In the world of business, accountants are often celebrated as the ones who balance the books, advise on strategy, and steer organizations toward growth. Their technical acumen and commercial instincts are critical to success. But behind the numbers lies a deeper, less often told story – of how accounting professionals quietly uphold the very fabric of trust that underpins effective capital markets and fuels investor confidence.
This commitment to principle over profit has never been more critical. In an era where artificial intelligence (AI) reshapes decision-making, cryptocurrency challenges traditional frameworks, and public trust in institutions faces constant scrutiny, accounting professionals stand as guardians of transparency and accountability.
In today’s complex and evolving business environment, accountants are also doing more than ever before. They are stepping into new industries, grappling with emerging technologies, and solving problems that extend far beyond audit. Yet no matter how their roles expand, it is crucial that their unwavering commitment to integrity in their approach to work remains unchanged.
The stories that follow reveal how today’s accounting professionals serve the public interest. From audit partners who risk lucrative contracts to uphold reporting standards, to non-profit finance leaders who transform donor relationships through transparency, to technology experts who ensure ethical principles evolve alongside digital innovation, these individuals demonstrate that wherever their careers take them, their commitment to foundational values goes with them. In doing so, they reinforce the trust that is essential for the profession’s credibility, and continue to contribute to Hong Kong’s financial integrity.
ETHICS IN ACTION
Maria Xuereb, Partner Emeritus at Deloitte China, and Chairman of the Institute’s Ethics Committee
During an audit, a choice was made by Maria Xuereb and her team between loyalty to the client or loyalty to principle. “There was disagreement with the client regarding the timing of recognition of disposal of a business and the appropriate accounting treatment,” recalls Xuereb, Partner Emeritus at Deloitte China.
After thorough consultations with her team, advisory partners, and technical experts, the firm’s stance was presented to the client: “Unless the accounting treatment was remedied, a qualified audit opinion would be issued,” Xuereb says. This resolute position, though it eventually led to losing the client, exemplifies Xuereb’s commitment to ethical standards over business pressures.
A common unethical behaviour she has encountered during her 40-year-long audit career related to the manipulation of financial records to achieve a particular outcome. “Such manipulation could arise from inappropriate accounting for unusual transactions, improper valuations of illiquid assets and impairment allowances, with management estimates or biases leaning towards a more favourable outcome,” she explains.
When confronted with such behaviour, Xuereb follows a disciplined process: “Fact finding, consultation and communication!” Her methodical approach involves gathering evidence, consulting experts, and escalating issues to senior management or governance bodies when necessary. “In some instances, the audit client would be receptive to our findings and make the necessary adjustments,” she notes, but acknowledges that “with proper consultation and communication, an ethical outcome could eventually be achieved,” even in challenging cases.
“Ethics are necessary to ensure accuracy, transparency and trust in the financial reporting, all elements being fundamental for the overall health of the company and vital for investor confidence.”
Xuereb champions proactive measures to safeguard transparency and honesty in accounting. “I’m a strong supporter of providing learning with real-life case scenarios of ethical dilemmas to staff,” she says, emphasizing the value of practical training. She also advocates for employers to “promote a strong ethics culture and awareness at workplace and to strengthen their ethics and compliance policies.” She highlights the importance of robust controls, for example, the application of clear guidelines and approval processes for expense claims or overtime, to prevent malpractices.
For Xuereb, ethics are the bedrock of the profession. “Ethics have always been critical in the accounting profession since accountants are seen as the financial guardians,” she explains. “Ethics are necessary to ensure accuracy, transparency and trust in the financial reporting, all elements being fundamental for the overall health of the company and vital for investor confidence.” Both her Christian upbringing and CPA training reinforce this ethos, with the latter “clarifying what is the right thing to do in business” through structured guidance on resolving ethical dilemmas.
