showcased 60 top-notch local and international speakers and industry captains who actively discussed and shared their insights on today’s most pressing issues, challenges and opportunities in the accounting and business world. More than 2,800 delegates from commerce and industry, the public sector, public practice and academia participated in MIA Conference 2015. It is one of the largest gatherings of accountants in the world! ABOUT MIA Established under the Accountants Act 1967, MIA is the national accountancy body that regulates, develops, supports and enhances the credibility, status and interests of the profession in Malaysia. MIA accords the Chartered Accountant Malaysia or “C.A. (M)” designation. Presently, there are more than 32,000 MIA members making their stride in businesses across all industries, public practice, the public sector and academia in Malaysia and around the world. MIA’s international presence 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). MIA is a leading provider of continuing professional education for the accounting fraternity. MIA won the Human Resource Minister Award under the Training Providers category for its exceptional contributions and role in the human resources development sector of Malaysia. The MIA Conference has been organised successfully for three decades and attended by participants from Malaysia as well as the Asia-Pacific region. The MIA Conference won the “National Conference for Excellence” in the Business Events category at the Recognising Award Winning Results (rAWr) Awards 2013. WHO ATTENDED 5 6 WELCOME ADDRESS BY THE MIA PRESIDENT t gives me great pleasure to announce the resounding Accountants Act since 2001, and it is timely as what Isuccess of the MIA International Accountants was relevant before may not be so relevant now. CSAP’s Conference 2015, which attracted approximately 2800 impact encompasses everything from regulatory issues delegates. This beats last year’s attendance of 2,628, and governance through to competency building and which is a great accolade to the Conference Chairman, the development of tomorrow’s accountant. We have Datuk Johan Idris and the team at MIA. to recognise that the environment has changed and that our role as accountants has never been more in On behalf of MIA, I wish to record our deepest demand. Hence, we should be open to change and be appreciation to our guest of honour YANG BERHORMAT constructive on how to implement CSAP. DATO’ SERI AHMAD HUSNI MOHAMAD HANADZLAH, Minister of Finance II, for officiating the conference. Our final challenge is sometimes referred to as the trust Indeed, his presence underscores the profession’s deficit. We forget that the profession was built on the importance to Malaysia. foundations of trust and we stand to lose our moral standing and respect of the community if we continue The theme of this year’s conference “Today’s Synergy, to permit fraudulent and criminal behaviour among our Tomorrow’s Reality” is an excellent tagline, and it own. Members are reminded that you signed up to our essentially means that we have to work better together Code of Ethics and should do no wrong. You are all in to face today’s challenges. To sum up, there are three positions of trust and we expect you to do the right key challenges facing the profession, but these areas thing in every aspect of your professional life. If that may also present opportunities. fails, we are prepared to invoke our rules and take you to task. The first is the formation of the Asean Economic Community (AEC) which will create an integrated To help turn opportunities into challenges, this marketplace with over 600 million consumers and conference covered several relevant topics to advance valued at over USD1 billion in GDP. Pertinently, the the profession. Key takeaways included updates on AEC enables the free movement of skilled labour accounting standards and integrated reporting, accrual across borders, meaning that accountants in Malaysia accounting and public sector financial management, will be increasingly able to work in other countries in the impact of the AEC, social media and cybersecurity the region. The key challenge facing us in following challenges, gender diversity and leadership, Good and the roadmap to AEC is the state of readiness of the Services Tax and regional tax harmonisation, big data accounting industry. Accountants in the region will need analytics and the new audit reporting requirements. to scale up, gain exposure to different markets and use Jazz doyenne Sheila Majid sang her heart out at lunch new tools and IT systems to manage operations from and the Conference ended on a high note with an multiple locations. The most successful will be those illuminating no-holds-barred talk by Malaysia’s Iron who can operate effectively in a diverse, multi-market Lady Tan Sri Rafidah Aziz on ASEAN integration and and multicultural work environment. trade liberalisation. To facilitate the mobility of accountants within the Finally, this Conference would not have been possible AEC, we are making progress on developing the Mutual without the support of our sponsors, partners, speakers Recognition Agreements (MRAs) with our counterparts. and guests, to whom I extend my utmost appreciation. Our challenge is whether our existing regulatory and I also wish to thank the Organising Committee for their education setup is good enough to enable Malaysian excellent work and all the members of the MIA, led by accountants to operate and be recognised regionally, Ms. Ho, who worked furiously behind the scenes to pull and MIA will be looking at this in the near term. off this Conference. On MIA’s behalf, I trust that we will see you again at our next Conference which we hope The second major challenge is the reshaping of will surpass this year’s edition. the accounting profession’s landscape in Malaysia. Following international reviews by the World Bank and also locally by the Committee for the Strengthening of the Accounting Profession (CSAP), CSAP has submitted its report to Yang Berhormat Datuk Ahmad Husni and we are awaiting approval to implement its recommendations. This is the first major change to the 7 8 KEYNOTE ADDRESS BY THE MINISTER OF FINANCE II MALAYSIA eartiest congratulations to MIA for bringing near-borderless markets, innovations and continuous HMalaysians and our friends from ASEAN and improvements. As a result, we have seen higher demand other parts of the world together at this conference for professional services. With the AEC fully realised, which enables accountants and industry experts to the opportunities arising will only accelerate.