The Malta Institute of Accountants (MIA) has published on its web site the response to the Malta Financial Services Authority (MFSA) Consultation: Raising the Bar for Company Service Providers (CSPs).

Please go into the E-Library Consultations section of the web site to view the MFSA Consultation document and the MIA’s response to it.

Members of the Institute of Accountants took part in a football tournament to raise funds for Beating Hearts Malta (BHM). 20 teams representing 19 professional firms and organisations took part in the tournament and a squad from PwC played their way to the top spot.

“As accountants we are constantly aware that our actions have an impact on the wider community,” said Institute President Fabio Axisa as he presented the winning team with the tournament trophy adding that the initiative represents the core values of the profession.

Mr Axisa congratulated all players for their participation and sportsmanship: “The tournament is a tangible and enjoyable way to put the Institute’s prosocial culture into practice and we are encouraged by the strong response of members to this fundraising effort.”

The initiative was organised by the MIA’s Young Members Group with the backing of the Institute. Group chairman Jean Paul Debono described the event as an opportunity for professionals to meet in a non-formal environment and contribute to a noble cause.

The tournament raised €2,500 that will go to Beating Hearts Malta. The Institute of Accountants developed close ties with the non-profit foundation following another successful drive earlier this year through which the MIA donated a further €9,000. Beating Hearts Malta is the association for people born with Congenital Heart Defects and is currently raising money for a cardiac magnetic resonance imaging (MRI) machine at Mater Dei hospital.

Ryan Gellel was announced the Global Prizewinner of the ACCA taxation exam in the June 2019 session.

The Institute congratulates Mr Gellel on his remarkable achievement and encourages him to keep investing in his professional education.

Mr Gellel was presented with the honour by ACCA Director of Professional Education Mr Reza Ali who was accompanied by ACCA Head of Western Europe Mr Abdul Goffar, MIA President Fabio Axisa and MIA CEO Maria Cauchi Delia.

The Malta Institute of Accountants welcomed 256 new members during an official ceremony at the Malta Conference Centre on October 24. The young professionals joined the Institute after having successfully completed their study routes in one of the recognised streams: the ACCA qualification, ICAEW qualification, or University of Malta degree.

Institute President Fabio Axisa congratulated the New Members on their success and encouraged them to keep raising the standards of quality in the profession. “This day should fill you with joy and pride, but also with responsibility,” said Mr Axisa during the President’s address. He advised young members to focus on long-term objectives, adding that he expects them to act with professionalism throughout their careers.

MIA CEO Maria Cauchi Delia said that the Institute promotes a culture of community engagement among professionals and urged new members to “make an impact on the community, to challenge problems and contribute actively to their solution.” She pointed out that their membership of the Institute in not only meant to help them develop professionally, but personally as well. 

The New Members’ Ceremony was attended by several distinguished guests, including ACCA Director of Professional Education, Mr Reza Ali; ACCA Head of Western Europe, Mr Abdul Goffar; University of Malta Dean of the Faculty of Economics, Management & Accountancy, Prof. Frank Bezzina; and ICAEW Head of Cyprus and Greece, Ms Christiana Diola. MIA Council members and former presidents were also among the special guests.

In his address, Mr Ali welcomed the young members to “an ancient and great profession” citing research showing that accountancy has a history of more than six millennia. Meanwhile, Ms Diola said that the young professionals are crucial to Malta’s future, as the country continues to grow into a financial centre.

Prof. Frank Bezzina encouraged new members to become ‘change agents’ who can improve the reputation of the profession by “standing tall and serving clients better.” He reminded the audience that the value that accountants bring to society goes beyond their core services.

During the Ceremony, six new members were awarded individual awards for their achievements: Julija Daubaraite received the Malta Overall Performance September 2018 ACCA Top Affiliate Award; Christopher Bugeja received the Malta Overall Performance December 2018 ACCA Top Affiliate Award; Joseph Falzon received the Malta Overall Performance March 2019 ACCA Top Affiliate Award; Dinah Lee Delceppo received the Malta Overall Performance June 2019 ACCA Top Affiliate Award. Kostas Karagiannis received the ACA Best Student 2019 Award while Janice Camilleri was the recipient of the Best University of Malta Accountancy Student Award 2019.

Institute member Christopher Cardona was awarded the Kevin Mahoney Award for Altruism for his selfless support to a colleague who was going through a difficult time. The annual prize recognises professionals who distinguish themselves for altruism in the community.

The first members of the MIA at the 1965 General Meeting made up of a pretty small gathering of 68 members.  Fast forward to 2019, it boasts 3200 members!