Her role as learning leader and audit quality champion during her tenure at Deloitte honed her ability to implement ethical policies and quality standards. “The firm had in place strong ethics and compliance policies and required all personnel, including partners, to comply with such policies and to complete relevant courses,” says Xuereb. While she retired in 2019, Xuereb continues to promote ethics for the profession and is currently Chairman of the Institute’s Ethics Committee. Her previous involvement in reviewing draft auditing standards or guidelines and her leadership in various committees further sharpened her consensus-building skills, critical for this role, particularly as the Ethics Committee assists the Institute in developing standards and guidelines on ethics for professional accountants.
Outside of that, as a volunteer with charities and NGOs, Xuereb continues to apply her financial knowledge and experience to support vulnerable communities, reflecting her lifelong dedication to doing the right thing. Other than financial matters, she helps in frontline charity work with physically or mentally challenged children. Through her leadership, advocacy, and unwavering ethical standards, Xuereb is supporting the accounting profession’s foundation of trust.
RIPPLE EFFECT
Sindy Chan, Associate Director (Operations) at Children’s Cancer Foundation, and an Institute member
Sindy Chan’s journey from auditing to serving Hong Kong’s most vulnerable families reflects her belief that accounting is more than balancing spreadsheets. “At non-profits, it’s about safeguarding hope. We’re entrusted with the dreams of families and the generosity of those who want to make a difference,” says Chan, Associate Director (Operations) at Children’s Cancer Foundation.
Her work ensures that every dollar donated to the Foundation is used thoughtfully, aligning with donor intent and the organization’s mission to support children battling serious illnesses. Prioritizing open and honest disclosure of financial information, Chan views transparency as a “moral obligation” that connects resources to needs and stories to outcomes. “The more clearly we communicate, the better donors and stakeholders understand our work,” she explains. This clarity, she believes, strengthens mutual trust and keeps supporters engaged through mission-driven storytelling that honours their generosity.
Chan’s approach to donor engagement exemplifies her ability to adapt accounting principles to non-profit values. Recalling a standout moment, she shares how she guided her team to apply the audit principle of “Know Your Client” to deepen donor relationships. “We are not just doing identity confirmation with new donors – we make the effort to understand their industries, philanthropic history, and alignment with our mission of supporting seriously ill children,” she says. By tailoring impact reports to reflect donors’ contributions, Chan has strengthened trust, signalling that the Foundation accepts donations with “thoughtfulness, integrity, and a commitment to long-term mission alignment.” This strategy safeguards the organization’s reputation and encourages greater contributions.
Fiscal efficiency is another cornerstone of Chan’s work. She emphasizes cash flow and liquidity as critical to maximizing the Foundation’s impact. “I coach my team to conduct rolling cash flow forecasts, introduce a review on budget-to-actuals in the monthly financial report, and maintain a reserves policy tailored to the organization’s risk exposure,” she says. These practices enable confident planning around impact and growth, ensuring stability for both the organization and the vulnerable communities it serves.
“At non-profits, it’s about safeguarding hope. We’re entrusted with the dreams of families and the generosity of those who want to make a difference.”
Communicating complex financial information to non-financial stakeholders is a challenge Chan meets with creativity. “The key to effective communication lies in simplification,” she says. By using analogies, data visualizations, and mission-driven narratives, she turns dense financial data into accessible insights. “I convert complex financial information into tables with narratives, which eases the management’s review on the financial reports. I also use data visualization with charts to help the general public understand overall funding allocation,” she explains.
One of Chan’s notable achievements is her engagement in expanding the Foundation’s drug and treatment sponsorship programme. Leading a feasibility study, she facilitated the board’s evaluation of the programme expansion, while orchestrating workflow design and negotiating payment terms to safeguard the Foundation’s financial stability. “We were able to support more children and cover a broader range of critical treatments,” she says. “It was a powerful reminder that smart finance decisions can directly change lives.”
