Updates on the further reform on the regulatory regime of accounting profession and review of the Institute’s Council election arrangements (27 April 2022)

Dear members,

The further reform of the accounting profession and the proposed review of the Institute’s Council election arrangements are important changes that will affect all Institute members.

To keep members abreast of latest developments, the Institute launched dedicated webpages on the reform and review of Council election arrangements respectively. In April, we held a series of members’ forums on the issues and launched a survey on the review. This update provides a summary of those developments.

Members’ forums

Further reform of regulatory regime of accounting profession

Earlier this month, the Institute jointly organized three members’ forum on the government’s further reform of the accounting profession on 4, 7 and 11 April with the Financial Reporting Council (FRC), Hong Kong Association of Registered Public Interest Entity Auditors Limited (PIEAA) and Society of Chinese Accountants and Auditors (SCAA) respectively for different groups of audiences. The webinars received active participation from over 3,300 members in total.

During the three sessions, FRC explained the regulatory principles and approaches they would undertake under the new regime, while Q&A sessions followed each sharing to further facilitate members’ understanding of the rationale behind the new disciplinary regime. The recorded member forums have been made available for enrolment as e-Seminars in the following links:

4 April session - Members' Forums on Further Reform of the Accounting Profession for PIE Auditors (ESEMEF19001)
7 April session - Members' Forums on Further Reform of the Accounting Profession for Non-PIE Practice Units (ESEMEF19002)
11 April session - Members' Forums on Further Reform of the Accounting Profession for CPAs (ESEMEF19003)

Review of the election arrangements of the Council of the Institute

On 8 April, the Institute organized a members’ forum where Under Secretary for Financial Services and the Treasury, Joseph Chan and Deputy Secretary for Financial Services & the Treasury (Financial Services), Sam Hui were invited to introduce the Government’s considerations and proposed changes to the Council election to the Institute’s members. Edmund Wong, the accountancy Legislative Councilor, also attended the forum and expressed his views. The Forum attracted over 600 members and the recording of the members’ forum is available for enrolment as an e-Seminar:

8 April session - Members' Forum on Reviewing the Election Arrangements of the Council (ESEMEF19004)

Members’ survey on the Government's proposals for the election mechanism of the Institute Council

The Institute launched a survey to all members to collect their views on 1 April. The survey closed on 18 April and the Institute received 434 responses to the online survey questionnaire.

A total of 5 questions were included in the survey. Two questions relate to the nomination requirement whereas two questions relate to the election cycle, and the last question on any other comments to the Government’s proposals. The responses to these questions have been summarized and made available for members’ viewing here.

We thank members for taking time to respond to the survey. Your views will be shared with the Financial Services and the Treasury Bureau for their consideration.

Yours sincerely,

Hong Kong Institute of Certified Public Accountant

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