The accountancy and auditing profession has been called to play a wider role in achieving Malta’s net zero targets and in facilitating the transition towards a more sustainable economy.

This was highlighted during the Malta Institute of Accountants’ (MIA) recent conference targeted at small and medium-sized practitioners (SMPs).

There has been an ever-growing realisation by stakeholders that companies do not operate in isolation, but are part of a dynamic ecosystem where their actions impact the planet and people.

Speaking during the conference, MIA President Mark Anthony Bugeja (pictured above) highlighted the cultural shift which is transforming the global economy.

“Employees, investors, customers have changed the way they go about many aspects of their life. A significant shift has taken place in the way people look at the corporate world, what they expect from it, the standards they expect it to follow,” he said.

He added that within this context, the accountancy professional thus takes a central role in leading this transformation through advice and effective reporting.

The conference also pointed towards how this enhanced role is placing further pressure on the availability of human resources.

MIA CEO Maria Cauchi Delia during the conference / LinkedIn

MIA CEO Maria Cauchi Delia shared the institute’s proactivity in enhancing Malta’s ability to attract increasing numbers of accountancy and auditing professionals.

She affirmed that MIA has shared various proposals with authorities in terms of facilitating the recruitment and retention of third country nationals while also investing further in its #AccountsForYou campaign to reach out to the younger generation and help develop keener interest in the industry and the profession.

Additionally, Ms Cauchi Delia provided details of the constant exchanges with authorities and regulators, through which the institute puts forward necessary recommendations and shares feedback on proposed regulatory developments in interest of the profession and beyond.

In addition to this, the conference also covered the latest developments in banking and in the realm of tax, with discussions focusing on elements such as corporate tax reform, Pillar II, transfer pricing and succession planning with its fiscal implications.

In this context, tax experts noted the deferment of any major changes to corporate tax for a further six-year period but insisted on the need to strengthen further the financial jurisdiction in a bid to ensure its competitiveness in the year ahead, anticipating an inevitable fiscal reform.

Given the increasing role played by voluntary organisations as a social backbone to communities, the event also featured a fireside chat with Jesmond Saliba, Commissioner for Voluntary Organisations, who shared insights associated with the wide-ranging reform in the sector.

MIA CEO Maria Cauchi Delia (left) and Commissioner for Voluntary Organisations Jesmond Saliba (right) during the conference / LinkedIn

The institute provided extensive feedback relating to reform of this sector, reiterating its calls for a level playing field in terms of expectations associated with financial reporting.

The conference was hosted with the organisational backing of MIA’s Small and Medium Practices Group and was supported by Thomson Reuters and Scope Solutions.