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 members (sustainability, technical knowledge, valuation, digitalisation etc.).
1.2	Extend the reach and maintain financial viability of CPD segment.
1.3	Enhance member experience in the Institute’s CPD services (awareness, enrolment, record keeping).
1.4	Strengthen the Institute Members relations and extend reach across segments.
1.5	Enhance professional development and support for members’ growth.
1.6	Address members’ needs and enhance support in key areas of focus.

Delivering member value – Qualification Programme and student engagement

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
2.1	Complete implementation of QP re-engineering initiatives of the segment.
2.2	Review the QP against the qualifications of other international accounting bodies and maintain international recognition agreements on terms which are fair and mutually beneficial.
2.3	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. Strengthen collaboration with partners and enhance student engagement beyond events in both Hong Kong and mainland.
2.4	Formulate plan for computer-based examinations.
2.5	Develop framework to offer interim qualifications at different exit points of the QP.

Standing and future of the profession – Standard setting and sustainability development

Objectives

Establish the role of sustainability standard setter for Hong Kong.
Capacity building for professional standards.
Stakeholders understand and effectively implement and apply our professional standards.

Initiatives

Initiative no.	Initiatives
3.1	Adopt the IFRS Sustainability Disclosure Standards (IFRS SDS) locally as appropriate; proactively respond to and monitor international developments of the sustainability assurance and ethics standards.
3.2	Proactively identify and understand local issues with the application of standards and design mechanisms to address the issues. Strengthen technical support services and capacity building program through workshops and seminars as well as access to support materials and tools.
3.3	Continue to develop and maintain local standards addressing local needs not met by international standards (regulatory, legal, market demand etc.).
3.4	Bring Hong Kong aspects into international standard setting. Engage with local stakeholders and participate in key regional and international forums.

Standing and future of the profession - Proud to be a CPA – branding and communications

Objectives

Initiatives

Initiative no.	Initiatives
4.1	Project the positive image and values of the Institute and the profession among members, students 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.

Standing and future of the profession – Advocacy for the profession

Objectives

Advocate for high standards of governance and ethics.
Position the Institute as a knowledgeable, credible and the legitimate voice.
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 a 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	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.
5.5	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.

Be a sustainable and versatile Institute – Collaboration with the AFRC

Objectives

Initiatives

Initiative no.	Initiatives
6.1	Complete remaining disciplinary cases and collaborate with AFRC for the development of the profession.
6.2	Engage with AFRC on an effective approach on information sharing and oversight arrangement.
6.3	Enhance communication with AFRC.

Be a sustainable and versatile Institute – 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	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.