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 were finally transferred on 1 October to the now renamed Accounting and Financial Reporting Council (AFRC) under the further reform of the regulatory regime of accounting profession.
Since the reform was first announced by the Secretary for Financial Services and the Treasury in June last year, the Institute has 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 has 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 emails, as well as multiple members’ forums.
Now, a new chapter has begun for the Institute as it looks to reach new heights in its redefined role and build upon change. Despite the transferral of these functions, the Institute will continue to shoulder essential responsibilities of registering CPAs, the training and development of the accounting profession in Hong Kong through the Qualification Programme and continuing professional development programmes, as well as the crucial role of setting professional standards and supporting our members.
As I’ve mentioned in my interview in A Plus when I first became President of the Institute, the change spells a critical opportunity for us to focus our efforts on supporting members for the betterment of the industry.
Looking forward, we are excited about reaching a major milestone as we enter the 50th year since the Institute’s establishment. Plans are underway for various initiatives to celebrate the profession and our members, and promote their achievements to the public.
To kick us off, starting from 30 October, a brand new series of short interviews developed by the Institute in collaboration with local outlet ViuTV will be broadcasted on television once a week to introduce the accounting profession to the broader public. These shorts will take a look at different experiences on the career ladder as well as how accountants are fulfilling their social responsibility.
Through this programme, we hope to articulate the lively dynamics of the accounting profession for the general public. Interested members should stay tuned to our social media channels for the latest broadcasting schedules as well as upcoming celebration events.
This issue of A Plus will be our last full issue before we return in January 2023 under a brand new quarterly schedule. For the next two months, readers of A Plus may check the Institute’s website for any new updates and continue to have full access to past issues of the magazine through the digital, pdf and flipbook versions. We appreciate the support for A Plus, and are constantly looking to improve our offerings. We hope to continue to serve our community with quality content and timely enhancements to the user experience.
Loretta Fong CPA (practising)