CEO Maria Cauchi Delia's insights on the Institute remaining a key force to the long-term success of Malta’s financial sector.

Recent years have seen the Malta Institute of Accountants (MIA) help shape the evolution of accountancy, cementing its role as a respected and trusted stakeholder representative of the profession. At its helm is CEO Maria Cauchi Delia who, throughout her tenure, has seen the Institute grow into an important partner that is actively engaged in shaping the regulatory landscape, addressing global developments that continue to impact the profession and beyond.

“Over the years, we have built a strong reputation with our stand on issues such as the fight against financial crime, the prioritisation of sustainable finance, digitalisation and upskilling, as well as transparency and ethics, which are reshaping not just our profession, but also the wider financial services industry and the broader economy,” Maria starts off.

Now, the profession is geared for a slew of new legislation and standards that are emerging at a rapid pace. The extent of implementation of the EU Sustainable Finance Framework will be a gamechanger, alongside expected developments within Malta’s corporate tax system, making the Institute’s role even more invaluable.

“All these developments undoubtedly require proactive engagement and adaptability from the profession, and the Institute operates an all-hands-on-deck approach to ensure that this happens. We have also increased our presence in international fora, giving us direct insights into upcoming changes and key developments within the accountancy profession, while exchanging views with representatives of other jurisdictions. This, in turn, allows us to brief the relevant stakeholders enhancing preparedness across the board,” the CEO explains.

The Institute is in a position to fulfil this thanks to what Maria describes as a balanced combination of long-term planning and agile responsiveness to current happenings.

“The Institute’s prominent role and respect on a national level stem from years of sustained contributions to Malta’s evolving economic and regulatory landscape. If I were to pin-point a key juncture in this development, I would say it is the instrumental role we played during Malta’s grey-listing period,” she muses.

Indeed, the Institute emerged as a proactive contributor to the work carried out by the National Coordinating Committee on Combating Money Laundering & Funding of Terrorism (NCC), which is the entity tasked with the general oversight of Anti-Money Laundering/Combating of Funding of Terrorism policy. This experience, the CEO believes, continued to reinforce the Institute’s position as a key stakeholder in shaping national policies.

“Building on this, the Institute is an active participant on the Malta Financial Services Advisory Council, contributing to the development of a forward-looking strategy for Malta’s financial sector. We constantly engage with the relevant authorities, in our role as a bridge with our membership base.”

In addition to strategic foresight, the MIA’s ability to respond swiftly to emerging developments has been equally critical. Last year alone, the Institute addressed 34 consultations issued by bodies such as the EU, the Maltese Government, and international standard-setters. These consultations, alongside other initiatives, cover areas such as changes to legislation, policies, rules and regulations, and ethical considerations.

“This agility is supported by the dedication of more than 160 volunteer members who actively contribute to 13 committees, focus groups, and 20 working groups. Their efforts have significantly bolstered the Institute’s ability to drive the growth of the profession and the wider industry,” Maria elaborates.

And of course, there’s also the regular order of events hosted by the Institute, with the Biennial Conference taking place later this year, other flagship annual conferences, CPE events, and networking events.

The past year has seen the Institute focusing on three interconnected challenges that are redefining the local business environment: enabling sustainability, harnessing technological advancements, and enhancing competitiveness. Rather than peripheral concerns, Maria and her team approach these as fundamental shifts that influence how organisations operate and succeed in today’s economy.

“Sustainability is driving businesses to adapt to new regulations, consumer expectations, and societal demands. The Institute has embraced this by equipping its members with the skills and knowledge to lead in this area, recognising the pivotal role accountants play in advancing sustainable practices,” she states.

Meanwhile, technological transformation continues to reshape the industry, introducing both challenges and opportunities. From integrating digital finance to understanding blockchain and AI, the profession is in a constant state of change, as technology develops at an unprecedented pace. Thus, one of the priorities identified by the Institute for 2025 is to prepare its members to adapt and thrive, ensuring they remain at the forefront of innovation.

Other priorities centre around enhancing competitiveness – a concept that’s at the core of all the Institute’s proposals – while ensuring that the talent pool continues to grow alongside the demands of the market.

