Home' A Plus Magazine : May 2013 Contents We must continue
to set the bar high
Ex-officio Council member Ada Chung
says the profession must adhere to the
highest professional standards, ethics
The Hong Kong Institute of CPAs
has set itself a number of laudable
goals in its sixth long-range plan.
Of those objectives, the maintenance of the
highest professional standards, ethics and
quality are those closest to my heart as a
It is important that the Institute, as a
professional body, ser ves the business
community in the public interest and
contributes to the sustainable development
of Hong Kong as a leading international
business and financial centre. Indeed, this
ambition is enshrined in the Institute’s vision.
As a Council member and a member
of the Institute’s standards and quality
accountability board, I work closely with
other Council members and members of the
profession to ensure that the oversight and
review processes taken by the Institute are
timely, adequate and proper.
Accountants nowadays are faced with
an ever-changing business and regulatory
environment. I appreciate that work pressure
is mounting on the profession and it is
important that the Institute should strive to
provide adequate support to its members,
both technically and professionally.
Such support might take various forms,
including, for example, an enhancement of
members’ expert skills in their respective
areas, a development of new skills or even an
improved work-life balance.
In my professional capacity as the Reg-
istrar of Companies, I am working towards
the implementation of the new Companies
Ordinance in the first quarter of 2014. I
will continue to liaise with other Council
members and the Institute in the process. In
particular, the Companies Registry aims to
work hand in hand with the Institute in ar-
ranging seminars to discuss provisions of
the new law and in devising new practice
notes or guidelines.
As I am also an ex-officio member of the
Financial Reporting Council, I take pride in
working with other members of the Institute’s
Council, as well as the FRC and my colleagues
in the Government, on reviewing the present
audit regulatory framework, with a view to
ensuring that the local regulatory and prac-
tising environment for the profession meets
international benchmarks and is appropri-
ate in the local context.
To consolidate Hong Kong’s position as
a leading financial and business centre, it
is imperative that our city continues to be
ser ved by world-class accounting profession-
als who are underpinned by a robust regula-
tory regime for auditors.
I have been a member of the Institute for
more than 20 years and thus have had the
benefit of obser ving the Institute’s growth
and increasing prosperity over the years. Our
members’ profile has also been changing. I
would advocate for more attention and re-
sources to be given, in particular, to the needs
and development of our younger members.
I see accounting as a lifelong career.
While we cherish our success stories, it is
important that we engage and empower the
younger generation to maintain the core val-
ues, professionalism and virtues of the pro-
fession. Together we can achieve our goals.
Ada Chung is also Hong Kong’s Registrar of
Meet the Council
Ex-officio Council member
“It is imperative that
our city continues to
be served by world-
May 2013 21
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