| MIA | |
|---|---|
| Membership | Voluntary |
| No. of members | 3,626 |
| Institute staff | 16 |
| Date of establishment | 1942 |
| Local branches | 1 |
| Subject to public oversight | No |
| Public oversight authority | N/A (For qualified professionals: Accountancy Board (AB) Quality Assurance Unit (QAU) |
| Involvement in Qualification and Market Access | MIA |
|---|---|
| Initial education | Yes |
| Examination | No |
| Approval and registration | No |
| Continued Professional Development | Yes (with the competent authority) |
| Activities | MIA |
|---|---|
| Standard setting | No (the Ministry for Finance and Financial Services on the recommendation of the competent authority) |
| Quality assurance | QAU set by the competent authority |
| Disciplinary measures | Competent Authority |
| Professions | Certified Public Accountant (CPA) | Certified Public Accountant with Practicing Certificate in Auditing (CPApc) |
|---|---|---|
| Professional body | MIA | MIA |
| Protected title | CPA | CPA |
| Reserved activities | • the issuing of reports on prospective financial information prepared for the promotion of investment in an entity or for the raising of finance; • the issuing of independent reports on share valuations or valuations of businesses; • acting as reporting accountants in prospectuses, offering memoranda and other similar documents intended for public subscription; • the issuing of reports, including reports on a compilation engagement, with respect to interim or annual financial statements of any entity but excluding any reports on financial statements prepared for internal purposes; and • any other service which may be prescribed by the Minister or by any other law. | Audits Review engagements |
| Included authorisations |
| CPA | CPApc | |
|---|---|---|
| Regulated profession | Yes | Yes |
| Supervision | Yes | Yes (plus subject to quality assurance) |
| Public oversight authority | Accountancy Board in the Ministry of Finance (Accountancy Board) | Accountancy Board in the Ministry of Finance (Accountancy Board) |
| General initial education steps (without possible exemptions) | Process to obtain the warrant: Step 1: Obtain the accountancy qualification – either through University of Malta (master’s in accountancy), CIMA, ACA and ACCA Step 2: Obtain the necessary work experience – 3 years (1 of which must be completed after obtaining the qualification (step 1 above) Step 3: Apply for the warrant through the competent authority. Application is vetted and subject that all criteria is met, the application is approved. The competent authority recommends to the Minister of Finance re issue of the warrant. It is the Minister of Finance that issues the warrant. | Process to obtain the CPA practicing certificate: Step 1: Person is already a CPA Step 2: Obtain the necessary work experience – 3 years: • At least 2/3 with an approved auditor and • At least 18 months of this practical training were gained after obtaining the academic qualification relating to the accountancy profession. Step 3: Apply for the warrant through the competent authority. Application is vetted and subject that all criteria is met, the application is approved. The competent authority issues the practicing certificate. |
| CPA | CPA | |
|---|---|---|
| No. of qualified professionals | 3,067 | 1,524 (included in the 3,067) |
| No. of new trainees per year | 399 | Information not available |
| No. of people taking the professional examination | 214 | 73 |
| No. of people passing the professional examination | 214 | 73 |
| CPA | CPApc | |
|---|---|---|
| Registration required | Yes | Yes |
| Competent authority for registration | Ministry for Finance and Financial Services – Accountancy Board | Ministry for Finance and Financial Services – Accountancy Board |
| Cost of appointment/ registration | €25 | €25 |
| Oath required | No | No |
| Insurance required | Only if practicing | Only if practicing |
| Professional address required | Yes | Yes |