Background and development of specialist faculties
Acknowledging the growing importance of specialized areas of practice (such as tax, insolvency, corporate finance, etc.) for the accountancy profession in Hong Kong, the Institute’s Fifth Long Range Plan 2007-2011 includes, amongst its strategic aims, providing members with specialization support to excel in all professional fields related to their qualification and training. The long range plan envisages enhancing the Institute’s infrastructure by introducing a four-tier structure for specialization support, in which the development of faculties from interest groups, in appropriate circumstances, will play an important part. Faculties aim to develop as centres of excellence in specific fields of expertise and to enhance support for faculty members working in that sector.
Objectives of faculties
Broadly, the role of faculties encompasses:
- Promoting best practice in the relevant specialized fields, with the aim of helping to raise industry standards.
- Providing facilities, services and support (e.g., continuing professional education, technical information and publications), to assist faculty members in carrying out their work in the specialized field.
- Acting as the professional and public interest voice of the Institute, and of the relevant industry sector generally, in specialized fields, and maintaining and strengthening the reputation and standing of the Institute and the relevant industry sector.