Strategic objectives and initiatives update
The strategic objectives of the Institute closely link to the roles that it undertakes. The Institute is a statutory organization responsible for licensing and regulating accounting professionals in Hong Kong. Its roles are:
- Qualification and licensing
- Standard setting
- Regulate conduct of members
- Member support and development
- Promote best professional practices
- Upkeep the image and standing of the accountancy profession
- Safekeeping of our constitution, governance and organization
In respect of each of these roles we have identified a number of strategic objectives and related initiatives that will keep our members relevant, respected and well rewarded leaders of the profession, the business community and the wider society of Hong Kong.
This page tracks the progress of the Institute on the strategic objectivities and initiatives, and any updates to them after review by the Institute to ensure that they remain relevant and comprehensive. Changes to the initiatives since the release of the strategic plan are indicated with and “new” () and “updated” (
) icons.
Objectives
- Our qualification is a premier, internationally recognized designation:
- Our CPA qualifying process is robust and rigorous.
- Our professional education and assessment match changing practices and expectations.
- Licensing requirements ensure quality of auditors at the point of entry and throughout the licensing period.
Initiative no. | Initiatives |
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1.1 | Smooth implementation of the new Qualification Programme (QP). |
1.2 | Review and maintain international recognition agreements on terms which are fair and mutually beneficial. |
1.3 | Conduct a curriculum review and gap analysis to develop the direction of the enhancement of the QP from 2022 and thereafter. |
1.4 | Explore digitalization of the QP including computer-based examinations.![]() |
1.5 | Promote the QP as the programme of choice for a career in both practice and business by equipping newly-qualified CPAs with the necessary professional competences to meet the needs of employers (the concept of Accounting Plus). |
1.6 | Strategize the value proposition and develop a competitive edge for the market positioning of the QP in Mainland China. |
1.7 | Implement “Registered Audit Practice” proposals to strengthen licensing and address audit quality issues at the point of entry by imposing fit and proper, quality control and competency requirements on registration and renewal of practices providing audit services. |
1.8 | Review the requirements for registration of public interest entity auditors and “Responsible Persons”, the mechanism for imposing conditions and the overall effectiveness of the registration regime within the next three years to ensure suitably qualified and competent persons are registered. |
Objectives
- Our professional standards are of high quality, equivalent to other leading capital markets, and reflect global and local market developments.
- Our stakeholders understand and effectively implement and apply our professional standards.
Initiative no. | Initiatives |
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2.1 | Bring Hong Kong aspects into international standard setting. Engage with local stakeholders and participate in key regional and international forums. |
2.2 | Continue to develop and maintain local standards and manuals (including the audit practice manual) addressing local needs not met by international standards (regulatory, legal, market demand etc.). With small entity generally accepted accounting principles already in place, audit of less complex entities is under consideration. |
2.3 | Proactively identify and understand local issues with the application of standards and design mechanisms to address the issues without compromising the Institute’s regulatory role. |
2.4 | Strengthen technical support services through workshops and seminars; access to support materials and tools; and development of more practical advisory services e.g. practitioner panels. |
Objectives
- Ensure the quality of our members work commands public trust and confidence and meets latest legislative requirements.
Initiative no. | Initiatives |
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3.1 | Enhance the practice review programme, complaint handling and the disciplinary process through amendments to the Professional Accountants Ordinance to maintain relevance while benchmarking against best practices in Hong Kong and internationally. |
3.2 | Efficient and effective handling of disciplinary cases to combat substandard work and maintain public trust in the profession. |
3.3 | Review inspection mechanism and continue to work on reducing practice review cycle to six years. |
3.4 | Develop anti-money laundering (AML) monitoring programme that addresses local statutory requirements and Financial Action Task Force (FATF) expectations while recognizing concerns and learning needs of members.![]() |
Objectives
- Our service and support are recognized by members and students as meeting their needs.
- Advanced identification of development needs and delivery of quality programmes and relevant support services.
Initiative no. | Initiatives |
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4.1 | Frequent and targeted engagement activities to identify expectations of members and students and areas where support is required. |
4.2 | Provide training and other resources to ensure technical and enabling competencies, and add value to the career and personal development of members and students. |
4.3 | Identify and strengthen the training requirements of CPD on members engaged in regulated activities.![]() |
4.4 | Leverage our global network to identify suitable resources for local adaptation and collaborate with third parties with existing solutions for the provision of member support and services. |
4.5 | Pursue potential opportunities through national and regional development initiatives and work with relevant authorities to facilitate members working/practising in other jurisdictions. |
4.6 | Explore networking opportunities, particularly for young members and students, to facilitate the expansion of their social and professional networks. |
4.7 | Promote work-life balance and the well-being of members and students. |
Objectives
- Be recognized as a strong advocate for high standards of governance and ethics within the profession, the business sector and the wider community.
- Pursue the concept of “Accounting Plus” for the further development of the profession.
Initiative no. | Initiatives |
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5.1 | Advocate and support the development of good corporate governance and sustainability practices in the private and public sectors. |
5.2 | Lead developments in all aspects of corporate reporting – including non-financial reporting, such as environmental, social and governance (ESG) reporting. |
5.3 | Explore the further development of specializations (e.g. forensic accounting, business valuation), including, where appropriate, ethics and best practice guidance in specialist areas. |
5.4 | Strengthen policy research work and thought leadership advocacy, including the future role and positioning of the profession. |
Objectives
- Promote a positive image commensurate with the contributions of the profession to society and be recognized by members, the business community and general public for those contributions.
- Be recognized as a socially- responsible professional body.
Initiative no. | Initiatives |
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6.1 | Develop and implement a communication strategy covering key messages and diverse channels for projecting a positive image of the profession among members and the public. Articulate the attributes and value contributions of professional accountants and tell a compelling story. |
6.2 | Expand on projects for social contributions. |
6.3 | Engage various stakeholders to advocate professional and social contributions of professional accountants to the society. |
Objectives
- Our constitution, governance and organization structure befits a top-tier professional body and supports the sustainable development of the Institute and the profession.
Initiative no. | Initiatives |
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7.1 | Maintain the Institute’s constitution and by-laws to ensure they remain fit for purpose and adaptable for a changing environment. |
7.2 | Seek to implement one member one vote for election of President and Vice-Presidents. |
7.3 | Ensure governance structure is effective in discharging the Institute’s roles and meeting expectations of different stakeholders. |
7.4 | Review management structure and provision to ensure efficient and effective operation. |