The Malta Institute of Accountants (MIA) has expressed its concern regarding the article on The Malta Independent on Sunday of the 14 May, wherein it was reported that Commerzbank is no longer accepting declarations issued by the Maltese audit firms.

The MIA is referring to a story published on The Malta Independent last Sunday.

As the voice of the accountancy profession in Malta and with a membership of well over 3000 professional accountants, the Institute feels that the position allegedly being taken by Commerzbank and possibly by other banks, is considered to be highly unfair and unwarranted, particularly since all Maltese auditing firms are being considered as being untrustworthy compared to their foreign counterparts.

Moreover, this alleged measure will impact negatively warranted accountants of good faith, who adhere with relevant laws and regulations, execute their work ethically and diligently and who have the profession at heart. The Council of the Institute will continue to work hard for the interest of its esteemed members and for defending their status.

The President of the Institute, Franco Azzopardi said: “I feel a strong sense of responsibility and obligation to act with speed and thrust to defend our name against all this negativity.

We are lobbying with the Accountancy Board to take the necessary action on behalf of the local warranted accountants.

Towards this end, a formal letter was sent to the Chairman of the Accountancy Board, Mr Peter Baldacchino. Another letter, expressing our concern on the repercussions of this measure has been sent to Mr Martin Zielke, Commerzbank’s CEO wherein a request was made for the bank to reconsider its position. We have also informed our Members in writing about our actions and promise them our constant support and assistance in this matter.”

“We all represent the accounting profession which must remain to be seen, as the highest caliber of correctness, comfort and confidence that investors can turn to” continued Mr Azzopardi.