Key action items
To achieve the strategic objectives and related initiatives, dedicated focus is required. While not exhaustive, the following list summarizes the key action items the Institute has set out to reach those goals.
Delivering member value – professional development and member engagement
Key action items
1
Continue to upskill members on sustainability.
2
Expand the developments in other specialist areas such as business valuation.
3
Complete implementation of the financial viability initiatives of the professional development segment.
4
Enhance members’ awareness of the training courses available and help members locate the resources they need through a more targeted communication strategy.
5
Engage members across segments through various initiatives and flagship events.
6
Promote specialty interest groups and enhance the support on topics of interest such as digitalization, talent acquisition and retention as well as well-being.
Delivering member value – standard setting and technical support
Key action items
7
Action the sustainability standards setting roadmap as approved by Council in October 2022 to explain to the public the role of the HKICPA as the statutory sustainability standards setter and why Hong Kong should adopt the ISSB standards.
8
Optimize the provision of technical support on application of standards.
9
Develop and maintain local pronouncements such as the Small and Medium-sized Entity Financial Reporting Framework and Financial. Reporting Standard, Practice Notes, Circulars, HK-Interpretations, Accounting Bulletins, Accounting Guidelines etc. as need be.
10
Bring Hong Kong aspects into international standard setting.
Delivering member value – Qualification Programme
Key action items
11
Implement initiatives to improve financial viability of the Qualification Programme (QP) segment.
12
Review the coverage and content of the QP to better accommodate career development of prospective accountants and employers’ expectations and renewal of reciprocal membership agreements with Global Accounting Alliance (GAA) member bodies.
13
Promote the value proposition of accounting profession and QP and engage with universities, secondary schools and employers.
14
Increase digital adoption on the overall CPA Qualifying Process.
15
Offer certificate to QP students by recognition of partial completion of QP for improving employability of QP students and facilitating staff recruitment of employers by understanding the competencies attained with the interim qualifications.
Proud to be a CPA – branding and communication
Key action items
16
Roll out 50th anniversary events and messages about the Institute’s redefined role and sharpened messages of promoting positive image of the profession as well as the industry shall continue to be disseminated to our members, stakeholders and the general public.
17
Demonstrating CPAs in corporate social responsibility as a way of giving back to the community through in-house corporate social responsibility programmes and stakeholder collaborations with enhancements.
18
Engage successful individuals and aspirers for the profession, KOLs, to tell the stories of the profession relating to the contribution of the Institute, and promote through different channels – social media, print/ electronic/ online media with the exploration of media collaboration.
19
Engage members with targeted content of interest and enhanced communications channels.
Advocacy for the profession
Key action items
20
Consider the way forward for reintroducing the requirement for qualified accountants in listed companies and engage with the government and regulators including Hong Kong Stock Exchange.
21
Complete consultation on updated anti-money laudering (AML) guidelines and continue to run regular AML workshops with updated content and other AML events for members.
22
Promote the resources and campaigns of the International Federation of Accountants, Institute of Chartered Accountants in England and Wales, GAA, Accounting for Sustainability etc. to enhance market awareness of the value of having CPAs provide assurance on sustainability reports.
23
Engage with stakeholders and seek public comments on the International Auditing and Assurance Standards Board’s and International Ethics Standards Board for Accountants’s respective consultations on sustainability reporting.
24
Engage technology vendors and small and medium practices (SMPs) to identify the latest challenges and opportunities of technology adoption, and identify potential solutions and way-forward to increase the pace of digitalization of SMPs.
25
Continue to monitor and comment on key aspects of local and relevant international tax policy, including the HKSAR Government annual budget and local implementation of international tax developments such as exchange of information and base erosion and profit shifting.
26
Set a holistic Mainland development plan.
Key action items
27
Complete remaining disciplinary and appeal cases and establish understanding on sharing of information under the new regime. Engage with the government and Accounting and Financial Reporting Council (AFRC) to establish understanding on respective roles in supporting the development of the profession.
28
Engage with the AFRC to confirm understanding of respective roles and how the Institutes’ responsibilities, including setting guidelines for Anti-Money Laundering and Counter-Terrorist Financing Ordinance compliance under AFRC oversight can be effectively fulfilled.
29
Engage with AFRC to obtain clarity and suggest enhancements to their oversight approach and process with a view to avoid duplication of effort and promote effectiveness. Where possible, monitor compliance costs for the Institute.
Safekeeping of our constitution, governance and organization
Key action items
30
Ride on corporate governance improvements implemented in 2022, to proceed in the 2023 Work Plan for continuous enhancements.
31
Devise and implement recruitment strategy to attract qualified talent in the face of changing talent landscape.
32
Develop and implement talent management and staff engagement programmes to motivate and retain staff members.
33
Ensure statutory compliance and promote continuous improvement for productivity by completing the revamp of human resources information system by Q4 2023.
34
Identify ways to address the structural financial deficit with clear plans to breakeven in the ensuing years to ensure financial viability of the Institute.
