About 100 Accounting and Business Management students from Kolej Laila Taib (KLT) attended a talk by Chartered Accountant Mr Mok Hua Ping from Hii King Hiong & Co on 29th November 2019.
The objective of the talk was to raise students’ understanding on contemporary accounting issues which may assist them in obtaining better knowledge on the relevant courses.
Mr Mok Hua Ping has been appointed as industrial advisor of Kolej Laila Taib for Accounting Programme effective from 1st July 2019, to assist in the development of KLT’s Accounting Diploma Programme to be in line with national economic transformation programme.
Mr Mok Hua Ping is member of Australian Society of Certified Practicing Accountants (CPA Australia) and also member of Malaysian Institute of Accountants (MIA). He is currently the manager of Sibu branch in Hii King Hiong & Co.
According to Mr Mok Hua Ping, for hundreds of years the role of the accountant has been to provide information to facilitate decision making, but an important change is underway. Future-focused accountants will not only be providers of information but will develop and apply a deep understanding of business issues in order to become crucial partners in the strategic decision-making process.
Among the biggest drives of change in the accounting profession are technology, innovative new business models, new financing options, the changing of workforce, growing pressure to operate sustainably and the need to manage the stakeholders.
He revealed that the growing use of automation is seeing technology increasingly replace human labour for repetitive, rules-based tasks, such as data entry. Software can perform such tasks many times faster than people can. On the other hand, relieved from bookkeeping-style duties, accountants have the opportunity to engage more fully in complex strategic work.
Mr Mok further mentioned that emergent technologies, including big data, analytics, blockchain, automation and artificial intelligence, are all contributing to a transformation of the accounting profession. Common consequences that arise from these technological changes and the business innovations are to reduce the need for accountants to perform basic tasks while making more information available to support analytics and the development of operational and strategic business advice.
At the end of the talk, Mr Mok provided recommendation to the students on the pathway to obtain professional accounting qualification and encouraged the students to further pursue an Accounting degree upon completing KLT’s Diploma in Accounting.