Hong Kong Institute of Certified Public Accountants
Encyclopedia
The Hong Kong Institute of Certified Public Accountants (Chinese:
香港會計師公會) (HKICPA) is the professional accounting body
of Hong Kong
.
Its main responsibilities are:
The Hong Kong Institute of CPAs evolved from the Hong Kong Society of Accountants, which was established on 1 January 1973.
The Institute operates under the Professional Accountants Ordinance and works in the public interest. The Institute has wide-ranging responsibilities, including assuring the quality of entry into the profession through its postgraduate CPA qualification programme and promulgating financial reporting, auditing and ethical standards in Hong Kong. The Institute has responsibility for regulating and promoting efficient accounting practices in Hong Kong to safeguard its leadership as an international financial centre.
To become a registered student of the QP, there are three routes available:
QP Students will have to complete four modules, plus a six-hour Final Examination (consisting of two 3-hour papers). They will also have to meet the Practical Experience Requirements set by the Institute.
The four modules are:
Each module consists of:
The comprehensive Final Examination will consist of material taken from all four modules.
QP confers exemption from the Hong Kong practising certificate examinations, which are necessary for registration as an auditor
.
(ACCA) and HKICPA under a joint examination scheme between the two institutions. A mutual recognition agreement
was then announced between the two institutions; this has been renewed from 2010 until 2015.
bodies worldwide:
These agreements, in general, only apply to relatively recent HKICPA members who qualified through the Qualification Programme.
responsible for regulation
of the accountancy
profession.
There is an associate organization called the HKAAT.
Chinese language
The Chinese language is a language or language family consisting of varieties which are mutually intelligible to varying degrees. Originally the indigenous languages spoken by the Han Chinese in China, it forms one of the branches of Sino-Tibetan family of languages...
香港會計師公會) (HKICPA) is the professional accounting body
Professional accounting body
A professional accounting body is a organization or association of accountants in a particular jurisdiction. Usually a persons needs to be a member of such professional accounting body to hold out to the public of the jurisdiction as an accountant...
of Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
.
Its main responsibilities are:
- Registration and regulation of profession accountants in Hong Kong.
- Issurance of financial reporting standardsHong Kong Financial Reporting StandardsThe Hong Kong Financial Reporting Standards, or HKFRSs for short, is a set of financial reporting standards issued by the Hong Kong Institute of Certified Public Accountants in Hong Kong.It comprises a collection of standards, these include:...
and auditing standards. - Promotes the accountancy profession to businesses and the general public.
History
The Hong Kong Institute of Certified Public Accountants is the only body authorized by law to register and grant practising certificates to certified public accountants in Hong Kong. The Institute has more than 28,000 members and more than 13,000 registered students. Members of the Institute are entitled to the description "certified public accountant" and to the designation CPA.The Hong Kong Institute of CPAs evolved from the Hong Kong Society of Accountants, which was established on 1 January 1973.
The Institute operates under the Professional Accountants Ordinance and works in the public interest. The Institute has wide-ranging responsibilities, including assuring the quality of entry into the profession through its postgraduate CPA qualification programme and promulgating financial reporting, auditing and ethical standards in Hong Kong. The Institute has responsibility for regulating and promoting efficient accounting practices in Hong Kong to safeguard its leadership as an international financial centre.
Qualification programme
Since 2001 the "Qualification Programme" (QP) has been the direct route to become a member of the institution. In September 2010, QP was enhanced to accommodate recent changes and developments in the accounting industry and practice.To become a registered student of the QP, there are three routes available:
- Holder of a recognised accountancy degree
- Non-accountancy degree holder who has undergone a Conversion Programme
- Sub-degree holder - a HKIAAT who has undergone a Foundation Programme or Professional Bridging Exam
QP Students will have to complete four modules, plus a six-hour Final Examination (consisting of two 3-hour papers). They will also have to meet the Practical Experience Requirements set by the Institute.
The four modules are:
- Module A - Financial Reporting
- Module B - Corporate FinancingCorporate financeCorporate finance is the area of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize shareholder value while managing the firm's financial risks...
(former name, Financial ManagementCorporate financeCorporate finance is the area of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize shareholder value while managing the firm's financial risks...
) - Module C - Business AssuranceAssuranceAssurance may refer to:* Assurance services, offered by accountancy firms to improve the quality of information* Assurance , a Protestant Christian doctrine...
(former name, Auditing and Information ManagementInformation managementInformation management is the collection and management of information from one or more sources and the distribution of that information to one or more audiences. This sometimes involves those who have a stake in, or a right to that information...
