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

An intimate foray into the 50-year journey of the Malta Institute of Accountants

On 4th June 2019, MIA President William Spiteri Bailey presented George Cassola with a publication of the Malta Institute of Accountants authored by Cassola himself.

The book is a chronological narrative of the milestones and achievements over the Institute’s first fifty years, 1965 – 2015.

The book is an excellent addition to one’s library as well as a prestigious reference in corporate offices.

We have special offers for MIA Members as well as corporate offers of five books and more.

Contact us on 2258 1900 or send an email to bookings@miamalta.org

The Malta Institute of Accountants (MIA) signed a Protocol of Cooperation with the Institute of Certified Public Accountants of Cyprus (ICPAC), forging a new alliance that promotes the interests of respective members.

The agreement provides new opportunities for training and development in a range of technical matters. The two bodies will form an educational and research partnership to support professionals in both countries.

“Malta and Cyprus have similar and unique circumstances that this cooperation exercise intends to harvest and promote,” said Institute CEO Maria Cauchi Delia. The two island states are not, however, identical, and Cauchi Delia explained that the contrasts will be leveraged to encourage innovation in the profession.

Through the protocol, the MIA and ICPAC will collaborate on educational events as well as scientific and technical training activities in the areas of primary interest, such as audit, IFRS, anti-money laundering, corporate reporting, technology and regulatory compliance.

The agreement will facilitate participation in research and development programmes on local and international level and allow a healthy exchange of information and expertise. Professionals will benefit from knowledge transfer and sharing of best practices to overcome common challenges.

The protocol with ICPAC represents an important stage in the Malta Institute of Accountant’s plan to develop strategic relationships with international stakeholders.

Left to Right: Kyriakos Iordanou, William Spiteri Bailey, Amalia Hadjimichael, Maria Cauchi Delia, Margaret Buhagiar.

William Spiteri Bailey in his capacity as MIA President presented at the Prize-winning Dissertations and Best Dissertation Awards Ceremony at the University of Malta on 02nd April 2019.

The prizes are awarded to University graduates which the Institute supports as part of its ongoing efforts to foster talent in the profession.

Mr Spiteri Bailey presented to Matthew Sciberras for Best Student in the Master in Accountancy Course Group 2016 – 2018.  We wish Mr Sciberras the best of luck and success in his career within the profession.

The Ministry for Education and Employment has embarked in the ‘I Choose’ initiative for another year, targeting all 5th formers. This will be another opportunity whereby our students can explore further career options as they leave compulsory education.

The Malta Institute of Accountants has so far attended the Fair organised in Gozo and the three-day fair held at St. Ignatius College in Siggiewi meeting with our future talent.

Students had to the opportunity to learn about the accounting profession and the career paths available for those whose passion is accountancy and numeracy.

These fairs are also being supported by members from MIA committees who have volunteered their time to give valuable career guidance.   We were joined by Stefanel Mercieca Zammit from the Young Members Advisory Focus Group and Jozef W Galea from the SMP Advisory Focus Group and Direct Taxation Committee, on two different occasions.

President of Malta visit at MIA on Thursday 7th March 2019

Institute of Accountants takes lead to address gender-based disparity

President Marie-Louise Coleiro Preca praised the Malta Institute of Accountants for taking the lead on gender pay inequality and hoped that other professions follow the example. MIA commissioned a member survey to assess gender-based pay disparity in the accounting profession.

Conducted by Misco, the study shows that the gap in income between men and women tends to grow as careers progress.

Speaking at the presentation of findings, Institute CEO Maria Cauchi Delia said that women carry a heavier burden because they are more likely to take career breaks to raise their families, falling out of pace with their male colleagues who continue to develop their careers.

In fact, the study reveals that less than five percent of companies offer structured career break opportunities that allow employees to balance their professional and personal development.  Misco Director Lawrence Zammit said that reduced hours oftentimes penalise women most because they affect their bonuses and performance benefits, contributing to a widening gap along the years.

“Work rate should not be measured by hours spent at the office but by the value it creates.” said Cauchi Delia, arguing that all roles, irrespective of gender, should be made more flexible.

President Coleiro Preca claimed that disparity in pay not only affects quality of life in the immediate term but constitutes inequality in pensions at the end of the professionals’ careers, pushing down women’s gross entitlement in relation to men. “These are inequalities that will have to be carried by society,” warned the President.

Maria Cauchi Delia said that the Institute will be promoting best practice to its members and industry and make recommendations about strategic issues including the need for increased flexibility, Gender-Neutral Job Evaluation Schemes, compensation schemes and salary transparency. She said that the profession wants to keep attracting a balanced share of both women and men but indicated that more women are needed in top positions. The increasing number of female graduates, said Cauchi Delia, gives hope for change.