Institute’s Strategic Plan 2025 is out
The Institute released Strategic Plan 2025, a forward-looking blueprint for excellence and innovation in the accounting profession in March. Crafted through extensive collaboration within the Council, three strategic themes have been identified, namely: Building Trust, Nurturing Talent, and Driving Development and Transformation. Twelve key focus areas have also been highlighted, under which a number of key actions have been defined to contribute to the goal of addressing and achieving the aims of the strategic themes. This flexible approach allows the Institute to adapt its initiatives based on the unique demands of each year while remaining committed to the sustainable development of the profession and Hong Kong as a global financial hub. Visit the designated website to explore the full details of the plan.
Institute’s response to 2025-26 Budget
The government’s 2025-2026 Budget included a number of measures in line with proposals by the Institute in its budget submission, including introducing a boundary facilities fee, reviewing tax deduction arrangements for intellectual property-related industries, implementing a series of measures to support research and innovation-driven technological development in Hong Kong, further developing the mega-event economy to revitalize the Hong Kong brand, and promoting the growth of green finance and the further development of green transportation. Overall, the Institute welcomed the Budget’s pragmatic approach to fiscal consolidation while aiming to maintain the quality of public and social services. Meanwhile, the Budget’s targeted revenue-generating measures should contribute to financial stability and provide support for sustained economic growth amid global economic and geopolitical challenges.
Read the Institute’s press release for more details.
Institute welcomes government’s inclusion of accounting talent in the “Talent List”; visits Malaysia to build bridges for the accounting profession
In February, the Institute welcomed the government’s announcement of the new Talent List, effective from 1 March. The inclusion of the accounting profession in the updated Talent List, as recommended by the Institute, will help expand the pool of accounting professionals and fill industry vacancies, ensuring the quality of services in Hong Kong’s accounting sector.
“We are pleased the government adopted the HKICPA’s recommendation to include the accounting profession in the updated Talent List. This, along with a series of measures previously introduced by the government to attract nonlocal talent, such as expanding the list of universities under the Top Talent Pass Scheme, will help alleviate the manpower shortage in the industry,” said Institute President Edward Au. “On the other hand, the HKICPA will also continue its multifaceted approach to nurturing local accounting talent, including promoting the core values and importance of the accounting profession to the young generations and the general public, and regularly enhancing curriculum of the Qualification Programme (QP) to meet market demands, with an aim to maintain the service quality of Hong Kong’s accounting sector,” continued Au. Read the press release to learn more.
This dedication to promoting the Hong Kong profession saw the Institute travelling to Malaysia in April. President Au led a delegation to Kuala Lumpur for the Guangdong-Hong Kong-Macao Greater Bay Area Talent Development Showcase organized by the Hong Kong Talent Engage, an office under the Labour and Welfare Bureau of the government. At the event, the President participated in a panel discussion on “Hong Kong as a Super Connector: Opportunities for Talent” at the symposium, while the Institute hosted a booth for the two-day Career Fair to promote the Institute’s QP and attract overseas talent for the Hong Kong accounting industry.
In addition, the delegation met with the Malaysian Institute of Accountants to deepen collaborations between the Hong Kong and Malaysian accounting ecosystems.
List of accounting firms helping Mainland enterprises go global
To help Chinese Mainland enterprises tackle the challenges of venturing abroad, the Institute has compiled the “List of accounting firms helping Mainland enterprises go global”. As of 10 April, this list includes 81 Hong Kong accounting firms, covering details such as firm size, target overseas markets, international experience, and business expertise. This resource aims to connect Mainland enterprises with the right accounting firms, facilitating global market expansion by leveraging Hong Kong’s world-class professional services to support Chinese businesses in their overseas journeys. Firms interested in joining may fill out this form, and will be contacted.
HKICPA and HKEAA collaborate to introduce Computer-based Examinations for the QP
The Institute announced the launch of Computer-Based Examinations (CBE) for the QP in collaboration with the Hong Kong Examinations and Assessment Authority (HKEAA) in March. This strategic move aims to provide the QP students with a paperless, secure and fully digitalized assessment experience, making the examination process more dynamic and efficient, while enhancing accessibility and contributing to environmental sustainability.
