How do you know you are dealing with Qualified Accountants or Registered Practioner in Malaysia?
Many freelance or not yet qualified called themselves an accountant in Malaysia. They often are able to offer significant lower cost or part-time services in the market. When issues arise, many SME Business Owners got trapped and unable to seek recourse or go against these providers as technically they are illegal providers.
This is similar to seeking treatment from people who call themselves doctors, which one allow them to operate and prescribe medications. They are usually cheaper, and you may find some of them operate from Night Markets too but isn’t that dangerous? And this often happens. When it is too cheap, buyers to please beware.
In Malaysia, to legally call oneself to be an accountant, one must meet the requirements set by the Malaysian Institute of Accountants (MIA). Here are the key points:
Legal Requirements:
1. Membership with MIA: One must be a member of the Malaysian Institute of Accountants. To become a member, one typically need to:
– Hold a recognized accounting qualification.
– Have relevant work experience.
– Pass the MIA Qualifying Examination if you don’t hold a recognized accounting degree.
2. Registration: One must be registered with the MIA, which involves submitting an application and meeting their criteria.
Penalties for Non-Compliance:
If one call themselves as an accountant without being a registered member of the MIA, one is contravening the Accountants Act 1967. The penalties include:
– Fines: A fine not exceeding RM 10,000.
– Imprisonment: Imprisonment for a term not exceeding one year.
– Both: In some cases, both a fine and imprisonment.
Example:
If someone in Malaysia uses the title “accountant” on their business cards or official documents without being registered with the MIA, they could be fined up to RM 10,000, face up to a year in prison, or both. Please get your provider to provide their MIA and Practicing Certificate before engaging them. There are costs to be a registered firm with a qualified team.
Disclaimer: The information provided in this article serves as a general guide. However, it is essential to recognize that each case is unique and can be influenced by various factors. Laws and regulations may change over time, and individual circumstances may require tailored approaches. The author of this article make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information provided herein. The article’s content is for informational purposes only and should not be considered as legal advice or a substitute for professional consultation. Readers should always consult with qualified professionals for advice on specific matters and the interpretation of applicable laws and regulations.
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