Chan’s CPA training underpins her commitment to ethical decision-making. “Whether reviewing financial information, evaluating internal controls or advising on partnerships, I keep all our stakeholders in mind: donors, communities, and the people we serve,” she says. Guided by her mantra of not just asking “can we” but “should we,” she focuses on ensuring every financial choice aligns with the Foundation’s values. “I speak up about risks, push for transparency, and advocate for accountability – even when it’s hard,” she says. “Because every dollar is someone’s hope, and I take that responsibility seriously.” With her expertise and thoughtful financial stewardship, Chan contributes to the Foundation’s work, helping to improve the quality of life of thousands of young patients and their family members.
DEFENDING PRINCIPLES IN A TECH ERA
William Gee, member of the IESBA Technology Experts Group and an Institute member
As digital technologies continue to develop and penetrate into all aspects of people’s lives, creating many opportunities, William Gee is guiding accounting professionals through uncharted ethical waters. After years specializing in the adoption and commercial deployment of emerging technologies, including blockchain and AI, Gee, a retired CPA, is now focused on addressing the ethical challenges they present, such as algorithmic biases, transparency, and accountability.
“As AI models improve, and with their real-time data access, errors will be even more subtle and it takes experience to spot it. This is something professionals should be more aware of,” says Gee.
A member of the International Ethics Standards Board for Accountants (IESBA) Technology Experts Group (TEG) since 2022, Gee provides critical industry insights to IESBA’s Technology Working Group, ensuring that deliverables reflect the realities of technology adoption across the global accounting landscape. He works closely with other TEG members, professionals of different backgrounds from around the world, helping to shape thought leadership and standards that address local nuances while maintaining universal principles.
“In this tech-driven setting, there’s always this discussion on whether the existing framework can continue to apply,” Gee says. “Participation in IESBA very quickly led one to realize that the fundamental principles really haven’t changed. As a professional, you have to follow the same standards to have public trust.”
His participation has also enriched his own perspective. “When I joined, I was still working with the firm and provided feedback to our own in-house risk management and compliance teams, informing them what is being discussed, and on the potential issues in the adoption of technology,” says Gee, former partner of PwC Mainland China and Hong Kong.
“Understand what you are doing, the technology you’re using, and being able to explain that to your team and to your clients, making sure in terms of professional behaviour the team does not blindly rely on the output.”
With ethical considerations in digital technology still at a nascent stage, Gee reflects on the ethical ambiguities he has addressed in the past, particularly around cryptocurrencies. “We had professional ethical guidelines on holding client investments, but it never touched on cryptos,” he notes. “Auditors cannot participate in a traditional share offering, but the guidelines in the early days did not extend to Initial Coin Offerings and other cryptocurrency-related initiatives.” Faced with this gap, Gee and his team at the firm applied fundamental ethical principles to avoid conflicts of interest, demonstrating the importance of principled decision-making in the absence of specific guidelines. “We decided to follow the same principle. It’s not about being conservative; it’s the right approach to safeguard our independence,” he says.
Gee has delivered seminars on AI ethics and the IESBA’s technology revisions to the Code of Ethics, including sessions for the Hong Kong CPA community and upcoming talks for ICAEW’s members in North America. He will participate in the Institute’s ethics conference in October.
Gee studied accountancy at the University of East Anglia in the United Kingdom. “Accountancy was a science degree offered by the School Information Systems, reflecting the growing importance of information technology for accountants.” He joined Thomson McLintock in Norwich after graduation, which became KPMG. After qualifying as a Chartered Accountant in 1990, he decided to specialize in “EDP Audit” and moved to the firm’s London office. Gee then returned to Hong Kong in 1997 to tackle the Y2K problem and went on to lead a number of major technology initiatives for the Hong Kong government, including the development of the regulatory framework for certification authorities and the Interoperability Framework to support e-Government. These early projects laid the foundation for his later pursuits in emerging technologies.
“Technologies enhance our efficiencies and effectiveness, but also bring along changes to business and operational processes. With these changes, a question arises: can we continue to conform to established ethical principles?” says Gee. “The foundational training of a CPA provides you with the knowledge and a set of principles, and I believe this is even more essential today given the pace of technological advances and their far-reaching impact.”