Source: The Malta Institute of Accountants 1965-2015, Chapter 2

Order the captivating book exclusively from the Institute on bookings@miamalta.org and take advantage of the member offer including slipcase and book.

#TBT50yearsofMIA

The Ministry for Education and Employment embarked on the ‘I Choose’ initiative for another year, targeting all 4th & 5th formers giving students the opportunity to explore further career options as they leave compulsory education.

The overall aim of this event is to help students to overcome difficulties and doubts related to their future career paths.  As well as seek one-to-one advice from the career guidance practitioners.  Students and parents alike could opt to attend different talks delivered by professionals in various related fields.

MIA was present as the official voice and guardian of the accountancy and finance profession.  Apart from exhibiting to network and inform students on the alternative study routes, committee members discussed the diverse career opportunities, personal development and job security the profession offers during an interactive and informative panel discussion.

Jean Paul Debono, Chairman of the Young Group, the SMP Advisory Group and Direct Tax Committee moderated the talk.   The contributors included Zak Cachia who sits on the Young members Group, SMP Advisory Group & Indirect Taxation Committee, Steve Mamo a member of the Young Group, Noel Camilleri, member of the PAIB Advisory Group & AML Committee as well as Daniel Brincat, who sits on the Young Group. 

The Council of the Malta Institute of Accountants appointed Fabio Axisa as its new President for the term July 2019 - June 2020. The election was held during the Institute’s 55th Annual General Meeting on July 11, 2019.

The new President, Mr Axisa, thanked outgoing President William Spiteri Bailey for leading the accountancy profession through challenging times in the past two terms.  “First of all, congratulations and sincere gratitude to the outgoing President for the significant work carried out. William was instrumental in many areas considering the pressures and challenges faced by the profession.”

The new President said that he will focus on consolidating the MIA’s role, stature and relevance with a long-term view.  “We will continue building on the work carried out by subsequent MIA Presidents throughout the recent years.  Gone are the days when strategy and direction are modified every two years as soon as a new President is elected.” explained Mr Axisa, who served as Vice President in the last two terms.

The new President highlighted five core pillars underpinning the MIA’s strategy in the coming years:

1. Ensuring the MIA is home to all qualified accountants.

2. Elevating quality within the profession.

3. Working with all stakeholders to enhance the education and qualification process.

4. Fostering collegiality and comradeship among accountants.

5. Striving to make the Institute’s voice heard, loud and clear, on issues which are important for the profession but also on national strategic issues.

 Mr Axisa said that the Institute belongs to all accountants and called for broader representation of those qualified and operating as accountants in the Maltese jurisdiction. “We want to continue conveying this message in a strong manner; the Institute is not a club solely for the largest firms.  But only fully qualified accountants should be considered as and actually call themselves accountants.”

The MIA has a duty to keep raising the quality of accountancy and the President warned that the profession is constantly “under the spotlight”.   “As an Institute we will continue working with the regulator to push the bar higher, as we need to strive to do the right thing professionally in all circumstances, even if this entails a cost.”

The Institute will continue to strengthen its efforts in the areas of education and qualification processes. The President acknowledges that the quality and quantity of accountants in the marketplace is a fundamental aspect for the profession. At the same time, the MIA will dedicate more time and effort to reinforcing a sense of collegiality and comradeship among accountants.   “In this area we need to function better as one profession,” commented Fabio Axisa. 

The profession has a big role to play nationally, and the new President said he is committed to continue investing to give the Institute an influential voice on issues of strategic importance.  “We have taken a number of initiatives in this area in the past few years; but the Institute is expected to pursue in and indeed enhance its input and interaction with the relevant stakeholders.”

Outgoing President William Spiteri Bailey presented the Council Report for the year 2018-2019. He outlined the main work carried out by the Institute, particularly in the areas of technical and educational support to members as well as collaboration with local and international partners. Spiteri Bailey described how the MIA took concrete steps not only to be closer to its members, but to reach out to a wider and more varied audience too. 

Among the main activities and events in the last year were the Biennial Conference, the Accountancy Profession Strategic Forum for international stakeholders, a Protocol of Cooperation signed with the MIA’s counterpart in Cyprus, and the presentation of findings of the study in Gender Pay Gap within the accounting profession.

The Institute welcomed its new Council members, elected on a two-year term: Christian Gravina, Etienne Borg Cardona, Franz R. Wirth, Lucienne Pace Ross, Mark Bugeja, Noel Mizzi and William Spiteri Bailey. These joined Annabel Zammit Pace, Christopher Balzan, David Delicata, Fabio Axisa, Ivan Grixti, Jonathan Dingli, and Shawn Falzon who are serving their term on the Council, ending in mid-2020.

