Strategic Plan 2023

The annual review of the Strategic Plan has been undertaken by Council and it has been updated and refined based on a number of key factors and considerations. Many of these issues were identified in the Strategic Plan 2022and continue to remain relevant but are evolving, requiring refinement of the actions taken to address them. A number of the actions and initiatives included in the 2022 plans have been completed but many others are ongoing and will be complemented by newly developed actions to ensure all challenges continue to be addressed. The Vision, Mission and Values of the Institute remain relevant at the highest level.

Major considerations

The further reform of the regulation of the accounting profession, that was identified in the Strategic Plan 2022 as the catalyst for significant changes in the role and functions of the Institute has been completed. Effective from 1 October 2022 registration of practice units and PIE auditors, and inspection, investigation and disciplinary sanctions for all CPAs and practice units were transferred to the Accounting and Financial Reporting Council (AFRC). As anticipated in the Strategic Plan 2022 the operational and directional impact is very significant as the inherent tension between regulatory and member support functions no longer exists and we have the opportunity to focus all our efforts on professional qualification and development; standard setting and technical support; member engagement; and enhancing the value and standing of the profession and Institute members. The Institute's relationship with the AFRC will also change but remains important, particularly in respect of the development of the accounting profession in Hong Kong and the extended scope of AFRC oversight.

Other challenges and environmental factors identified in the 2020 and 2022 Strategic Plans remain relevant and have influenced the focus and direction of the 2023 Strategic Plan.

The COVID-19 pandemic appears to have ended and the severe economic impact it had on much of the world seems to have been reversed in many jurisdictions. In Hong Kong and Mainland China, all travel restrictions and social distancing measures were lifted in early 2023 and recovery is beginning to gather pace. There is no doubt that the pandemic will have longer-term impact on working practices. Throughout the period the Institute focused on supporting its members with relevant advice, advocacy and direction to address their ongoing professional needs as well as meeting specific challenges raised by the pandemic. This required innovation and agility will remain a feature of our strategy going forward.

Throughout 2022 the critical importance of climate change and sustainability and the opportunity for the profession to play a key role in addressing the issue continued to build momentum. The International Sustainability Standards Board (ISSB), established within the framework of the IFRS Foundation, consulted on its first two sustainability reporting standards. The Institute's submission was just one of more than one thousand received by the ISSB. The Institute has also pressed forward with its plans to be the Hong Kong sustainability standard setter, has increased its continuing professional development and advocacy on the topic and is working to embed sustainability considerations in the Qualification Programme. As an organization the Institute has committed to reduce its carbon footprint and initiatives to achieve that objective are taking place.

Technology and digital transformation will continue to be central to the operations of our members, the value of their contributions to the economy, the business community and wider society, and the success of their careers. Financial and sustainability reporting and other professional standards are critical to successful businesses, economies and financial markets. They remain core to the skillsets of our members and remain the arena where the profession can be a key player and lead developments. It is increasingly clear that across the world the profession is facing a challenge of attracting and retaining talent and our strategy has to recognize this by maintaining the value of our qualification and ensuring our communications are effective and our offerings are relevant in member engagement, branding and advocacy activities. Maintaining a relevant and robust constitution and governance remains vital for a sustainable profession and effective delivery of our strategy.

Carrying forward success

Taking into account all of the above considerations Council has agreed that repositioning of the Institute and refocus of strategic objectives that started in 2022 remains critical to ensure the Institute continues to provide a relevant value proposition to members and to maintain the value and recognition of the Institute and its members' contribution to Hong Kong's position as an international financial and business centre, and to the wider society.
 
Council has agreed to carry forward, with some refinements from 2022, the seven strategic focuses for 2023 under the three key topics:

(a) Deliver member value

i. Professional development and member engagement
ii. Standard setting and technical support
iii. Qualification Programme

(b) Standing and future of the profession

i. Proud to be a CPA – branding and communications
ii. Advocacy for the profession

(c) Be a sustainable and versatile Institute

i. Relationship with the AFRC
ii. Safekeeping of our constitution, governance and organization

In the context of the above the strategic objectives and initiatives have been revisited and updated and are set out here.

Read the pdf version of the Strategic Plan 2023 here.