MIA 50th AGM

The Malta Institute of Accountants held its 50th Annual General Meeting at the Tower Training Centre on 4 July 2014.

Mr Frederick Mifsud Bonnici and Mr Bernard Scicluna did not contest the election even though their two year term expired in 2014. Mr Mifsud Bonnici and Mr Scicluna are both former presidents of the Institute and spent 32 and 23 consecutive years on Council respectively. The Institute would like to thank Mr Mifsud Bonnici and Mr Scicluna for their invaluable and relentless dedication to the profession and to the Institute over the years.

The following were the elected Members of Council:

Period 2014-2016 Period 2013-2015
Mr Fabio Axisa Mr Franco Azzopardi
Mr Anthony Doublet Mr Etienne Borg Cardona
Mr Stephen Paris Mr Simon Flynn
Mr Hilary Galea Lauri Mr Kevin Mahoney
Mr David Delicata Ms Maria Micallef
Mr Ivan Grixti Mr William Spiteri Bailey
Mr Christopher Balzan Mr Anthony Zarb

Mr David Delicata, Director – Deloitte Audit Limited, Mr Ivan Grixti, Assistant Lecturer – University of Malta and Mr Christopher Balzan, Executive Director – EY were elected to Council for the first time. The Institute would like to thank Mr Franz Wirth for his contribution during his tenure as MIA Council Member.

At a subsequent Council meeting, Ms Maria Micallef was confirmed President, Mr Franco Azzopardi Vice-president, Mr William Spiteri Bailey Secretary and Mr Fabio Axisa Treasurer.

2014 Biennial Conference Save The Date

The 2014 MIA Biennial Conference will be held over one and a half days at the Hilton Hotel on 6 and 7 November 2014. This flagship event attracts a number of prominent local and foreign speakers and is open to all MIA Members.

Entitled Defining new frontiers – Translating vision into value, this year’s MIA Conference assumes a particular importance in view of the recent accounting and auditing reforms that have been approved by the EU, which reforms will affect the Maltese business sector profoundly. Incidentally this year Malta celebrates its 10th anniversary of EU membership and it was considered fitting for the event’s theme to be related to Malta’s fabric now, 10 years after having joined the EU and considering those legislative initiatives that are increasingly shaping Malta’s legislative framework.

The new developments in audit and accounting are not the only ones, and other changes in tax, prevention of money laundering and public sector accounting are also expected to effect the local accountancy profession. Matters have come to a point where we as a profession should have the courage to question ourselves, especially at times such as this. The Accountancy profession has been one of the professions that have been mostly affected by EU legislative initiatives, albeit these changes also affecting local enterprises.

MIA Annual Social Event

MIA Members Get Together For The Institute’s Annual Social Event

The annual social event for MIA members was held on Thursday 5 June 2014 at the Intercontinental Hotel. The 300 MIA members in attendance enjoyed an evening in a relaxed and casual environment on the roof top of one of Malta’s leading hotels. Participants were greeted with a welcome drink and appetisers, following which they were treated to a lavish barbeque buffet. Entertainment was provided by Simon Vella and Mark Rapa.

Similar to the previous year, a raffle to raise funds for charity was held. Prizes were donated by VIP. The money collected from the raffle amounted to €1,145 which was rounded up by the Institute to €1,500. The funds raised were donated to Inspire whose CEO, Nathan Farrugia, addressed the gathering on the Inspire Foundation and their invaluable work. The highlight of the night proved to be the karaoke session with various tables nominating singers to entertain the audience. Prizes were awarded to the first, second and third best singers. These were donated by Intercontinental Hotel, Bortex and Intercomp.

MIA-ACCA Joint Event

MIA-ACCA Joint Event

On 16 May 2014 the MIA and the Association of Chartered Certified Accountants (ACCA) held their second joint event at the Hilton conference centre. The event discussed the European developments affecting accountants.

Delegates were first addressed by MIA’s President, Ms Maria Micallef, followed with a presentation by ACCA’s Head of Technical, Mr John Davies who is responsible for ACCA’s work on technical policy matters affecting the accountancy profession. John’s presentation focused on the EU developments affecting accountants including the new accounting directive, the audit reform and the 4th AML directive. Afterwards John joined other local experts in these policy areas to discuss how these developments would be affecting Malta and address concerns specific to SMPs.

The final session was a practical session dedicated entirely to the prevention of money laundering and involved a number of case studies for which delegates were asked to work in groups. Group answers were then discussed by a panel consisting of MIA PML Committee members and Mr John Davies.

Prevention Of Money Laundering: Implementing Procedures Part II

The MIA PML Committee has recently completed Part II of the prevention of money laundering Implementing Procedures (IPs). This document has been forwarded to the Financial Intelligence Analysis Unit (FIAU) for approval.

Part II of the IPs follows the publication of Part I of the IPs by the FIAU and the MIA’s procedures manual. Part II is sector specific guidance and is intended to focus on certain sections in Part I on which further elaboration was needed to ensure that they are understood and interpreted consistently by those providing any of the following services, irrespective of whether they hold a warrant to exercise the accountancy profession or not:

  1. Work or services as per Regulations 3(2) and 4(1) of the Accountancy Profession Regulations, 2010.

  2. All services performed in the exercise of the profession (including but not limited to tax and corporate services).

  3. Accountancy services performed by an external accountant. For the purpose of this document, accountancy services include any service provided under a contract of service (that is not a contract of employment) which pertains to the recording, review, analysis, calculation or reporting of financial information.

New MIA Members

AIA

  • Ms. May Chin Heng

  • Ms. Samantha Abela

  • Mr. Christian Mercieca

MIA Upgrades

  • Ms. Rachel Mifsud

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