For Gee, building public trust in accounting hinges on understanding and explaining technology’s role. “Understand what you are doing, the technology you’re using, and being able to explain that to your team and to your clients, making sure in terms of professional behaviour the team does not blindly rely on the output,” he advises. This critical thinking ensures that accountants uphold their role as trusted advisors, even in a tech-driven era.
FROM STRATEGY TO LEADERSHIP
Carrie Mong, Chief of Staff and Senior Director of Strategy and Insights at McDonald’s Hong Kong, and an Institute member
In McDonald’s Hong Kong, where every decision impacts millions of customers, Carrie Mong, Chief of Staff and Senior Director of Strategy and Insights, stands at the helm of strategic direction. With her CPA training as her foundation, Mong transforms data into strategies that drive financial success, and deepen the trust of McDonald’s vast customer base across 260-plus outlets in Hong Kong.
“It’s not just about understanding the numbers, it’s about interpreting what they mean for the business,” she says. This perspective allows her to evaluate performance, assess risks, and guide decisions that balance growth with operational efficiency. “Whether we’re exploring new growth opportunities or improving operations, I ensure our strategies are financially disciplined, deliver reasonable return on investment, and align with long-term value creation,” she adds.
For Mong, days working at the quick service restaurant chain are a dynamic mix of strategic planning, data analysis, and cross-functional meetings and discussions. “A key part of my role is translating insights into action – making sure we’re not just collecting data, but using it to drive meaningful decisions,” she stresses. For instance, during a recent strategic pricing review, Mong combined margin analysis with customer insights from conjoint studies and competitive benchmarking. “The analysis revealed where customers were most sensitive to price and where we had room to adjust without compromising our strong value perception,” she explains. “The outcome was a refined pricing strategy that balanced financial performance with our strong value positioning, demonstrating how data-driven decisions can support both business goals and earning customer trust.”
“The CPA designation is rooted in integrity, accountability, and public interest – values that resonate deeply with McDonald’s core principles ‘Acting with Integrity’.”
The role, she adds, is purpose-driven. And her CPA training ensures decisions reflect the company’s commitment to ethical responsibility. “The CPA designation is rooted in integrity, accountability, and public interest – values that resonate deeply with McDonald’s core principles ‘Acting with Integrity.’ These guide how I lead and make decisions.” Mong notes.
She finds fulfillment in connecting insights to action, and seeing how her work contributes to both business success and social good. Drawing from her consulting background, Mong uses visual storytelling to connect performance metrics with strategic outcomes, and communicates complex data in a relatable way for both internal and external stakeholders. For example, when presenting sustainability initiatives, such as transitioning to paper-based packaging in 2024, she highlights both financial implications and community benefits. “This dual perspective helps stakeholders understand the broader value of our decisions and ensures alignment with societal goals,” she says.
Mong, who began her career in strategy consulting, applies her experiences at a professional firm, from structuring complex problems to driving cross-functional alignment, at McDonald’s Hong Kong, her first corporate role. Navigating the complexities of a fast-moving retail environment is also a constant part of the job, especially in the current economic climate. “Consumer expectations, market dynamics, and operational realities evolve rapidly,” Mong acknowledges. She overcomes these challenges by staying close to the data and customers, ensuring agility and alignment with stakeholders. “I ensure we adapt quickly to market change while staying true to the values of our brand. This helps us remain competitive and responsive, even in uncertain conditions,” she says.
What Mong loves most is the impact of her work. “The opportunity to shape decisions that have real impact on our customers, our people, and our communities everyday with McDonald’s being one of the biggest quick service restaurants and youth employers in Hong Kong,” she says. “Whether it’s advocating for feeding and fostering communities, or supporting an inclusive workplace, I strive to uphold the trust placed in me as a CPA.”
THE RIGHT CALL
Kobus Cheung, Senior Forensic Accountant at ICAC, and an Institute member
Standing before more than 100 anti-corruption professionals in Astana in Kazakhstan, Kobus Cheung felt the weight – and the privilege – of his role. He was delivering a specialized training session on financial investigation and asset recovery, feeling a sense of shared purpose across the room. “The energy in the room, the exchange of ideas, and the shared commitment to integrity were truly inspiring,” recalls Cheung, Senior Forensic Accountant at Hong Kong’s Independent Commission Against Corruption (ICAC).
