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MIA News

2 Aug 2019 12:00 | Anonymous
The Accountant – Sustainability. Summer 2019 (MIA Publication)
President’s Visits
William Spiteri Bailey in his capacity as former President of the Malta Institute of Accountants visited various firms to discuss the aspirations of the professionals within the company between the month of May and June 2019. The President stressed the importance of ethical practice and upholding integrity as a core value as well as gave thanks to all for their contribution to the profession.
The visits are initiatives taken by the Institute to strengthen its role and increase stakeholder engagement in various levels of its operation and representation.

Accountants donate €8,000 to Beating Hearts Malta
The Malta Institute of Accountants raised €8,000 for Beating Hearts Malta at its annual Member social event 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 Chamber of Commerce and the Malta Institute of Accountants commit to collaborate in the future.


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 cooperate 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.
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. By virtue of the agreement, which was signed by the Malta Chamber of Commerce President Perit David Xuereb and the Malta Institute of Accountants President Mr William Spiteri Bailey, the two organisations agreed to cooperate 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. Speaking at the signing, President Perit Xuereb said that the Malta Chamber of Commerce 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 former President of the Malta Institute of Accountants said that the cooperation agreement would actively see both organisations cooperate 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 cooperate 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 the Malta Chamber of Commerce Deputy President Ms Marisa Xuereb and Malta Institute of Accountants Vice President Mr Fabio Axisa.
New President for the Malta Institute of Accountants


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.


I Choose: Nagħżel il-Karriera Tiegħi - Post-Secondary Education Fair 19th & 20th July 2019
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.

               
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