The Financial Reporting Council (FRC) has been the independent regulator of the auditors of public interest entities since 1 October 2019. A good relationship between the Institute and the FRC is important for ensuring both bodies work together effectively to enhance audit quality in Hong Kong. This month, the Institute and the FRC signed a new Memorandum of Understanding (MoU) to enhance our efficient and effective cooperation and coordination.
The Institute has long advocated audit quality, and for an independent regulator of the auditors of listed entities to oversee their performance. I strongly believe that this MoU will contribute to the sustainable development of the Hong Kong audit profession.
It is important for us to demonstrate to the government that our two bodies can work together closely and coordinate our activities, so that we are both effectively carrying out the roles entrusted to us.
The agreement also helps us to serve other stakeholders in our society, including the accounting profession generally, investors in our listed companies, and the general public.
By working together the Institute and the FRC can ensure that Hong Kong’s capital markets remain highly regarded, which will support the long-term development of Hong Kong and its continuing prosperity – serving the interests of all our important stakeholders.
The CPA Virtual Run 2021 finished early in the month, and the winners have been announced and published on the run’s webpage. Congratulations to all the winners! I look forward to celebrating their success at a socially distanced prize presentation ceremony in June.
I’m pleased that the competition inspired over 300 of our fellow members to take part by running with family, friends and by themselves. It’s important to stay fit and healthy, and I hope the run has inspired you to improve your own fitness. I know many people who say that running helps them to de-stress, and consider new solutions to problems. As a professional accountant, there’s always some matter that needs considering from a new angle. Maybe the solution will come to you when you lace up your running shoes and hit the road?
Thanks to all the sponsors for supporting the event. Their sponsorship helped the Institute to put together the well-stocked finisher pack. If you took part in the race, make sure you collect your finisher pack from the Institute by the end of June.
While the number of local cases of transmission of COVID-19 has been low recently, the threat of outbreaks still remains. While life is gradually returning to normal, full-scale community events, and less-restricted travel across the border to the Mainland and internationally, can only take place once the community is protected. The delay of the implementation in the travel bubble with Singapore proves this.
The government’s COVID-19 Vaccination Programme offers the best chance for returning to a normality. Organizations across Hong Kong are offering various schemes and incentives to their staff to promote getting vaccinated including on-site vaccinations, annual leave, lucky draws and bonuses.
Maintaining a safe and healthy environment at work is always a top priority for the Institute. This is why the Leadership Team has agreed a new policy this month of offering Institute staff vaccination leave to be used the day, or the day following, they receive a COVID-19 vaccination. We hope that Institute staff will play their part in keeping the community safe.
I urge you to consider how you can promote the vaccination programme in your own organizations and within your families. We will only end this pandemic by taking care of ourselves and protecting society.
Raymond Cheng FCPA (practising)
“The Institute has long advocated audit quality, and for an independent regulator of the auditors of listed entities to oversee their performance. I strongly believe that this MoU will contribute to the sustainable development of the Hong Kong audit profession.”