Leading a team of forensic accountants, Cheung conducts forensic reviews of financial records, assists in search and seizure operations, and prepares detailed analysis reports that serve as the foundation for supporting investigators in building “robust, evidence-based cases.” His daily work directly supports ICAC’s three-pronged approach of enforcement, education, and prevention.
As Hong Kong’s first and only law enforcement agency with an in-house forensic accounting unit, ICAC provides accountants dedicated to Hong Kong society with what Cheung describes as “a unique platform for public service.” This model remains “rare among global jurisdictions,” he notes, demonstrating how accounting professionals can be integrated into law enforcement to enhance both investigative capabilities and public trust.
“My work not only affects individual cases but also upholds the reputation of the profession and the trust of the community.”
Beyond investigations, the establishment of the Hong Kong International Academy Against Corruption (HKIAAC) in February 2024 has provided Cheung with an expanded platform to influence global anti-corruption efforts. He became a specialist trainer for capacity-building programmes under HKIAAC, sharing his financial forensics and asset recovery expertise with audiences ranging from Hong Kong and Mainland business leaders to international anti-corruption professionals. “I have felt a deep sense of purpose as an active contributor to HKIAAC projects, both at home in Hong Kong and on the international stage, especially in Belt and Road partner countries,” he says. These initiatives not only spread best practices but also deepen his own commitment. “These projects reaffirm my dedication to nurturing a culture of integrity both in Hong Kong and far beyond,” he adds.
With a background in auditing, Cheung brings both technical competence and ethical vigilance to his work. “The CPA qualification instils a sense of responsibility to act in the public interest,” he explains. This grounding helps him navigate the ethical complexities of financial crime, guided by both the HKICPA’s Code of Ethics and the ICAC’s own Code of Conduct. “This commitment includes maintaining independence and objectivity throughout all investigative work, regularly reflecting on potential ethical dilemmas and proactively seeking guidance,” he adds. “Adherence to these codes is fundamental.”
What began as a career move – drawn by the ICAC’s “unwavering commitment to integrity and justice” – has become a calling for Cheung. “Taking a job is often about embracing new challenges, but staying in a career is about passion, fulfilment, and finding deeper meaning,” he says.
The challenges facing forensic accountants are evolving rapidly. “Key challenges arise from the constantly evolving nature of financial crimes, increasingly sophisticated corruption schemes, the significant volume of both physical and electronic case documentations,” Cheung explains. Despite this, he remains focused on the ultimate goal that drives all his efforts: contributing to Hong Kong’s status as a fair society. “My work not only affects individual cases but also upholds the reputation of the profession and the trust of the community,” he says.
PARTNERS PROMOTING INTEGRITY
Mary Lau, Executive Director of the Hong Kong Business Ethics Development Centre of the ICAC
On 19 November 2024, a room of seasoned CFOs and senior finance professionals gathered at the ICAC building for a new kind of training about integrity. Co-developed by the Hong Kong International Academy Against Corruption of the ICAC and the Hong Kong Institute of CPAs, the “Professional Anti-Corruption Training” course sought to cultivate ethical leadership from the top down, and not just check a compliance box. The day marked another milestone in a long-standing alliance dedicated to raising awareness among business practitioners about the importance of upholding a high ethical standard at work.
“Among its invaluable partners, the HKICPA has played a pivotal role in working together with the Hong Kong Business Ethics Development Centre (HKBEDC) of the ICAC in advancing professional ethics within the accounting profession in Hong Kong,” says Mary Lau, Executive Director of the HKBEDC. Founded in 1995, the HKBEDC has been at the forefront of promoting business ethics in Hong Kong by collaborating with key industry stakeholders.