“There’s a need for continued investment in the next generation of accountants to ensure the profession remains dynamic, diverse, and ready for the future. Through the #AccountsForYou campaign, the MIA is working to inspire new students to pursue accountancy, while ensuring those already enrolled remain engaged. Yet, this is not enough to cope with demand – strategic decisions at a national level are required, and the Institute is actively contributing to the debate on labour migration and is preparing its feedback to recently launched proposals on the matter,” Maria emphasises.

We are committed to preparing the next generation of accountants with the skills to thrive in an era defined by technology and heightened scrutiny on transparency and sustainability. Ultimately, the Institute’s role is about leadership – whether it’s advocating for sound policies, providing world-class training, or equipping our members to lead their organisations towards growth,” the CEO concludes.

This interview forms part of the Companies to Watch in 2025, a business serialisation of BusinessNow.mt, Malta’s fastest-growing, cutting-edge business news portal, aimed at companies achieving their goals, marking important milestones, or planning to announce major business news.

The Malta Institute of Accountants (MIA), in collaboration with the Financial Intelligence Analysis Unit (FIAU), is set to host the much anticipated ‘Maintaining a Robust AML Ecosystem’ Conference on 13th February 2025. This full-day event will take place at the Radisson Blu Resort, St. Julian’s, and is designed to address critical topics in the anti-money laundering (AML) sphere.

Subject persons need to ensure compliance with the applicable regulatory framework. This Conference will provide a platform for accountants, auditors and other professionals to strengthen their AML expertise.

A Comprehensive Agenda for Maximum Impact

The carefully curated agenda is tailored to offer practical insights and actionable takeaways. Attendees will benefit from a series of topical discussions together with opportunities to ask questions and exchange ideas with fellow professionals.

Esteemed Speakers and Expert Panels

This event will feature a distinguished lineup of speakers, including representatives from the MIA AML Committee, FIAU, the Malta Financial Services Authority, the Malta Business Registry, the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism and the European Commission. They will bring a wealth of knowledge and experience to the table, providing attendees with invaluable insights into the latest regulatory developments and trends.

Panel discussions will facilitate deeper engagement on critical topics, ensuring participants leave with a better understanding of a number of aspects of the respective AML obligations.

Earn CPE Hours While Enhancing Expertise

Attendees of the ‘Maintaining a Robust AML Ecosystem’ Conference will earn 6.5 Core Continuous Professional Education (CPE) hours, a valuable addition for professionals committed to professional development. The event represents a unique opportunity to combine professional growth with essential knowledge-sharing in the AML field.

Secure Your Place Today

Whether you are an accountant, an auditor, a professional involved or aspiring to be involved in compliance or anti money laundering, or interested in obtaining relevant knowledge on topical subjects in the field of AML, this Conference is a must-attend event for staying at the forefront in AML practices.

For full agenda and registration details, visit the official event page at https://bit.ly/4heKEme

The Minister for Finance Hon. Clyde Caruana yesterday presented the 2025 Malta Budget. 

Below please find a link to reports issued earlier today by some of the Institute’s Member Firms and Firms whose application to become a Member Firm is currently being processed by MIA:

• Deloitte
• PwC
• Forvis Mazars
• KPMG
• Tri-Mer
• EY
• CLA Malta

Throughout the year, the Malta Institute of Accountants has been heavily involved in a number of key projects and initiatives covering various policy areas that are changing the landscape within which businesses operate, hence having an impact on the Maltese economy and its attractiveness. These include the audit exemption for certain eligible entities, the necessary changes to the Companies Act, the transposition of the Corporate Sustainability Reporting Directive and the lack of resources. 

The Institute sought to identify fiscal measures that support these policy areas as well as the need to ensure that Malta remains an attractive jurisdiction and facilitates the ease of doing business, while also ensuring adherence to the applicable regulatory framework. In fact, the focus of the budget proposals for 2025, which were prepared following the necessary consultation with the Institute’s Committees and Groups, is more on the direct and indirect taxation measures that are necessary to address matters such as the need to simplify business processes and align requirements to enhance efficiency and effectiveness, while reducing inconsistencies that might have a counter effect on other efforts, such as increased compliance. The Institute also proposed fiscal measures to continue promoting initiatives related to environmental, social and governance matters in Malta.

