HKICPA signs the Strategic Agreement for Developing Guangdong-HK-Macau Accounting Industry: Deepening cooperation accounting industries within the region
Today, the Hong Kong Institute of Certified Public Accountants (HKICPA) joined the Guangdong Institute of Certified Public Accountants (GDICPA), Hong Kong Association of Registered Public Interest Entity Auditors (PIEAA) and the Union of Associations of Professional Accountants of Macau (UAPAM) to sign the Strategic Agreement for Developing Guangdong-Hong Kong-Macau Accounting Industry (2024) (The Agreement) to deepen collaboration in five key areas. Through the Agreement, the participants seek to jointly facilitate the high-quality development of the accounting profession, participate in the development of the “Belt & Road Initiative”, and to contribute to the development of the Guangdong–Hong Kong–Macau Greater Bay Area (GBA).
The first iteration of the Agreement was signed in 2021. This year’s Agreement was led by the HKICPA, GDICPA, PIEAA and UAPAM, and includes the institutes of Certified Public Accountants of nine Mainland cities* and 188 accounting firms from across the three regions. The new Agreement will remain effective for three years.
The Agreement signing ceremony took place in Guangzhou and the Government officials from the three regions, including Chen Guohuang, Director-General of the Department of Finance of Guangdong Province, Li Xuhong, Deputy Director-General of the Department of Administration and Finance of Liaison Office of the Central People’s Government in HKSAR, Joseph Chan, Under Secretary for Financial Services and the Treasury of the HKSAR Government, Iong Kong Leong, Director of Financial Services Bureau of the Macao SAR, gave speeches at the ceremony.
Joseph Chan, the Under Secretary for Financial Services and the Treasury, said, “I am delighted to see this meaningful Agreement has continued to strengthen and deepen cooperation since it was first signed in 2021, injecting new momentum into the integrated development of the accounting profession in Guangdong, Hong Kong and Macau. The Strategic Agreement for Developing Guangdong-Hong Kong-Macau Accounting Industry 2024 signed today will be a new starting point for us to further deepen our co-operation. I wish for collaboration of the accounting profession across Guangdong, Hong Kong, and Macau to reach new heights.”
HKICPA President Edward Au said, “The accounting profession is an important pillar for the promotion of financial and economic development. It also plays a key role in the economic integration of the GBA. I look forward to utilizing this cooperation platform to strengthen the connection of the profession within the region while complementing each other’s strengths. We also wish to cultivate all-rounded accounting talents, expand the development potential of the accounting profession, and enhance the international competitive edge of the GBA, in order to contribute to the high-quality development of the regional economy.”
The Agreement aims to achieve deep integration of the accounting profession across the three regions, promote practical cooperation in the areas of business development and professional exchange, and to enhance the influence of accounting profession in the GBA. It also supports the expansion of markets and types of services provided by the profession as well as the alignment of standards and regulations. The cooperation covers the following five areas:
(i) Information dissemination: Fostering practical cooperation and resources integration, building diverse mechanisms for information sharing as well as strengthening communication between signatories in the areas of policy interpretation, training programmes, business and market information, and more.
(ii) Business collaboration: The leading organizations will provide support on cross-border practising services to participating accounting firms. The participating firms will launch business matching activities.
(iii) Talent cultivation: The leading organizations will promote the sharing of Continuous Professional Development courses; firms will strengthen cooperation in terms of talent exchange through providing internship opportunities and exchange activities.
(iv) Promotional synergies: To organize “Guangdong-Hong Kong-Macau accountancy high-quality development forum” to share industry insights, case studies, research reports across the three regions, and to demonstrate the contribution of the profession to the Greater Bay Area
(v) Innovation exchange: To launch professional exchange and discussions in various formats, and to share the results of thematic researches and thought leadership activities.
The Agreement signing ceremony was followed by the launching ceremony for the second cohort of the “High-end CPA Training Programme”. The Training Programme is jointly organized by the HKICPA, GDICPA, PIEAA and UAPAM. With the Financial Services and Treasury Bureau’s support for the participation of Hong Kong accountants, the Programme aims to foster all-round accounting talents fit for changing business dynamics.
Leaders of the accounting profession from the three locations, including Jasmine Lee, Vice-President of the HKICPA, were invited to the event to give keynote speeches and participate in themed panel discussions. Valuable insights were shared on hot topics including the emerging opportunities of the accounting profession within the re-positioned GBA.
*Please refer to the appendix for the full list of Agreement signing accounting bodies.
Photo 1: The HKICPA, the Guangdong Institute of Certified Public Accountants, Hong Kong Association of Registered Public Interest Entity Auditors and the Union of Associations of Professional Accountants of Macau signs a new Strategic Agreement for Developing Guangdong-Hong Kong-Macau Accounting Industry to deepen collaborations of the accounting industry in five key areas.
Photo 2: HKICPA President Edward Au said he looked forward to utilizing the Strategic Agreement for Developing Guangdong-Hong Kong-Macau Accounting Industry to strengthen the connection of the profession within the region while complementing each other’s strengths, while cultivating all-rounded accounting talents, expanding the development potential of the accounting profession, and enhancing the international competitive edge of the GBA, in order to contribute to the high-quality development of the regional economy.
Appendix
List of accounting bodies signing the Strategic Agreement for Developing Guangdong-Hong Kong-Macau Accounting Industry
Leading Organizations
Guangdong Institute of Certified Public Accountants
Hong Kong Institute of Certified Public Accountants
Hong Kong Association of Registered Public Interest Entity Auditors
Union of Associations of Professional Accountants of Macau
Participating local accountancy bodies
Guangzhou Institute of Certified Public Accountants
Shenzhen Institute of Certified Public Accountants
Zhuhai Institute of Certified Public Accountants
Foshan Institute of Certified Public Accountants
Huizhou Institute of Certified Public Accountants
Dongguan Institute of Certified Public Accountants
Zhongshan Institute of Certified Public Accountants
Jiangmen Institute of Certified Public Accountants
Zhaoqing Institute of Certified Public Accountants