Through the Institute’s extensive membership network, the HKBEDC effectively reaches accounting professionals through continuing professional development seminars and webinars that address corruption prevention, ethical decision-making, and professional conduct. Participants were also invited to visit the ICAC headquarters for immersive learning through exchanges and tours of its facilities. “This provides HKICPA members with a unique, first-hand learning experience about Hong Kong’s anti-corruption history and the ICAC’s strategies for combating corruption,” says Lau.
“The evolving partnership between ICAC and HKICPA represents a strategic effort to embed anti-corruption principles within the profession.”
One of the partnership’s significant achievements has been the development of “Ethics Resources for Accounting Professionals,” a comprehensive reference that Lau and her team created in collaboration with the Institute. The online resources are composed of four feature articles highlighting common ethical risks faced by external auditors, internal auditors, financial accountants and management accountants. Critical topics covered include conflict of interest, non-compliance with laws and regulations, anti-money laundering, and practical tools for ethical decision-making using a “GPS Ethics Compass.”
“In developing the content of these feature articles, the HKICPA provided invaluable support by offering comments and insights on the ethical risks faced by professional accountants and the related requirements under the Code of Ethics for Professional Accountants,” Lau notes. This partnership leverages “HKBEDC’s expertise in integrity education and HKICPA’s extensive professional knowledge and network” to create resources that serve as “a practical guide for accounting professionals to navigate ethical dilemmas responsibly while upholding public trust.”
The success of these initiatives stems from the deep-rooted partnership between the two bodies. Since 2002, an ICAC representative has held a seat on the Institute’s Ethics Committee, an arrangement that “illustrates both the ICAC and HKICPA values integrity and professional ethics and provides a valuable opportunity to facilitate mutual leverage,” says Lau. She adds that this representation helps “embed anti-corruption principles into the CPA ethical framework” and “encourages CPAs to uphold highest standard of integrity and accountability, which are crucial in both their professional conduct and in promoting integrity culture within their organizations.”
Lau sees the relationship evolving through continuous capacity building, information sharing, and a shared commitment to tackling misconduct. For her, the partnership represents more than institutional cooperation, and embodies a shared commitment to maintaining Hong Kong’s reputation as a centre of financial integrity. “The evolving partnership between ICAC and HKICPA represents a strategic effort to embed anti-corruption principles within the profession,” she says, “fostering a culture of integrity and ethical excellence that benefits both the profession and the community.”
SUSTAINABILITY STEWARD
Amy Lam, Chief Sustainability Officer at Hong Kong Air Cargo Terminals Limited, and an Institute member
In the high-stakes world of corporate sustainability, where bold claims can outpace actual performance, Amy Lam stands as a guardian of truth. The Chief Sustainability Officer at Hong Kong Air Cargo Terminals Limited (HACTL) confronts the risk of exaggerated sustainability claims with the precision of a seasoned accountant. “I understand that sustainability claims, particularly around emissions reductions and resource efficiency, occasionally risk exaggeration due to overly optimistic interpretations of data,” she says, reflecting on her mission to ensure credibility. “Therefore, I have always emphasized that all sustainability claims must be backed by rigorous, evidence-based data. My team ensures metrics are consistently measured and independently verified through third-party audits. All public claims must be fact checked.”
With a background as HACTL’s former chief financial officer and executive director from 2015 to 2023, Lam transitioned to her current role in January 2024, bringing a unique perspective that bridges financial rigour with sustainable impact.
In her role, she collaborates closely with senior management to embed sustainability into HACTL’s business strategy. “My background as a CFO provides me with a unique perspective to align sustainability goals with financial and operational realities,” she explains. By integrating sustainability into workflows, such as prioritizing investments in low-carbon technologies and adopting internal carbon pricing for capital expenditure projects, Lam ensures measurable, cost-effective outcomes. These tangible results resonate with stakeholders – employees, shareholders, and customers – bolstering trust in HACTL’s commitments.
