President’s Address

Value and values!

Dear Members,

Following my appointment as President of the Malta Institute of Accountants in July 2017, I set out my plans to ensure that the Institute responds to the needs of its members. My vision was and still is to bring the Institute closer to its members and foster a culture of innovation. I am glad to say that the plans have been set in motion and the Institute is buzzing with activity.

Towards the end of last year a number of meetings were held with the different sectors of the Institute’s members. Separate meetings were held with professional accountants in business, Big 4 employees, small and medium practitioners, sole practitioners, retired members, the younger members of the Institute and others. A special word of thanks goes to all the members who have attended. Their input gave me insight as to what members would like the Institute to focus on, some of our deficiencies and also our achievements. Rest assured that all your views have been noted and taken into consideration when planning what needs to be done.

An important part of the Institute’s mission is executed through its committees and working groups. For this reason, we reached out to all members to join and be active in one or more of our committees. We have restructured the way these work in line with the new realities that we as Professional Accountants are faced with and with the Institute’s expanding activities. We started new committees/ group such as the Digitalisation/ IT Committee, the iGaming Committee, the Young Members Group and the Senior Members Group, amongst others. We also split the taxation committee into two, the Direct Taxation Committee and the Indirect Taxation Committee. All these will now run for two calendar years starting from 1 January 2018 to 31 December 2019, and all have new updated terms of reference ensuring that each committee/group knows its remit. At present meetings are being held with the respective Chairpersons of the different Committees/Groups to ensure they are in line with the Institute’s vision.

As a Professional Institute we believe that we must add value to the profession, therefore we believe that continuous training is a necessity. Our CPE event calendar has been launched and a number of new core and professional sessions have been set. We are also cognisant of the fact that certain topics are always relevant and these have been included too.

We also have a number of conferences planned, starting off with the Anti-Money Laundering conference in February. Money laundering and terrorist financing can threaten the country’s economic stability. The Malta Institute of Accountants believes that this issue should be addressed immediately, as our ultimate scope is of promoting financial integrity and growth for the benefit of all. A conference will be organised on the 20 February 2018, bringing together leading experts to provide the latest information on the legislation and other related topics.

We are living an era of a digitized business environment, with new platforms and technologies such as Blockchain and crypto currency. Professional accountants have to embrace this change and we are doing our utmost to help the members in this respect. A number of CPE events are presently being organised, addressing the different aspects of changes in information technology. Additionally, we will be hosting the MIA Digitalisation Symposium later on this year, further details of which will be given in the coming months.

Our activities, communications, events, all focus on adding value to our members, but also on ensuring that our members add value. However, let us not forget our values in the way we offer our services and in our lives as professional accountants. If values are not given their due importance we will not be adding value.

William Spiteri Bailey

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