Key action items
To achieve the strategic objectives and related initiatives, dedicated focus is required. The following list summarizes the key action items to achieve them.
Delivering member value – professional development and member engagement
Key action items
1
Ensure effective use of resources to provide appropriate CPD courses on topics that would provide most value to members:
Extend the offerings of technical and ethics training as critical knowledge to members.
Enrich ESG training curriculum to offer more courses and publications on ESG and sustainability related topics.
Conduct training needs analysis to identify professional development needs of members and specific topics for in-depth training.
Conduct a benchmarking study on the CPD offerings and branding strategy of other professional bodies.
2
Enhance members’ awareness of the training courses available and help members locate the resources they need through a more targeted communication strategy.
3
Organize technology-themed events and incorporate digitalization in major conferences organized by the Institute, such as IT Conferences, Young Members Conferences, PAIB Conferences, and the Digital Transformation Series.
4
Engage members regularly on digitalization-related topics, providing relevant information and resources to, and obtain feedbacks from members, through:
Institute’s newsletters, website, social media and APlus magazine.
Inclusion of digitalization under “Area of Interest” in members’ profiles, and consider targeted communications.
Focus groups aiming to examine the needs and challenges on digitalization.
Delivering member value – standard setting and technical support
Key action items
5
Respond to the first ISSB standard exposure drafts by organizing comprehensive stakeholder engagement programmes, communicating views on key issues and leading development of the submissions.
6
Participate in outreach activities in key regional and international forums for exchange of views and influence project direction.
7
Monitor market development, issue alerts and guidance that suits members’ need.
Delivering member value – Qualification Programme
Key action items
8
Conduct critical review of the QP via benchmarking exercise against the top-tier international accountancy bodies to ensure on par with best international practices and collect feedback from key stakeholders to understand the evolving market needs.
9
Roll out the revised practical experience framework of the new QP.
10
Engage with secondary schools and universities to promote QP and accountancy work:
Promote accountancy among students.
Offer induction training to students.
Line up with SMPs for short-term internship with students.
11
Offer interim qualifications at different exit points of the QP to fill the manpower gap:
Obtain market feedback such as expectations from employers.
Establish connections between interim qualifications and types of employment.
Revise the QP framework and review the curriculum as needed.
Create market awareness and seek employers’ endorsement.
12
Pursue digitalization of the QP with priority on computer-based examinations.
Proud to be a CPA – branding and communication
Key action items
13
Streamline the communication channels to ensure they are focused and targeted to the audience and promote the wider use of social media and the Institute’s mobile app.
14
Sharpen the key messages and embed them into the communication channels to highlight:
The significant contributions by CPAs to the development of the accountancy profession in Hong Kong, which is important to uphold Hong Kong’s leadership as an international financial centre.
Accounting is an international business language and HKICPA is the cradle of CPAs who know the language.
CPAs in corporate social responsibility as a way of giving back to the community.
15
Engage KOLs (key opinion leaders) and well known persons who have an accounting background and/ or good connections to help promote the accountancy profession and to tell the CPA success stories.
Advocacy for the profession
Key action items
16
Sustainability/ESG – standard setting:
Engage with relevant stakeholders, particularly the FSTB, the SFC and the HKEX, on the plan for introducing International Sustainability Reporting Standards to the Hong Kong corporate reporting framework.
Establish position with ISSB to be the local standard setter and contribute to its work.
Keep in view the development of ESG reporting and assurance linked to the local requirements and aligned with government policies and position.
17
Support continued international representation and participation.
18
Consider the way forward for reintroducing the requirement for qualified accountant in listed companies.
19
Promote and support CPAs to work in the GBA including policy advocacy, members’ engagement and talent development.
Key action items
20
Ensure effective and efficient transition of regulatory functions.
Safekeeping of our constitution, governance and organization
Key action items
21
Building on improvements implemented in 2020-2021, proceed with the 2022 Work Plan for continuous enhancements.
22
Continue to engage staff in the change process and provide regular updates to staff. Further manpower and organizational review post-regulatory reform.
23
Identify ways to address the structural financial deficit to ensure financial viability of the Institute:
Perform a holistic review on the organization to obtain a balanced view of the resources required for the Institute.
Prioritize work and use of resources.
Improve segment performance and cost optimization.
Identify new sources of income.
