DPA 3043 : AUDITING
COMMERCE DEPARTMENT
CASE STUDY ASSIGNMENT
Association of Chartered Certified Accountants (ACCA)
GROUP MEMBERS NAME :
1.NAGENDIRI A/P SURENDREN (01DAT16F1120)
2.DHARSHINIE D/O RAMACHANDRAN (01DAT16F1075)
3.KARTHIKA D/O KALYANASUNDARAM (01DAT16F1085)
4.SARANYA D/O INBAKUMAR (01DAT16F1079)
5.NUR AIN AZMIRA BT SIDEK (01DAT16F1066)
1. BACKGROUND OF ACCA
v Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA or FCCA). From June 2016, ACCA recorded that it has 188,000 members and 480,000 students in 178 countries. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of 100 offices and centres and more than 7,400 Approved Employers worldwide, who provide employee development.
2. ROLE / FUNCTION OF ACCA
l ACCA’s main aim is focusing on professional values, ethics and governance. ACCA works closely with governments, regulators, professional bodies and employers to ensure they remain on top of the needs and requirements of the accounting profession.
l ACCA’s aim is educating and promoting accountancy, the new layout of the qualification allows you to do any of the FIA courses without having completed any previous courses or qualifications..
l All ACCA applications are now done online only (no longer via a manual application form).
l ACCA’s certificate allows someone to become MIA member easily.
3. SCHEME STRUCTURE OF DUAL DIPLOMA CETIFICATION BY ACCA
l Dual Certification Diploma by ACCA is the perfect starting point for a career in accounting and finance. If school leaver, have no accounting experience or would like to start the ACCA qualification but did not have the minimum academic qualifications, this is the place to begin.
l This suite of awards from the association of Chartered Accountants covers a range of core skills and looks at the wider role of the accountant with each qualification better prepared to take our career to the next level.
l Dual Certification Diploma by ACCA designed to test the knowledge, skills and understanding which will need to work in accounting support roles.
l College DIPLOMA * ACCA Diploma Awards
v For Accountant in Business the papers should be taken in the program is:
1. Financial Accounting 1
2. Financial Accounting 2
3. Microeconomics
4. Macroeconomics
5. Principles of Management
6. Management Accounting
7. Effective Communication Skills
8. Financial Management
9. Moral and Ethics
v For Management Accounting the papers should be taken in the program is:
10. Management Accounting
11. Costing
12. Financial Accounting
v For Financial Accounting the papers should be taken in the program is:
13. Financial Accounting 1
14. Financial Accounting 2
15. Financial Accounting 3
16. Financial Accounting 4
17. Financial Accounting 5
18. Financial Management
v Complete foundation in Professional(online)
v Exemptions of Dual Diploma Certification.
1. FAB- Accountant in Business
2. FMA-Management Accounting
3. F4-Corporate and Business Law
v Examination of Dual Diploma Certification
1. FFA-Financial Accounting
l Option to Continue to ACCA Qualification
ü SKILLS
F5 Performance Management
F6 Taxation
F7 Financial Reporting
F8 Audit and Assurance
F9 Financial Management
ü ESSENTIALS
P1 Accountant in Business
P2 Management Accounting
P3 Financial Accounting
ü OPTIONS (TWO TO BE COMPLETED)
P4 Advanced Financial Management
P5 Advanced Performance Management
P6 Advanced Taxation
P7 Advanced Audit and Assurance
4) OTHER ACOUNTING PROFESSIONAL BODY IN MALAYSIA
a) Malaysian Institute of Accountants (MIA)
l The Chartered Accountant Malaysia is a designation conferred by the Malaysia Institute of Accountants (MIA) to a professional in accountancy, business and finance with a recognised accountancy qualification and relevant work experience.
l MIA was established under the Accountants Act 1967 as the statutory accountancy body that regulates, develops, supports and enhance the integrity and status of the profession while uploading the public interest.
l The strategic objectives are develop and enhance the competency of Accountancy Professionals to meet market demand, promote the accountancy profession as a profession of choice, and support and regulate (furthering, drive, leaad, ensure) the practice of the accountancy profession in Malaysia consistent with global standards and best practices.
l MIA Functions:
i. To determine the qualifications of persons admission as members.
