Letter to the Hong Kong Accounting Profession: Upholding Professionalism and Choosing the Right Candidates

Dear members of the accounting profession,

As you are probably aware, the Financial Reporting Council (Amendment) Bill 2021 was passed by the Legislative Council last month, marking a milestone in the development of the accounting profession. Since the Financial Reporting Council (FRC) is empowered to act as a full-fledged independent regulatory and supervisory body, our regulatory regime will be more in line with those of other international financial centres. Moreover, independent regulation, which is conducive to sustained professional enhancement, enables the profession to continue playing a crucial role in assuring the integrity of financial information, thereby consolidating Hong Kong’s position as an international financial and business centre.

What comes after the passage of the Bill is the annual Council election of the Hong Kong Institute of Certified Public Accountants (HKICPA), a major event for the Hong Kong accounting profession. After working out and implementing the transitional arrangements under the new regulatory regime with the FRC, the HKICPA will focus on standards-setting and long-term development of the profession, including registration of Certified Public Accountants, training and examination, setting of requirements on continuous professional development and setting of standards on professional ethics and the like, and continue to play a key role in enhancing the professional standards of the industry. I look forward to working with the HKICPA in exploring new opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area development and the general trend of digital transformation and bringing more promising career prospects to our young accounting practitioners.

Having established a good collaborative relationship with the HKICPA over the years, the Government also hopes that our communication with the profession can be maintained and deepened. While there are various opportunities as mentioned above for the profession to strive forward, a committed professional council with foresight and aspirations is needed to provide the necessary driving force. If, unfortunately, the boundary between professionalism and politics is blurred, the HKICPA, which acts as a professional platform, will lose its focus and deviate from its objective of promoting the development of the profession. This is the last thing I or those who care about the development of the Hong Kong accounting profession would want to see. Should such a distressing situation arise, the Government will be left with no choice but to re-assess its relationship with the HKICPA and review the latter’s positioning and functions.

I appeal to the more than 40,000 accounting practitioners to get to know more about the platforms of the various candidates and come forward to vote in the Council election before the poll closes on 6 December. Do make good use of your votes to elect new Council members who are truly devoted to promoting the development of the industry.
May I wish the accounting profession every success in its future endeavours!

Christopher Hui
Secretary for Financial Services and the Treasury

26 November 2021