The Malta Institute of Accountants’ (MIA) President, William Spiteri Bailey visited BDO Malta’s offices in Msida earlier this month. Mr. Spiteri Bailey explained the Institute’s vision to BDO’s accounting, audit and tax teams. Dr Rakele Cini, BDO’s Risk & Compliance Manager was also involved in the discussions.
Mr. Spiteri Bailey discussed the various types of committees held by the Institute along with their roles. He specifically mentioned the ‘Young Members Group’ and the importance of considering the needs and perspectives of young members within the decision-making process.
The President explained that the institute is working on switching from face to face seminars to online, web-based discussions to make it easier for members to take on incentives at their convenience. Adding to this, he envisions the profession of accounting to evolve in line with the emerging technologies being introduced such as Distributed Ledger Technology (DLT), Blockchain and Artificial Intelligence (AI).
He then moved on to explain his predictions that the role of the accountant would change rather than be replaced due to such technologies. He acknowledged that repetitive work is being automated by technology. This means that new roles will emerge, which would involve the accountant to have an analytical and decision-making approach rather than just historical data recording. The President further explained that the profession had evolved when this situation was previously experienced - with the introduction of the internet and that the profession will have to evolve once again.
During the closing stages of the discussion, the president acknowledged that sometimes there are issues being faced by foreign investors to form a Company in Malta, for instance he mentioned the process and time taken to open a bank account in Malta. He advised that the institute is trying to understand these issues with the objective of finding solutions to resolve such difficulties.
He concluded that BDO Malta is now one of the leading firms in Malta which is highly recognised and established within the industry. He also added that he really liked the firm’s mix of Maltese and international personnel and that this is very healthy to have diverse ideas within the workplace.
Forming part of the BDO Global Network, BDO Malta is an end-to-end professional and business advisory services firm assisting both local and international companies in accelerating business growth through exceptional client service.
BDO is represented in 162 countries, employing 80,000 talented people in over 1,500 offices worldwide. With over 40 years of experience and practice in Malta, BDO has shaped into a leader in its fields, helping clients across a wide range of industries, supported by solid technical expertise, deep market insights and an international business mind-set.
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