Following the Annual General Meeting, the Council also appointed David Delicata as Vice President, Noel Mizzi as Secretary, and Franz R. Wirth as Treasurer for the term ending mid-2020.

On the 9th July, a Cooperation Agreement was signed between the Malta Chamber of Commerce, Enterprise and Industry and the Malta Institute of Accountants which will see both organisations co-operate on matters of national economic policy of common interest to the business community and accounting profession.   This was William Spiteri Bailey’s last achievement in his capacity as President of the Institute.

By virtue of the agreement, which was signed by Malta Chamber President Perit David Xuereb and Malta Institute of Accountants President Mr William Spiteri Bailey, the two organisations agreed to co-operate actively in the interest of the Maltese economy, and the upholding of business ethics and the promotion of best practice amongst members of both organisations.

The Malta Chamber of Commerce, Enterprise and Industry and The Malta Institute of Accountants have signed a memorandum of understanding, intended to provide a structure for collaboration between the two bodies in the future. 

 

Speaking at the signing, President Perit Xuereb said that the Malta Chamber was constantly seeking to strike agreements with reputable professional bodies in the interest of the Maltese economy where pooling of resources provides new synergies such as in the case of teaming up in the accounting profession. This agreement is one such way of securing a direct line of communication with one of the economy’s most important professions.

Mr William Spiteri Bailey, the President of the Malta Institute of Accountants said that the co-operation agreement would actively see both organisations co-operate on matters of national economic policy of common interest to the business community and accounting profession.

The two organisations would in turn engage in a meaningful dialogue and seek to support each other’s stands on key common issues.

The memorandum of understanding provides a platform for cooperation in matters in which either party has expertise. The two organisations also commit to co-operate towards facilitating the dissemination of information, opportunities in education, and life-long-learning for their membership bases. On a reciprocal basis, the organisations promise to collaborate in joint projects that are aimed at supporting the business of members on both sides to grow and internationalise.

The agreement was also signed by Malta Chamber Deputy President Ms Marisa Xuereb and Malta Institute of Accountants Vice President Mr Fabio Axisa.

The Malta Institute of Accountants raised €8,000 for Beating Hearts Malta at a social event for MIA members in June. The Institute drove a successful donations campaign in the month leading to the social evening and organised raffles and an exhibition during the event itself to collect funds for the non-profit organisation.

MIA President William Spiteri Bailey presented BHM President Prof. Victor Grech with the generous donation of €8,000. Members raised €5,266 during the fundraising campaign which the Institute then topped up by a further €2,734.

The start-of-summer event by the Institute of Accountants is an annual occasion for members in the profession to meet in an informal environment. Some 700 accountants were treated to an enjoyable evening hosted by MIA.

Every year, the Institute of Accountants takes the opportunity to raise members’ awareness about a noble cause and encourage them to contribute towards it – this year BHM was selected.

Beating Hearts Malta is the association for adults and children born with Congenital Heart Defects, the most common malformation present at birth. The donation by MIA supports a project to co-fund a dedicated cardiac magnetic resonance imaging (MRI) machine at Mater Dei hospital.

The Malta Institute of Accountants (MIA) is the voice of the accountancy profession in Malta, providing professional guidance, technical support and continuing professional education to over 3,000 accountants.

MIA is committed to attracting talented individuals to the profession and invests heavily in the process of educating prospective accountants.

The Institute also helps to promote a proper understanding of the role and the value of the accountancy profession to the Maltese public in general and, in particular, to the local business community.

The MIA forms part of leading international accounting organisations and it represents Maltese accountants in these prestigious fora.

The Malta Institute of Accountants former President, Mr William Spiteri Bailey visited several Financial Companies across Malta, which gave him the opportunity to listen and discuss the aspirations of the professionals who work in accountancy.

These visits were part of a series of events aimed at strengthening the role of the Institute through increased engagement with its stakeholders in various levels of its operations and representation.

02 October 2018- Mazars

27 December 2018- Deloitte

07 January 2019- EY

07 January 2019- PwC

07January 2019- Alter Domus

07 January 2019- Ecovis

07 January 2019- Zampa Debattista

28 January 2019- MGI Malta

04 February 2019- Busuttil & Micallef

04 February 2019- KPMG

21 May 2019- EF&Co

24 May 2019- WDM International

24 May 2019- UHY Malta

24 May 2019- DFK Malta

04 July 2019- VCA Malta

04 July 2019- 3A Global

04 July 2019- BDO Malta

04 July 2019- NM Group

04 July 2019- Fenlex