Institute President Au, said, “The implementation of CBE marks a significant step forward for the QP, bringing it into the digital age and enhancing the experience for our students while also embracing environmental sustainability. This transition not only aligns with the global trend towards paperless assessments but also provides a more dynamic and efficient platform for our candidates and reduces our environmental footprint. The HKICPA remains committed to providing world-class training and supporting the career development of CPAs, contributing to Hong Kong’s continued success as a leading international financial centre.” CBE will be rolled out in phases, covering Associate, Professional, and Capstone levels in both Hong Kong and Mainland China. Read the press release to learn more.
Introducing the Member Assistance Programme
The Institute launched a new Member Assistance Programme in March. This initiative is designed to provide the Institute’s members with valuable and accessible support resources tailored to support their emotional and mental wellbeing. Core services include 24/7 hotline, face-to-face counselling, virtual counselling, online learning resources and members wellness programme. All Institute members and registered students in Hong Kong, along with their immediate dependents (spouses and children up to the age of 21) are eligible for the programme.
Institute held sharing on the Two Sessions 2025
More than 300 participants joined the Institute’s Public Affairs Series event on 21 March to hear insights on national development from esteemed members including National People’s Congress representatives, Starry Lee and Tim Lui, as well as the Chinese People’s Political Consultative Conference members, Agnes Chan and Stephen Law. They provided invaluable insights from this year’s Two Sessions in Beijing and its implications for Hong Kong and the accounting profession.
Council meeting minutes
The abridged minutes from the December 2024, January 2025 (Strategy Day) and February 2025 Council meetings are now available.
Disciplinary findings
Chow Yee
Complaint: Failure or neglect, without reasonable excuse, to comply with a direction issued by the Practice Review Committee (PRC) under section 32F(2)(b) of the pre-amended Professional Accountants Ordinance (Cap. 50); and being guilty of dishonourable conduct.
Chow was practising under his own name. His practice was selected for an initial practice review in March 2020, during which deficiencies were identified, including those in relation to the practice’s quality control system and its audit of a private entity. The review also found that the registered office address of Chow was no longer in use.
A follow-up visit to the practice was scheduled for June 2021. However, the review could not take place due to Chow’s refusal to provide the requested documents for practice review, and Chow also refused to allow the practice reviewer to conduct a follow-up site visit. In July 2021, the PRC issued a written direction to Chow, requiring him to provide the necessary information and to cooperate with the Institute with respect to the practice review. The direction was mailed to Chow’s registered residential address.
The PRC considered that Chow’s above failures were serious and decided to lodge a complaint against Chow.
Decisions and reasons: The Disciplinary Committee found Chow was guilty of dishonourable conduct. The committee reprimanded Chow and ordered the removal of Chow from the register of CPAs for a period of 24 months and his practising certificate be cancelled for 24 months with effect from 10 March 2025. Chow was also ordered to pay the costs of the disciplinary proceedings in the sum of HK$107,443.
Sze Lin Tang, CPA (practising) and Zhonghui Anda CPA Limited
Complaint: Failure or neglect to observe, maintain or otherwise apply Hong Kong Standard on Auditing (HKSA) 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing and HKSA 500 Audit Evidence.
Zhonghui was the newly appointed auditor of National United Resources Holdings Limited, a Hong Kong listed company. It audited the consolidated financial statements of the company and its subsidiaries (collectively Group) for the year ended 31 December 2015 and expressed an unmodified auditor’s opinion on 30 March 2016. Sze was the engagement director.
The Institute received a referral from the then Financial Reporting Council (FRC) about irregularities in the audit. Information provided in the referral showed that the financial statements included a material receivable amount of HK$305 million that had resulted from the Group’s one-off sale of straight run fuel oil to a customer. When Zhonghui signed the auditor’s report in March 2016, approximately 60 percent of receivable amount was overdue and outstanding. The respondents failed to exercise professional scepticism and perform adequate audit procedures to support their agreement with the company’s assessment that no impairment was necessary for the outstanding amount.
Decisions and reasons: The Disciplinary Committee reprimanded the respondents and ordered them to pay a penalty of HK$35,000 each. In addition, the respondents were ordered to jointly and severally pay costs of the Institute and the then FRC totalling HK$210,343. In reaching its decision, the committee considered the submissions from both parties, the nature of the complaint, the involvement of a listed company, the respondents’ clear record and their conduct during the proceedings.
The respondents appealed against the Disciplinary Committee’s decision. The appeal was subsequently dismissed on 23 January 2025.
Details of the disciplinary findings are available on the Institute’s website.
