Redefining our role for the profession (1 October 2022)

Dear members,

A new chapter has begun for the Institute as it looks to reach new heights in its redefined role. As of today, the Institute’s former regulatory roles in the issuance of practising certificates, registration and inspection of practice units and regulating the professional conduct of all CPAs and practice units have been formally transferred to the Accounting and Financial Reporting Council (AFRC) under the further reform of the regulatory regime of accounting profession.

Despite the transferral of these functions, the Institute will continue to shoulder the responsibility of registering CPAs, the training and development of the accounting profession in Hong Kong through the Qualification Programme and continuing professional education, as well as the crucial role of setting professional standards and supporting our members. The change spells a critical opportunity for the Institute to focus its efforts on supporting members for the betterment of the Industry.

Strategic focus ahead

Looking ahead, the Council set out in the Strategic Plan 2022 earlier this year with members’ needs and the public interest in mind. By redefining our positioning in this new era around three key topics: “Delivering member value”; “Proud to be a CPA”; and “Advocacy for the profession”, we are committed to ensuring the Institute, the profession and our members remain as recognized and valued contributors to the prosperity and well-being of Hong Kong.

Since the Strategic Plan 2022 was announced, the Institute has made progress in a number of key action items and initiatives:

Completed the roll out of the new Qualification Programme (QP) to develop accountants equipped to meet evolving market demands. The Institute is looking into making our processes more effective and efficient while ensuring our position among other top-tier international accounting bodies.
Conducted in-depth analysis to better understand members' training needs, with results announced recently. Enhancements to help members’ professional development, such as a new training curriculum on core subject areas, are being gradually rolled out.
Responded to the first International Sustainability Standards Board (ISSB) exposure drafts and work is under way to establish a brand new sustainability standards setting work stream at the Institute.
Streamlined the Institute’s communication channels to focus and target relevant audiences. Reorganized the Institute’s social media content to highlight thought leadership, brand stories, and members’ and corporate events, which has led to healthy organic growth in followers. Further plans to highlight the contributions of the profession to Hong Kong and engage the broader public are underway.

I encourage you to stay tuned to our communications, as further updates to the Institute’s progress in fulfilling the Strategic Plan 2022 will be shared with members in due course.

A new chapter

While developing these new strategic focuses, the Institute has also worked closely with the Government and the Financial Reporting Council to address the legislative, operational and transitional implications of the changes. Throughout the process, the Institute demonstrated professionalism in fulfilling its regulatory functions while facilitating the seamless transfer of regulatory powers to the AFRC. Members were kept abreast of the developments and subsequent changes to the registration process have been provided via a dedicated webpage, standalone e-mails, as well as multiple members' forums.

As of today, the Institute’s website has been updated to reflect the changes of its functions. Subsections on the Institute’s former “Quality assurance” and “Compliance” functions have been placed under archived information such as past disciplinary records for the public’s reference. As we are entering the annual renewal cycle, members should also visit the updated “Membership” section to be aware of any updates to the timeline and requirements with regards to the upcoming 2023 membership renewal.

Moving forward, we aim to overcome the structural deficit the Institute has faced over the past few years and achieve financial stability. While membership fees are one of the most important sources of income for the Institute, the last time the Institute has adjusted its membership fees was in fact nine years ago in 2013. In order to maintain the function and effective operation of the Institute, we must adjust the membership fees.

As such, the standard membership fee for the 2023 annual renewal will be increased from the current level of HK$2,300 to HK$2,500, where members above the age of 60 with 20-year or longer membership will continue to receive partial or full waivers. To express our gratitude for your continued support to the Institute, members who successfully renew their 2023 membership by the deadline will be offered complimentary CPD courses with further details to be announced at a later date. We shall continue our efforts in ensuring effective and efficient use of resources for the benefits of our members.

As we begin this new chapter entering the Institute’s 50th anniversary, I would like to take this opportunity to offer my heartfelt gratitude towards our counterparts in the Government and the AFRC, and especially our members who have engaged with us throughout this process. I invite you all to continue to support us as we embark on this journey to achieve eminence under our redefined roles and functions.

Warm regards,

Loretta Fong
President
Hong Kong Institute of Certified Public Accountants

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