november 2008 examination - The Malaysian Institute Of Certified ...

PERSPECTIVEIt was a significant night for the members of the MICPA as they got together to celebratethe Institute’s 50th Golden Anniversary on July 26, 2008. To commemorate the auspiciousoccasion, members of the accounting fraternity attended the Golden Jubilee Gala Dinneraptly themed A Golden Celebration on the Red Carpet.The night of fellowship and camaraderie also saw the launch of the Institute’s 50thAnniversary Logo by the guest of honour YB Dato’ Hj Hasan bin Malek, Deputy Minister in thePrime Minister’s Department. Several individuals who had made contributions in one way oranother were also acknowledged at the gala night.One of the most significant recognition was accorded to YBhg Tan Sri Dato’ Seri MohdHassan Marican, President and Chief Executive Officer of Petronas Berhad. The Deputy Ministerpresented the Anugerah Presiden 2008 to Tan Sri Hassan who was admitted as a member of theMICPA in 1992. Tan Sri Hassan whose eminent career spans over 35 years has made exceptionalcontributions to society, the accountancy profession and the Institute. YBhg Dato’ NordinBaharuddin, the President also honoured the early members of the Institute as well as the firstCPA graduate member.Also discussed at great length is the subject of corporate governance. Corporategovernance can be viewed as the financial health tool for management and directors to monitorthe health status of the organisation.In managing an organisation, there must be systematic and procedural ways to ensurethe sustainability and survival of the business in the fast-moving economy coupled with highlycompetitive market forces.Corporate governance is aimed at enhancing accountability, transparency andtrustworthiness. It recognises the role of market forces in the efficient allocation of resources,socio-economic justice and well-being of all through an integrated role of moral values, marketmechanism and good governance.In the local bond market context, the article inside highlights four broad categories of poorcorporate governance: non-compliance of information covenants; related party transactionsand improper payments; misappropriation of funds; and earnings manipulation.This issue also touches on the Young CPA Malaysia Symposium themed Charting theFuture of Accounting and Finance Professionals. The symposium was held to address relevantissues in today’s business environment which would help them to capitalise on their careerdevelopment opportunities.Participants were advised to continuously upgrade their knowledge, skills and expertisein order to provide relevant and high quality services to employers and clients. It is importantfor the young CPAs uphold their objectivity, integrity and technical excellence to fulfil the needsof both the local communities and global markets.The lifestyle section focuses on a local destination – the unassuming and quiet town ofTaiping, the second largest town in Perak after Ipoh and the wettest town in PeninsularMalaysia. In the 19th century the town had a thriving mining business and was the social focusof the British administration. This former state capital is a pioneer in many fields achievingmany ‘firsts’ in the country. Look inside to find out.2 | The Malaysian Accountant | August 2008 www.micpa.com.my