Since HACTL began sustainability reporting in 2021, Lam has leaned on frameworks like the Global Reporting Initiative (GRI), the Task Force on Climate-related Financial Disclosures (TCFD), and the Science Based Targets initiative. “These frameworks provide standardized metrics to measure environmental and social impacts consistently,” she notes. Her team meticulously collects raw data from various internal departments, submits it for her approval, and engages assurers annually to ensure accuracy.
“My CPA background also gives me the confidence to make tough calls, like correcting errors in sustainability data.”
Lam’s approach is rooted in her accounting background. “My CPA training instilled a deep commitment to integrity, accuracy, and accountability, which I carry into my role,” she says. “This mindset drives me to ‘do the right thing’ by holding the company accountable to its stakeholders, whether it’s through honest reporting or advocating for equitable policies.”
Her CPA expertise also shapes her ethical approach to financial decision-making. “Sustainability can be presented as a value-creation strategy,” she explains, citing cost reductions through energy efficiency and brand enhancement through ethical practices. By doing this, she aligns financial decisions with societal impact. Over the years, HACTL has incorporated sustainability factors into capital allocation, such as prioritizing investments in low-carbon technologies and community development programmes. Lam’s advocacy for long-term impact over short-term gains has also strengthened stakeholder trust. “My CPA background also gives me the confidence to make tough calls, like correcting errors in sustainability data,” she says.
Lam’s career, spanning senior finance roles across logistics, aviation, and shipping within the Jardine Matheson group, has equipped her with the governance and risk management skills essential for her current role. “Being a CFO in various companies that I’ve worked before, we are a business partner at times but we also act as the gatekeeper,” she reflects, noting how her experience in handling issues like cybersecurity and data privacy has honed her ability to navigate complex stakeholder expectations. Her regional roles have sharpened her cultural sensitivity, enabling effective collaboration with HACTL’s global stakeholders.
By grounding sustainability in data-driven accountability, Lam is advancing HACTL’s environmental and social goals, while setting a standard for ethical leadership in the accounting profession.
SETTING A CLEAR STANDARD
Horace Ma, CFO at S. Culture Holdings (BVI) Limited, and Deputy Chairman of the Institute’s Ethics Committee
Not long after S. Culture Holdings (BVI) Limited went public, Horace Ma, its newly appointed CFO, faced a moment that revealed just how deeply entrenched habits can collide with modern expectations. His financial controller walked into his office holding a piece of handwritten paper – an invoice seemingly from a wet market, requesting reimbursement for hairy crabs. The claim had been passed down from a member of the founding family’s older generation.
“My FC asked me how we should handle it. Obviously the subject matter did not qualify for a valid expense claim,” Ma recalls. Rather than dismissing it outright, he handed the issue to the CEO, part of the younger generation, to explain the rejection. “It is quite usual in family business that they treat the company in whatever ways they want it. Therefore, I always advocate that these companies should exercise better governance so that older norms would be averted and changed to demonstrate higher standard is being followed as tone at the top,” Ma explains.
For Ma, who has decades of experience in senior management, audit, compliance and finance in the technology and consumer sectors, trust is not a theoretical concept, but a daily responsibility. When faced with potential unethical behaviour, such as manipulating financial records, he points to the Non-Compliance with Laws and Regulations (NOCLAR) code as a guiding framework. “Depending on how you have come by such situation and what level you are at the hierarchy of management and governance, the code has stipulated the various means and rules you may follow.”
“Ultimately it is the tone at the top that works best to keep a high awareness of the culture.”
He also believes that maintaining integrity in finance requires constant reinforcement, and therefore pushes for annual updates to staff manuals “with acknowledgment of acquiescence from staff” and encourages participation in ethics-related training. Yet, he acknowledges that the most powerful tool is leadership by example. “Of course, ultimately it is the tone at the top that works best to keep a high awareness of the culture,” he says.
Transparency and honesty, Ma argues, are non-negotiable in safeguarding the profession’s integrity, and leadership must embody the values it seeks to instill. This principle is particularly critical in business today. “In this fast-changing world, while everything could be drowned and washed away in the tsunami of new technologies like AI, putting forth the importance of maintaining high integrity and adherence to a high standard code of ethics is the only thing that we professional accountants could keep to ourselves and not be able to replace, as AI is also not trustworthy!” Ma asserts.