ii. To provide for the training and education by the institute or any body, of persons practising or intending to practice the profession of accountancy.
iii. To regulate the practice of the profession accountancy in Malaysia.
iv. To approve the MIA Qualifying Examination(QE) and to regulate and supervise the conduct of that examination.
b) Malaysian Institute of Certified Public Accountants (MICPA)
l On 26 July 1958,the Malaysian Institute of Certified Public Accountants was formed by 20 members under the Company’s Ordinance. The name of the Association was changed to the Malaysian Association of Certified Public Accountants on 6 July 1964,subsequent to the formation of Malaysia.
l In 2001,the MACPA changed its name once again, to the Malaysia Institute of Certified Public of Accountants(MACPA).
l MICPA Function: The MICPA has broadened its scope of services so as to keep up with the challenges of the times, as well its responsibilities in the advancement of the practice and study of accountancy.
l MICPA Objectives:
i. Advancement of the theory and practice of accountancy.
i. Recruitment, education, training and assessment by means examinations or otherwise a body of members skilled in these areas.
ii. Preservation at all times of the professional independence of accountants in whatever capacities.
iii. Maintenance of high standards of practice and professional conduct by all its members.
5) ADVANTAGES OF BEING POSSESS THE CERTIFICATION.
a) Flexible study – anywhere, anytime, in your own time
l Studying ACCA is flexible.We can organise how and when we need to study to suit any situation. If we want to complete it as quickly as possible, we can attend an Approved Learning Provider as a full-time student; some degree courses will give us exemptions from ACCA papers.
l If you’re already a working as an accountant, but want to get qualified to progress our career, we can study part-time, in class or over the internet, at our own pace.
l ‘It’s really about our choice,’ says Stuart Pedley-Smith, head of learning at ACCA Platinum ALP Kaplan. ‘If you just want to buy a book from us, we can, or there’s distance learning programmes, or you can study online, or in a classroom.’ Not only that but you can pick and choose between the different channels.
l We will be getting benefit from face-to-face learning for a certain paper, but for another will be be happy to study online too. We can change our learning style depending on us.
b) Career progression
l Ideally anyone who wishes to have a career in finance and achieve senior management positions should have a formal qualification in accounting and finance.
l The ACCA Qualification is highly regarded by employers where it’s not impossible to be in a senior management position without one, there is more and more emphasis being placed on qualifications and quite simply more choice available to qualified accountants, than non-qualified. The qualification is assurance for the employer of your technical knowledge, with our experience that can determine our suitability for a role.
l In developed countries with mature financial and corporate systems, possessing a professional accountancy qualification is standard to be able to compete.
l Employers will enquire how long it has taken a candidate to complete ACCA, so I recommended finishing the exams as soon as possible to ensure maximum career and salary development.
c) Practical experience
l It’s not all about exams and studying. To become an ACCA member we need to have completed three years of practical experience. This is key to ensure that you’re the complete package before becoming an ACCA member and enjoying all the career benefits this brings.
l The best way to gain this experience is to work and study at the same time. Some companies may even sponsor for our studies and give us time off for classes, studying and exams. Many people study in the evening and work during the day. A workplace mentor will guide us through the requirements and support your progress.
d) Gaining of many skills
l We can gain such a qualification is evidence that the holder possesses skills and knowledge which are in high demand by employers in industry, banking, auditing, consulting as well as other professions like taxation and law.
l Candidates not only gain specialist knowledge in finance and accounting, but also acquire valuable skills in organizational management and strategy.
l We can also studies in English and it will improves our Business English.
6) Duration of Dual Certification Diploma by ACCA:
a) Diploma in Accounting and Business
You gain a Diploma in Accounting and Business when you pass:
· the first three exams of the ACCA Qualification (F1, F2 and F3)
· the Foundations in Professionalism ethics module.
Depending on when you take your ethics module, you could get this award in 6-12 months.
b) Advanced Diploma in Accounting and Business
You gain the Advanced Diploma in Accounting and Business when you pass:
· all the exams in the Fundamentals level (F1-F9)
· the Professional Ethics module.
Depending on when you take your exams and ethics module, you could get this award in 12-18 months.