The budget proposals of the Malta Institute of Accountants were presented to the Hon. Minister of Finance Clyde Caruana on Friday, 27^th September 2024.

The Malta Institute of Accountants (MIA) held its 60^th Annual General Meeting on 26^th  September 2024 at Villa Arrigo. During this meeting, seven of its members were elected to the MIA Council.

Fabio Axisa, David Delicata, Jonathan Dingli, Shawn Falzon, Christopher Portelli and Annabelle Zammit Pace, were re-elected on the Institute’s Council, while Norbert Tabone was elected for the first time. They join Edmond Brincat, Mark Anthony Bugeja, Thomas Galea, Paul Giglio, Ronald Mizzi, Lucienne Pace Ross and William Spiteri Bailey.

Opening the AGM, MIA President Mark Anthony Bugeja shared an extensive run-through of the Institute’s activity, highlighting sustainability, digitalisation, education and the fight against money-laundering as pivotal aspects of the MIA’s ongoing efforts to support the profession and the wider economy.

Mr Bugeja emphasised the crucial role accountants play in upholding trust and integrity in a rapidly changing global business environment. “Over these six decades, the world has undergone tremendous change, with advancements in technology, globalisation and a completely transformed business landscape. Yet, amidst this rapid evolution, accountants continue to represent trust and integrity, adapting their expertise to meet modern challenges while ensuring transparency, compliance, and sound decision-making - cornerstones that are just as vital today as they were 60 years ago”, he said.

He also highlighted the MIA's active role as a voice for the profession, responding to 34 consultations over the past year alone. These consultations involved legislative and regulatory frameworks impacting the profession, both locally and internationally. Feedback was provided on critical areas such as taxation, auditing standards and in the field of sustainability. The President acknowledged the work being carried out by MIA's 13 Committees and Groups, composed of over 160 members, who contributed over 137 hours of voluntary input to ensure that the profession’s interests are well-represented.

In details presented during the AGM, it was highlighted how the Institute delivered accredited training by organising 6 conferences addressing the specific needs of the different cohorts of the MIA members and through 126 online Continuing Professional Education events, ensuring members are equipped to meet the evolving demands of the profession. Additionally, through its #AccountsForYou educational campaign, the MIA engaged with over 1,500 students, fostering the next generation of accounting professionals through visits to schools as well as firms.

Members also cast their votes on a series of motions aimed at enhancing the Institute’s operational structure and governance.

During the first meeting of the new Council held shortly after the AGM, the four Officers of the Council were re-confirmed in their respective positions - Mark Anthony Bugeja as President, Lucienne Pace Ross as Vice-President, Jonathan Dingli as Secretary and Annabelle Zammit Pace as Treasurer.

As The Malta Institute of Accountants, we always strive to offer the best possible opportunities and benefits to all our members.

We are delighted to announce the recent collaboration with APS Bank.

This agreement will be of benefit not only to MIA members who are current customers of APS Bank but also those members who are looking for an alternative bank for their Home or Personal Loan or for their everyday banking requirements.

The benefits enrolled for MIA members can be accessed here.

Should you have any queries or you wish to start benefiting from such benefits, kindly contact the APS team at alexia.cesare@apsbank.com.mt / swataradvances@apsbank.com.mt.

The accountancy and auditing profession is called to play a wider role in achieving the nation’s net zero targets and in facilitating the transition towards a more sustainable economy. This reality is backed by an ever-growing realisation by stakeholders that companies do not operate in isolation but are part of a dynamic ecosystem where their actions impact the planet and people.

The centrality of the accountancy profession in taking a leading role in driving organisations towards sustainable outcomes emerged during a conference hosted by the Malta Institute of Accountants targeted at small and medium-sized practitioners.

Mark Anthony Bugeja, MIA President, highlighted the cultural shift which is transforming the global economy. “Employees, investors, customers have changed the way they go about many aspects of their life. A significant shift has taken place in the way people look at the corporate world, what they expect from it, the standards they expect it to follow”. In this context, he added, the accountancy professional takes a central role in leading this transformation through advice and effective reporting.

