Strategic objectives and initiatives update

Delivering member value – professional development and member engagement

Objectives

Initiatives

Initiative no.	Initiatives
1.1	Develop and enrich training curriculum that meets the evolving development needs of member (sustainability, valuation, digitalisation etc.).
1.2	Improve operation efficiency and financial performance of CPD segment.
1.3	Enhance member experience in the Institute’s CPD services (awareness, enrolment, record keeping).
1.4	Support and engage with members of different segments.

Delivering member value – standard setting and technical support

Objectives

Put to action the role of sustainability standard setter for Hong Kong.
Our professional standards are of high quality.
Stakeholders understand and effectively implement and apply our professional standards.

Initiatives

Initiative no.	Initiatives
2.1	Adopt the ISSB standards as the Hong Kong sustainability disclosure framework through adopting a convergence policy similar to the HKICPA’s existing accounting, audit/assurance and ethics standards.
2.2	Proactively identify and understand local issues with the application of standards (including sustainability) and design mechanisms to address the issues. Strengthen technical support services through workshops and seminars as well as access to support materials and tools.
2.3	Continue to develop and maintain local standards addressing local needs not met by international standards (regulatory, legal, market demand etc.).
2.4	Bring Hong Kong aspects into international standard setting. Engage with local stakeholders and participate in key regional and international forums.

Delivering member value – Qualification Programme

Objectives

Our qualification is a premier, internationally recognized designation:
- Our CPA qualifying process is robust and rigorous.
- Our professional education and assessment match changing practices and expectations.

Initiatives

Initiative no.	Initiatives
3.1	Complete implementation of QP re-engineering initiatives to improve financial viability of the segment.
3.2	Review the QP against the qualifications of other international accounting bodies and maintain international recognition agreements on terms which are fair and mutually beneficial.
3.3	Promote the QP as the programme of choice for a career in both practice and business by equipping newly-qualified CPAs with the necessary professional competences to meet the needs of employers.
3.4	Formulate plan for digitalization of the QP including computer-based examinations.
3.5	Explore the potential to offer interim qualifications at different exit points of the QP.

Proud to be a CPA – branding and communication

Objectives

Initiatives

Initiative no.	Initiatives
4.1	Riding on the 50th anniversary celebration, project the positive image of the Institute and the profession among members and the public. Articulate the attributes and value contributions of professional accountants and tell a compelling story.
4.2	Expand on projects for social contributions.
4.3	Engage various stakeholders to advocate professional and social contributions of professional accountants and the Institute to the society.

Advocacy for the profession

Objectives

Advocate for high standards of governance and ethics.
Position the Institute as a knowledgeable, credible and the legitimate voice of the accounting profession in Hong Kong.
Safeguard the interests of members, as well as the public interest, and pursue the long-term sustainability of the profession.

Initiatives

Initiative no.	Initiatives
5.1	Advocate for the requirement for qualified accountant in listed companies.
5.2	Update AML guideline and provide support to members.
5.3	Advocate for sustainability assurance to be provided by CPAs.
5.4	Promote digitalization of SMPs.
5.5	Strengthen public policy research work and advocacy, including the future role and positioning of the profession. Continue to monitor and comment on the HKSAR Government annual budget and other aspects of tax policy.
5.6	Set a holistic Mainland development plan and strategic focus on the GBA development and advocate for members interests and promote the opportunities available both from a PAIP and PAIB perspective.

Relationship with regulator

Objectives

Initiatives

Initiative no.	Initiatives
6.1	Complete remaining disciplinary cases and collaborate with AFRC for the development of the profession.
6.2	Establish understanding on AML regulatory responsibilities under the new regime.
6.3	Engage with AFRC on an effective approach on information sharing and oversight arrangement.

Safekeeping of our constitution, governance and organization

Objectives

Our constitution, governance and organization structure befits a top-tier professional body.
Ensure the long term sustainability of the Institute to achieve its objectives.

Initiatives

Initiative no.	Initiatives
7.1	Ensure governance structure is effective in discharging the Institute’s roles and meeting expectations of different stakeholders.
7.2	Develop and implement HR strategy to support the Institute’s pursuit of its strategic goals.
7.3	Identify ways to address the structural financial deficit with clear plans to achieve breakeven to ensure financial viability of the Institute.