) - Module D - Taxation
Each module consists of:
- 15 weeks learning self-study material provided by the Institute,
- two full-day interactive workshops, and
- a three-hour open book examination.
The comprehensive Final Examination will consist of material taken from all four modules.
QP confers exemption from the Hong Kong practising certificate examinations, which are necessary for registration as an auditor
Financial audit
A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion...
.
Association of Chartered Certified Accountants (ACCA)
Prior to 2002, Hong Kong accountants were allowed to obtain full memberships from both Association of Chartered Certified AccountantsAssociation of Chartered Certified Accountants
Founded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
(ACCA) and HKICPA under a joint examination scheme between the two institutions. A mutual recognition agreement
Mutual recognition agreement
A mutual recognition agreement or MRA is an international agreement by which two or more countries agree to recognize one another's conformity assessments....
was then announced between the two institutions; this has been renewed from 2010 until 2015.
Institutes of Chartered Accountants
HKICPA has Mutual Recognition Agreements with the major Chartered AccountantChartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
bodies worldwide:
- American Institute of Certified Public AccountantsAmerican Institute of Certified Public AccountantsFounded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student...
since October 2011 - Institute of Chartered Accountants in England and Wales
- Institute of Chartered Accountants of ScotlandInstitute of Chartered Accountants of ScotlandThe Institute of Chartered Accountants of Scotland is the Scottish professional body of Chartered Accountants . It is a regulator, educator and influencer.ICAS act as a thought leader and voice of the professional business community...
- Institute of Chartered Accountants in IrelandInstitute of Chartered Accountants in IrelandMembers of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA....
- Institute of Chartered Accountants of AustraliaInstitute of Chartered Accountants of AustraliaThe Institute of Chartered Accountants in Australia is the professional accounting body representing Chartered Accountants in Australia. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance .-History:The Institute of Chartered...
- Canadian Institute of Chartered AccountantsCanadian Institute of Chartered AccountantsThe Canadian Institute of Chartered Accountants was incorporated by a Private Act of the Canadian Parliament in 1902. This Act, now known as the Canadian Institute of Chartered Accountants Act, was last amended in 1990 to reflect the CICA’s current mandate and powers.Working in collaboration with...
- New Zealand Institute of Chartered AccountantsNew Zealand Institute of Chartered AccountantsThe New Zealand Institute of Chartered Accountants is the operating name for the Institute of Chartered Accountants of New Zealand. The Institute represents over 32,000 members in New Zealand and overseas...
- South African Institute of Chartered AccountantsSouth African Institute of Chartered AccountantsThe South African Institute of Chartered Accountants , South Africa’s pre-eminent accountancy body, is widely recognized as one of the world’s accounting institutes....
- Institute of Chartered Accountants of ZimbabweInstitute of Chartered Accountants of ZimbabweThe Institute of Chartered Accountants of Zimbabwe is a professional accountancy body in Zimbabwe. It is the sole organization in Zimbabwe with the right to award the Chartered Accountant designation....
These agreements, in general, only apply to relatively recent HKICPA members who qualified through the Qualification Programme.
Other overseas bodies or British qualified accountants
HKICPA also has recognition arrangements in place with:- Association of International AccountantsAssociation of International AccountantsThe Association of International Accountants is a professional accountancy body. It was founded in the UK in 1928 and since that date has promoted the concept of ‘international accounting’ to create a global network of accountants in over 85 countries worldwide.AIA is recognised by the UK...
- Chartered Institute of Management AccountantsChartered Institute of Management AccountantsThe Chartered Institute of Management Accountants is a United Kingdom-based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.CIMA is one of a number of professional...
- CPA AustraliaCPA AustraliaCPA Australia is one of three professional accounting bodies in Australia, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia....
Status
Incorporated by the Professional Accountants Ordinance (Chapter 50 of the Laws of Hong Kong) on 1 January 1973, the Hong Kong Institute of Certified Public Accountants (the Institute) is the only statutory licensing body of accountants in Hong KongHong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
responsible for regulation
Regulation
Regulation is administrative legislation that constitutes or constrains rights and allocates responsibilities. It can be distinguished from primary legislation on the one hand and judge-made law on the other...
of the accountancy
Accountancy
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
profession.
There is an associate organization called the HKAAT.
International links
The Institute is a member body of the following international or regional organisations :- Asia-Oceania Tax Consultants' Association
- Confederation of Asian and Pacific Accountants
- International Accounting Standards Board
- International Federation of AccountantsInternational Federation of AccountantsInternational Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
- International Federation of Insolvency Practitioners