With this enhanced role putting further pressure on the availability of human resources, MIA CEO Maria Cauchi Delia shared the Institute’s proactivity in enhancing the country’s ability to attract increasing numbers of accountancy and auditing professionals. The Institute has shared various proposals with authorities in terms of facilitating the recruitment and retention of third country nationals while investing further in its #AccountsForYou campaign to reach out to the younger generation and help develop keener interest in the industry and this profession.

Ms Cauchi Delia also gave details of the constant exchanges with authorities and regulators, through which the Institute puts forward necessary recommendations and shares feedback on proposed regulatory developments in the interest of the profession and beyond.

The Conference also covered the latest developments in banking and in the realm of tax, with discussions focusing on elements such as corporate tax reform, Pillar II, transfer pricing and succession planning with its fiscal implications. In this context, tax experts noted the deferment of any major changes to corporate tax for a further six-year period but insisted on the need to strengthen further the financial jurisdiction to ensure its competitiveness in the year ahead, anticipating the inevitable fiscal reform.

In consideration of the increasing role played by voluntary organisations as a social backbone to communities, the event featured a fireside chat with Mr Jesmond Saliba, the Commissioner for Voluntary Organisations (VOs), who shared insights associated with the wide-ranging reform in the sector. The Institute provided extensive feedback relating to reform of this sector, re-iterating its calls for a level playing field in terms of expectations associated with financial reporting.

The Conference was hosted with the organisational backing of the MIA’s Small and Medium Practices Group was supported by Thomson Reuters and Scope Solutions.

Investment in digital tools and skills is fundamental in addressing the twin challenges of talent scarcity and regulatory requirements, and is key in enhancing the nation’s competitiveness in the years ahead. The need for such investment is also increasingly required to strengthen the organisations’ ability to meet expectations in emerging areas such as sustainability while creating added value for shareholders and stakeholders.

This was a key underlying theme which emerged strongly by both regulators and business operators during the second  Conference organised by the Malta Institute of Accountants (MIA) this year, and which addressed key challenges impacting the profession.

Introducing the event, MIA Chief Executive Officer Maria Cauchi Delia said that accountancy professionals play a key role as drivers in creating added value within the operations of the companies they work for. She called for further investment in technology and digital tools and skills, which are fundamental to reduce administrative burdens while addressing talent shortage which afflicts the Maltese economy at the present time.

This view was shared by other speakers. In fact, it was  noted that with Malta approaching full employment and an ageing workforce, it required a major effort to allow technology to take over several jobs, to allow firms to channel their resources to more productive, higher value-added activities.

Representatives from various regulators  acknowledged the increasing regulatory challenges impacting Maltese organisations, while highlighting that most of these changes are being driven from a European or international level. The different regulators highlighted their effort to invest in technology to facilitate the regulatory process, while emphasising the importance for businesses to ensure compliance.

Various discussion panels led to lively debates, including with public interaction, on issues such as sustainability, the advance of AI in supporting business development, as well as the role of accountants and Chief Financial Officers in driving value creation – hence the transition to Chief Value Officer,  elements which are also intrinsically tied with Malta’s competitiveness efforts. These panels featured top officials from some of Malta’s top businesses in various industries. Various business leaders expanded on the role of technology, both in driving organisational efficiency, enhancing data-driven processes and improving regulatory compliance.

A final stakeholder panel brought together representatives from banks in search of solutions to strengthen relationships between the profession and the banking industry, with the latter being seen as a key stakeholder for industry growth and success.

The Conference was organised with the support of the MIA Professional Accountants in Business (PAIB) Group and supported by Scope Solutions, Softline Computer Systems Ltd and APS Bank.

The Institute of Financial Services Practitioners (IFSP), the Malta Institute of Accountants (MIA), the Malta Institute of Taxation (MIT) and the Society of Trusts & Estate Practitioners (STEP — Malta) are deeply concerned about the current situation in the country.

Read more.

The Malta Institute of Accountants is seeking an experienced auditor to provide external audit services. 
 
For more information and to submit your interest please click here.
 
In case of any queries or clarifications contact the Finance department.