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governmental organizations. “Corporate governance and financial
management are really an accountant ’s core competence,” she says.
“ We are looking at the NGOs because there are now more of
them,” says Chiu. “ They can’t sur vive on donations – they have to be
sustained using a proper business model.” The Institute hopes to kick
off the programme this year. “ We are planning to enlist the accoun-
tant ambassadors to go into these NGOs and help them to improve
The next 40 years
When Gordon Macwhinnie and Peter Poon and the other 500 or so
original Society members gathered for its inauguration in 1973, none
could have foreseen how their community would grow into the Insti-
tute with its many obligations and responsibilities.
One of the original driving aims was to build on the profession’s
competence and integrity and regulate standards and conduct. “The
statutory functions are the reasons we came into being 40 years ago,”
says Ding. “We have to maintain a high standard for all the things we
do under statute and be the voice of the profession.”
Some members remain concerned about the Institute’s future –
especially with the prospect of imminent audit regulatory reform. “I
feel that the Institute has come to a critical moment,” says Au.
Winkelmann believes that if public sentiment has turned towards
independent oversight, all parties are going to have to sit down and
think how to put it in place to make it work.
Another 35 years from now, Hong Kong’s guarantee to maintain
its current systems will have expired. Whether it continues as a spe-
cial administrative region remains to be seen, but Ding believes it is in
the common interest for Hong Kong to maintain its status.
“ We remain the international city – if not the only one, then one of
the international cities – in China,” he says. “We have very different
systems and our regulatory system is firmly embedded in our legal
Chiu agrees and adds that Hong Kong must keep its ability to ser ve
the whole country. “We must remain an added value to China, not a
burden, and I think Hong Kong still has value in being a window to
“The statutory functions
are the reasons we
came into being
40 years ago.”
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