I hope you are enjoying your summers. At the Institute we have spent this month preparing for a busy end of the year, with some major events due to take place.
The further regulatory reform of the profession continues to progress. This month, the Bills Committee on Financial Reporting Council (Amendment) Bill 2021 held two meetings on the government’s bill, and we continue to monitor the progress of the bill through the legislative stage. We have also raised questions about the bill with the government and discussed it with the Financial Reporting Council (FRC).
Our survey on the proposals closed on 4 August, and received responses from members and Qualification Programme students. I would like to thank all of the respondents for sharing their views with us, as they helped the Council to understand the views of our members and future members about this important topic.
The majority of respondents agreed that a working group of the Institute, the Financial Services and the Treasury Bureau and the FRC should be set up to gauge views from stakeholders and to ensure a smooth transition; the government should conduct more consultation; and that the compliance burden of non-public interest entity auditors and CPAs may increase after the transfer of functions. Compliance costs are a major area of concern for practising members.
The reform will transform the role of the Institute, and it is important that we continue to offer value to our members after it takes place. Respondents suggested the top three areas for the Institute to focus on in the future as: encouraging and facilitating continuing professional development; representing the views of the profession; and ensuring the Institute’s professional education and assessment matches changing practices and expectations.
We are working on our response to the bill, which will be sent to the bills committee soon. Members will be informed when it has been shared.
We believe that the Institute has an important role to play in collecting your views and reflecting them to the government. With this in mind, at our August Council meeting, the Council has resolved to hold an extraordinary general meeting (EGM) on Thursday, 30 September on the reform. The EGM notice will be posted on Wednesday, 1 September and relevant materials will be released on this date on the website. We hope that you will take part in this EGM and share your views about the reform with us. Don’t forget to visit our webpage on the reform for the latest information.
It’s been a long time since we have been able to hold large-scale physical events, which is why I am excited that we have two other important events soon.
I hope you will join us at the 72nd National Day Celebration for the Accountancy Profession, which we are hosting with the Institute of Chartered Accountants in England and Wales and Chartered Institute of Management Accountants on 28 September at JW Marriott Hotel Hong Kong. The event will be a good opportunity for our profession to come together and celebrate.
The second event is the CPA Conference 2021 on 2 October at the Grand Ballroom, Kowloon Shangri-La. This is our first conference for CPAs in both practice and business. Under the theme “Transcending together,” the conference will bring together leading members of Hong Kong’s business world, including many CPAs, to discuss the many ways that the profession has changed due to the COVID-19 pandemic, and how the profession will develop in the future. I want to thank the organizing committee for their efforts so far to put together such a renowned line-up and exciting programme. It will be a great opportunity to learn from our fellow CPAs, network, and consider the ways we can improve our own skills for our clients and employers.
I hope to see you at these events.
Finally, ahead of the Mid-Autumn Festival on 21 September, I wish you and your family good health and a bright future.
Raymond Cheng FCPA (practising)
“I would like to thank all of the respondents for sharing their views with us, as they helped the Council to understand the views of our members and future members about this important topic.”