Key action items
To achieve the strategic objectives and related initiatives, dedicated focus is required. While not exhaustive, the following list summarizes the key action items the Institute has set out to reach those goals.
Delivering member value – Professional development and member engagement
Key action items
1
Continue to upskill members on sustainability.
2
Ensure sufficiency of CPD training coverage on technical and key topics.
3
Ensure the financial effectiveness of the professional development segment and expand collaborations with professional bodies.
4
Enhance members’ awareness of the training courses available and help members locate the resources they need through a more targeted communication strategy.
5
Enhance member engagement across segments through various initiatives and events.
6
Support professional development needs of different specialty interest groups and age groups.
7
Enhance the support in key areas of focus, including digitalization, talent acquisition and retention, as well as well-being.
Delivering member value – Qualification Programme and student engagement
Key action items
8
Implement strategic measures that enhance the financial viability of the QP segment.
9
Review the coverage and content of the QP to better accommodate career development of prospective accountants and employers’ expectations and renewal of reciprocal membership agreements with GAA member bodies.
10
Promote the value proposition of Accounting profession and QP and engage with universities, secondary schools and employers.
11
Increase digital adoption on the overall CPA Qualifying Process.
12
Offer mid-way completion certificate to QP students by recognition of partial completion of QP for improving employability of QP students.
Standing and future of the profession – Standard setting and sustainability development
Key action items
13
Conduct a feasibility study for the CASG to (i) identify implementation issues of IFRS SDS with more precision, (ii) address those issues, and (iii) develop HKFRS SDS taking those issues into account.
14
Optimize the provision of technical support on application of standards.
15
Develop and maintain local pronouncements such as the SME-FRF/FRS, Practice Notes, Circulars, HK-Interpretations, Accounting Bulletins, Accounting Guidelines etc. as need be.
16
Bring Hong Kong aspects into international standard setting.
Standing and future of the profession - Proud to be a CPA – branding and communications
Key action items
17
Achieve stakeholders’ recognition on the Institute’s work for members and the profession, the values of our qualification and standing of the profession through effective corporate messages and song sheets.
Refined corporate messages delivered with positive impact on defined corporate identity.
18
Demonstrating CPAs in corporate social responsibility as a way of giving back to the community through in-house CSR programmes and stakeholder collaborations.
19
Engage key stakeholders to tell the stories and contributions of the Institute and the profession, and promote through different channels.
Standing and future of the profession - Advocacy for the profession
Key action items
20
Advocate for the requirement of qualified accountants in listed companies, and seek opportunities to raise the issue through consultation responses and study reports, etc.
21
Continue to support members based on AML guidelines updated in 2023.
22
Promote the resources and campaigns of the IFAC, ICAEW, GAA, A4S etc. to enhance market awareness of the value of having CPAs provide assurance on sustainability reports.
23
Continue to monitor and comment on key aspects of local and relevant international tax policy.
24
Set a holistic Mainland development plan.
Be a sustainable and versatile Institute - Collaboration with the AFRC
Key action items
25
Complete remaining disciplinary and appeal cases and establish understanding on sharing of information under the new regime. Engage with the government and AFRC to establish understanding on respective roles in supporting the development of the profession.
26
Engage with AFRC to obtain clarity and suggest enhancements to their oversight approach and process with a view to promote effectiveness.
27
Enhance communication with AFRC to foster a more effective relationship.
Be a sustainable and versatile Institute - Safekeeping of our constitution, governance and organization
Key action items
28
Build on corporate governance improvements implemented in 2022 and 2023, to proceed with the following in the 2024 Work Plan for continuous enhancements.
29
Devise and implement recruitment strategy to attract qualified talent in the face of changing talent landscape.
30
Roll out staff development programmes. Expand on employee engagement initiatives to promote staff well-being.
31
Continue to strive for achieving breakeven to ensure financial viability of the Institute and explore ways to make good use of the Institute’s key assets.