Ma’s ethical foundation started taking shape when he was a junior at an accounting firm. “My partner always emphasized ‘credit and reputation could be taken away in just a blink of an eye. Do whatever you can to safeguard it and you will never be beaten’,” he remembers. Professional ethics in accounting remains timeless, he adds. “Adherence to professional ethics is innate in our profession as well as in training modules of every level of seniority, as it is always the one thing that doesn’t change.”
In a world where trust is hard-won, Ma’s approach offers a clear path forward: lead with ethics and let the tone at the top inspire confidence.
AN END-TO-END EFFORT
Perlie Wong, Senior Sustainability Manager at Jardine Matheson Limited, and an Institute member
Perlie Wong’s perspective on building public trust stems from a deep-rooted belief that sustainability cannot operate in isolation. “Cross-functional collaboration is the foundation of how we embed sustainability into Jardines’ business strategy and operations,” explains Wong, Senior Sustainability Manager at Jardine Matheson Limited. Working across different functions including finance, audit and risk management, company secretaries, facilities management, procurement, people and culture, and communications, Wong has discovered that trust emerges when sustainability strategies are gradually and seamlessly integrated into core business processes to drive meaningful change and tangible impact across the organization and its portfolio companies.
This collaborative approach provides Wong with what she describes as “a granular understanding of operational realities on what’s feasible, where the gaps are, and how sustainability practice can be tailored to fit existing processes.” Her team fosters “a culture of shared ownership” that builds trust not only among internal stakeholders who see their roles reflected in sustainability strategy, but also among external stakeholders who value transparency, consistency and accountability.
Wong’s approach to ensuring accurate sustainability reporting reflects the rigorous standards of her CPA training. She applies globally recognized frameworks including the GRI and TCFD, and is currently studying the International Financial Reporting Standards S1 and S2 standards for upcoming compliance. She develops group-wide ESG data guidelines “designed to ensure consistency, traceability, and reliability across our diverse portfolio companies,” she notes. This is backed by both internal review and external assurance, with stakeholder engagement woven throughout, “demonstrating that our sustainability commitments are grounded in evidence, aligned with stakeholder priorities, and continuously evolving,” Wong says.
“[The CPA training] instilled in me a deep respect for integrity, transparency, and accountability, which are principles that are not only central to financial reporting but also critical in the realm of sustainability.”
Trust is also built through practical engagement. To upskill portfolio companies, her team conducts workshops, one-on-one consultations, and scenario-based simulations to build capacity across functions. The ESG integration frameworks they have developed guide capital allocation and risk management processes through a sustainability lens, complementing traditional business considerations. “These include ESG due diligence for major investments or purchases, financial impact assessments of decarbonization, and climate risk integration into enterprise risk management. This enables senior management to make informed decisions that balance sustainability goals with financial returns, reinforcing our commitment to long-term value creation and building trust with all stakeholders,” Wong says. This has resulted in investors and rating agencies responding positively. “They feel more confident in the robustness of our sustainability strategy,” she adds.
Wong credits her CPA training as foundational to the way she works in this field. “It instilled in me a deep respect for integrity, transparency, and accountability, which are principles that are not only central to financial reporting but also critical in the realm of sustainability,” she reflects.
Her move from external assurance to her current role was a natural progression. At Jardine Matheson, she rose through the group audit and risk management function, gaining an understanding of how each portfolio company works. “This familiarity enables me to identify opportunities where sustainability can be thoughtfully integrated into existing processes, rather than introducing entirely new systems,” she says.
Driven by a genuine passion for creating positive societal and environmental impact, Wong eventually transitioned into corporate sustainability. “I see my role as helping to shape and support the business through a sustainability lens,” she says, “working alongside colleagues across Jardines to embed responsible practices into everyday processes.”
