The inaugural HKICPA Ethics Conference 2025, held on Global Ethics Day, marked a milestone for Hong Kong’s accounting profession. The Institute’s first ethics-focused event brought together professionals, regulators, and thought leaders to explore how ethics intersects with technology, trust, and professional integrity.
Opening the conference, Gabriela Figueiredo Dias, Chair of the International Ethics Standards Board for Accountants (IESBA), brought into focus the global dimension of ethics through a video message. She framed ethics as, beyond compliance requirements that need to be met, a value-creating tool for firms, operations and society at large. Dias stressed that ethics is a shared purpose and a common language across borders and sectors. She commended the conference for spotlighting pressing issues central to the global agenda such as artificial intelligence (AI) ethics, fraud risk management, and professional integrity.
Maria Xuereb, Chair of the HKICPA Ethics Committee, welcomed attendees by reaffirming ethics as the foundation of trust and transparency in the profession. She reminded attendees that accountants, as stewards of financial transparency, must uphold high ethical standards to maintain stakeholder confidence and ensure regulatory compliance. Xuereb highlighted the Institute’s ongoing support for members, including updates to the HKICPA Code of Ethics for Professional Accountants (the Code) to reflect evolving standards, bi-weekly technical news, and educational video clips for understanding and applying the Code.
Technology’s impact on ethics was a recurring theme. In a compelling session, technology expert William Gee explored the ethical implications of AI for the profession. He outlined key concerns about data bias, transparency, privacy, and security, noting that AI’s probabilistic nature poses challenges for deterministic tasks like audits. He warned of risks such as data poisoning, shadow AI, and fabricated outputs, and emphasized the importance of professional skepticism and governance frameworks. Accountants must ensure that AI tools are transparent, explainable, properly disclosed and their use aligned with ethical standards.
A panel discussion moderated by Xuereb examined practical challenges of managing fraud and navigating ethical dilemmas in professional settings. The panel featured Kenneth Lam (Partner Advisory at Grant Thornton), Horace Ma (CFO at S. Culture and Deputy Chair of the Ethics Committee), and Guy Norman (Forensic Partner at Deloitte China). Drawing from real-world examples, Ma discussed the dilemmas faced by Professional Accountants in Business (PAIBs), such as questionable invoices and undisclosed dealings. He pointed to the Code as a guide for PAIBs in managing threats and underscored the importance of building an ethical organizational culture supported by leadership and clear policies. PAIBs must maintain an inquiring mind and document their decisions to protect themselves from personal and professional risks. In cases of serious misconduct, confidential reporting may be necessary to uphold integrity.
Norman described forensic accountants as both watchdogs and bloodhounds – professionals who deter fraud and conduct deep investigations. He noted that forensic accounting is built on logic, ethical judgement, objectivity, and increasingly uses electronic data and analytics tools to review documentation, transactions and conduct interviews. Norman also introduced a concept within forensic accounting – “shadow investigation” – when auditors suspect issues or irregularities from clients, they may engage an independent forensic team to deploy specific techniques to conduct a deeper, independent investigation. Norman stressed that ethical duties take precedence, and practitioners should seek further review if concerns remain.
Complementing this perspective, Lam discussed digital forensics in fraud detection, explaining how forensic teams examine electronic data such as emails and cloud storage to uncover inconsistencies. Lam highlighted that forensic accountants and digital forensic investigators share common goals: fraud detection, evidence integrity, and skeptical judgement. He also noted the emerging use of AI tools in predictive fraud detection, though its applications is still evolving.
The final presentation of the conference was delivered by Winnie Leung, Chief Corruption Prevention Officer at the Independent Commission Against Corruption (ICAC). Leung introduced the ICAC’s three-pronged approach – law enforcement, corruption prevention, and community education – and emphasized that professional ethics is the first line of defence against corruption. She outlined the Prevention of Bribery Ordinance and its implications for both public and private sectors. Leung also presented the Integrity Compliance Management System, a structured framework designed to enhance transparency and governance through policies, training, risk management, reporting mechanisms, and audits. She reinforced the relevance of the “Three A Model” (Awareness, Assessment, Action) in guiding ethical compliance and leadership.
The conference concluded with a Q&A session, where attendees engaged with speakers on topics ranging from AI governance and ethical leadership to fraud detection and regulatory compliance.
The HKICPA Ethics Conference 2025 successfully launched a new chapter in the Institute’s commitment to ethical leadership. By addressing emerging technologies, fraud risks, and professional dilemmas, the event empowered accountants to navigate ethical complexities with confidence and integrity. If you missed the event, stay tuned to the Institute’s communications for access to the archived e-learning session.
