Home' A Plus Magazine : Dec 2012 Contents A year of hot topics
I t has been an eventful year for me, as your
president, during which we saw global
and local political changes. I wish to thank
my two vice presidents, Susanna Chiu and
Clement Chan, other fellow Council members, the
Institute's management and staff led by our chief
executive and registrar, Raphael Ding, and his pre-
decessor, Winnie Cheung, and of course all of you
for your support.
One of the highlights of the year was the events
leading up to the LegCo debate about the introduc-
tion of clause 399 to the Companies Ordinance,
which relates to the criminal liability of auditors.
While the outcome was not desirable, it was heart-
ening to see a united front and strong lobbying
from our members and other accounting bodies in
Hong Kong. It was a genuine moment of solidarity
and showed the Institute is truly nonpartisan.
In putting forward our views, we were not just
focusing on the profession, but also on how we
can support and contribute to Hong Kong as an
international financial market.
As the largest professional body in Hong Kong,
we have a significant role to play in contributing
to society and we have some of the best brains in
Hong Kong within the profession.
Two important elections took place in the city this
year in which we actively facilitated our members to
take part. In February, we invited candidates running
to become chief executive of Hong Kong to meet you.
We held another forum in September for you to
meet the four candidates standing for the LegCo ac-
countancy functional constituency election.
Audit profession reform was another hot topic
during my presidency. It is a natural step to sup-
port the global expectation that the profession
has to be independently regulated. We have been
working closely with the Financial Reporting
Council and other government departments, and
also talked to international regulators. While the
overall direction is clear, the devil is in the detail.
We will consult you to understand your thoughts.
Reshaping the regulatory landscape is to
strengthen Hong Kong as a capital market and
protect investors, which is also our concern when
we think about auditor liability. The collapse of an
audit firm, especially a big one, would bring dras-
tic disruption to the market. That is why we have
been working tirelessly with our stakeholders to
limit auditor liability, especially now that clause
399 has been passed.
At our recent conference, we heard much about
issues shaping our profession at the moment.
These include integrated reporting, which will ex-
pand our perspective and opportunities on how
we can make corporate reporting more useful to
investors, stakeholders and the public.
This year, we achieved much in all of our work
in relation to governance, standard setting, edu-
cation, China and international relations, member
services, communication and thought leadership.
All of these, as well as the topics mentioned above,
have been re-examined in the context of our sixth
long-range plan. At the beginning of the year, we
started to think about what the future needs and
where the Institute was heading. Underpinning
this is a stronger sense of how we as a profession
can contribute more actively to Hong Kong and
how we can make a difference.
Finally, I wish you all a great festive season and
our profession all the best under the new leader-
ship team. I encourage you to exercise your ability
to influence and shape the future by voting for the
new Council by 11 December.
"In putting forward
our views, we were
not just focusing
on the profession,
but also on how
we can support
to Hong Kong as
December 2012 1
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