7) DUAL DIPLOMA PACKAGE COSTING
Market Package
|
Fee (RM)
|
Initial Registration (GBP 79)
|
440.00
|
Annual Subscription Fee (GBP 95)
|
530.00
|
Exemption Fee-FAB, FMA, F4(GBP 74*3)
|
1260.00
|
Exam Fee-FFA(GBP 74)
|
420.00
|
Standard Pricing
|
2650.00
|
POLITEKNIK STUDENTS INCENTIVE:
Special Code :MPF
Discounted Initial Registration(GBP 30): RM167
1st Year Subscription Fee Waiver(GBP 95): RM0
8) NUMBER OF CHARTERED ACCOUNTANTS IN MALAYSIA needed in 2025
l The Chartered Accountant Malaysia or “C.A.(M)” is a designation conferred by the Malaysian Institute of Accountants (MIA) to a professional in accountancy, business and finance with a recognized accountancy qualification and relevant work experience. Chartered Accountants are the industry captain, corporate leaders and decision makers that play a significant part in nation building.
l At present, there are 32,990 chartered accountants registered with MIA, with 28,000 more members to be recruited. Malaysia requires the necessary talents to develop into s high-income economy. The government has set a target to increase the number of chartered accountants to 60,000 by 2025.
l Since, the government so far only have launched the number of chartered accountants needed for 2025, we have done some online research and calculation to get the number of chartered accountants needed in the year 2025. From our survey, we estimated a number of 60,000 chartered accountants are needed in the year 2025.
9) HOW ACCA,MIA & MICPA AFFECT THE ACCOUNTING PROFESSION IN MALAYSIA
MIA:
l MIA is a statutory body established under the Accountants Act 1967. MIA comes under Ministry of Finance through the Accountant General Department. The Act characterizes the current framework of the accountancy profession under which MIA is charged with the dual responsibility to regulate and develop the accountancy profession in Malaysia and carrying out the role as the regulator of the accountancy profession as well as a professional body that looks into the interest of its members. The Act provides that only registered members of the MIA can hold themselves out as accountants.
l MIA’s primary accountability is to to ensure that the credibility of the profession is maintained at the highest standards at all time in order to consistently uphold the interest of the public, stakeholders of the economy and segment of the capital market, in line with it’s vision “to be a globally recognized and renowned institute of accountants committed to nation building”.
l MIA sets the By-Law (on Professional conduct & Ethics) and auditing standards for the accountancy profession in Malaysia, which are in line with the standards issued by the International Federation of Accountants (IFAC) and the International Auditing and Assurance Standards Board (IAASB).
MICPA:
l Prepare professional accountants for the new world of business.
l Will equip potential members with the knowledge and skills to build a successful career in almost any work environment one can think of.
l Gives a unique position in a job market.
l Enables you to become Chartered Accountant and Certified Public Accountant.
l Almost 40% of MICPA’s membership, hold top executive positions in financial institutions, as well as large Malaysian and multinational corporations.
l Better employment expectation as a result of having shown ability in all areas of business.
10) CONCLUSION & RECOMMENDATION
l The Association of Certified Chartered Accountants has a lot of positive impact such as obtaining high quality skills, knowledge, reputation and ethical soundness. It motivates the members of the Institute accountancy services to the clients or employers in both the public and private sectors of the economy. Clients and employers normally pay them with higher salary than other accountancy service providers. This will motivate graduates of accounting to make effort of qualifying as members of ACCA.
l Guarantee of job opportunity as we get the certificate of ACCA in accounting, auditing and taxation field.
l As ACCA is a well-known professional body throughout the world, the certificate will be accepted and valuable at anywhere at anytime.
l Pursuing ACCA is not a waste of time, it worth the value of money spend for the ACCA qualification exams
.
11) REFERENCE
Internet Reference:
Book Reference:
l Alvin A. Arens, Randal J.Elder, Mark S.Beasley, Noor Afza Amran, Faudziah Hanim Fadzil, Nor Zalina Mohamad Yusof, Mohamad Naimi Mohamad Nor, Rohami Shafie ; Published by Perason Malaysia Sdn Bhd ; Copyright 2014 ; Auditing and ssurance Services (Third Edition)
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