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In the foreword to our Strategic Plan 2020-2022 we recognized that the old practice of issuing long-range plans for periods of five years was no longer relevant in a fast-changing world. However, we were not anticipating how significantly things would change less than two years after the Strategic Plan 2020-2022 was issued.

For many years one of the key statutory roles and responsibilities of the Institute has been regulation of the profession in Hong Kong. That role was changed in 2019, when the Financial Reporting Council became the regulator of auditors of public interest entities, but the Institute’s regulatory role for all other sectors of the profession remained an important function and a key part of our strategy. However, further and more fundamental change occurred in 2021 when the HKSAR Government announced further regulatory reform of the profession and introduced legislation that moved all remaining regulatory functions from the Institute to the FRC with effect from 1 October 2022.

In the circumstances we have to recognize that this brings significant changes and challenges to the responsibilities, functions and operations of the Institute. Important roles of qualification and registration of CPAs, setting professional standards, and offering support and development opportunities to our members will remain the responsibility of the Institute. However, the changes do question the existing value proposition and positioning/reputation of the Institute.

As well as this very significant disruptor there are other matters that need to be considered. Many of the challenges identified in the Strategic Plan 2020-2022 remain relevant but have evolved to require amendments to our initiatives to address them. In 2020 the full effects of the COVID-19 pandemic had not been anticipated or experienced but we can now see that some of the changes it has brought to our profession and members, such as hybrid mode of service delivery, have become the norm.

The Council of the Institute has confirmed that it is important for the Institute to redefine its positioning and that strategy should be refocused around three key topics:

• Delivering member value (professional development, member engagement and support, standard setting, and the qualification programme)
• Proud to be a CPA (branding and communication)
• Advocacy for the profession.

Addressing these issues and the challenges identified is essential to ensure that the Institute and the accounting profession in Hong Kong remains sustainable and relevant for the future. The strategies, objectives and initiatives recognize the dynamics of an ever evolving environment and have been developed to ensure the Institute, the profession and our members remain as recognized and valued contributors to the prosperity and well-being of Hong Kong.

Visit the two webpages on the strategic objectives and initiatives and key action items to learn about the progress; and the archive webpage for the previous version of the Strategic Plan.

Watch a video from our President on the highlights of the updated Strategic Plan 2022.

Strategic Plan 2022

 

President Loretta Fong introduces the Institute’s strategic aims for the rest of the year and beyond.

 

  If you cannot view the video above, please click here.