ACCA Develops ESG-Skilled Finance Leaders in Malaysia

The Association of Chartered Certified Accountants (ACCA) has celebrated 86 years of collaboration with strategic partners that have helped shape the accountancy profession in Malaysia.

The Malaysia Stakeholders’ Appreciation Reception 2023, held in Bangsar South, Kuala Lumpur, marked the first post-pandemic physical event in nearly three years, and attracted about 500 representatives from the finance and accounting sector.

The event was graced by Malaysia’s Minister of Economy, Rafizi Ramli, who delivered the keynote address and emphasised the importance of accountancy and finance services in ensuring the smooth running of the country’s economy.

The ACCA remains committed to growing and developing the profession in Malaysia with its partners, including the Malaysian Institute of Accountants (MIA), and the Malaysian Institute of Certified Public Accountants (MICPA). Central to its mission is the ACCA’s pledge to support the Malaysian government’s target of significantly increasing the number of qualified accountants to 60,000 by 2030.

ACCA’s executive director, Lucia Real-Martin, highlighted the need for collaboration to understand the changing and multi-faceted needs of businesses in today’s increasingly challenging environment.

This, in turn, enables the ACCA to develop programmes and up-to-date courses to equip its members and students with the necessary skills and knowledge to excel in their careers and contribute to the success of their respective organisations.

The ESG Agenda in Accounting

Real-Martin noted the unique opportunity for the accountancy profession to lead and drive positive change in society as sustainability continued to gain traction, and urged professional accountants to play a vital role in navigating the various global challenges through their skills and knowledge.

The ACCA has identified seven priorities to contribute towards a better world, including building resilient economies, supporting entrepreneurial growth, transforming the public sector, and advancing standards and regulation.

Rafizi Ramli said in his keynote address that accountants are a pillar of good governance due to a unique combination of skills and ethics. “The values and qualities upheld by the profession – of integrity, accountability, trustworthiness, independence and sound professional judgement – are the foundation of good governance, and hence pivotal to the strategic and governance reforms being implemented by the Unity Government,” he said.

With ESG (Environmental, Social and Governance) matters becoming an increasingly critical agenda for businesses around the globe, Rafizi Ramli said accountants could play a major role in integrating the sustainability agenda into organisational strategy and operations.

“Accountants can contribute to upholding the ‘G’ in ESG by advising and supporting companies on business continuity, ESG and sustainability in the post-pandemic and endemic economy; advocating for and supporting tax reforms to support the economy and people; leading good governance and anti-corruption efforts, such as in anti-money laundering and anti-graft; and embracing digital transformation and supporting good digital hygiene and governance to strengthen cybersecurity and combat rising cybercrime,” he explained.