Members Forum

1
Members Forum

• QP Concept and Philosophy
• Transitional Arrangements
• Accreditation Process

2
Purpose

• We need to understand and appreciate what our
  education standards
• Why we need to establish our own qualifying
  benchmarks in Hong Kong

3
QP Concept and Philosophy

• Objectives of New Professional Accreditation
  Framework
• To ensure that professional accountants will have
  the required competency to meet future
  challenges
• To establish our own benchmarks for competency
  standards for professional accountants in Hong
  Kong
• To achieve international recognition
• Benchmarking to best international practices on
  accreditation, education and training

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Content, Standards Quality

• The 1997 blueprint outlined a new Professional
  Accreditation System covering the following
  aspects of qualifying process
• Pre-entry education
• Graduate entry (international norm)
• Accreditation of academic qualifications
• Qualification Programme
• Competency-based standards
• Practical experience
• A structured Authorised Employer/Supervisor
  scheme

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CPA Designation
         
6
QP Training Philosophy

• Develop skills in application of knowledge
  problem identifications and solving
• Develop professional judgment
• Develop generic skills within business context
• (eg communication, interpersonal and leadership
  skills)
• Integrate knowledge across fields

7
QP Trains Candidates to

• Research
• Apply knowledge to solve practical problems
• Integrate knowledge across technical areas
• Work with others to achieve common goals
• Communicate effectively
• Be exposed to simulated practical situations

8
HKICPA Qualification Programme
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Benefits of QP

• Shortest route to qualify as CPA (Practising),
  with full exemptions from Hong Kong PC
  Examinations
• 2-Paper exemptions with CICPA
• Internationally recognised
• - Get designations of CPA / CA / ACCA
• - In Australia, New Zealand, UK and others.

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HKICPA / CPA Membership Admission
ACCA, CPAA ICAEW exempted
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Benefits of QP

• Next targeting recognition in Canada
• Government recognition Continuing Education Fund
• Only need 5,000 to get a professional
  qualification

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Recognised Overseas Accountancy Bodies
13
Review of Existing Recognition Arrangements

• Notice to discontinue existing recognition
  arrangements with effect from 1 July 2005 given
  to
• MRA ACCA, CPA Australia
• Unilateral recognition AIA, AICPA, CICA, CIMA
  and CIPFA

14
Review of Existing Recognition Arrangements

• Purpose To bring uniformity and consistency to
  the future standard of our membership admission
• Delegated authority to qualify members
• Introduction of evaluation process
• To assess overseas qualifications for mutual
  recognition purpose

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Transitional Arrangements
Prof. Exam Experience Aptitude Test
Membership

• CPA Australia
• Pass all exams before 31 Dec 2005
• For applications received on or after 1 July
  2005
• Experience after 1 Jul 2005 under AE/AS
• Aptitude Test applies after 1 Jul 2005
• AIA, AICPA, CICA, CIMA, CIPFA
• HKICPA will honour membership applications before
  1 July 2005

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Transitional Arrangements

• ACCA
• Relevant degree holders - Pass all exams before 1
  July 2005
• Non-relevant degree holders Pass all exams
  before 1 July 2006
• For applications received on or after 1 July
  2005
• Experience after 1 Jul 2005 under AE/AS
• Aptitude Test applies after 1 Jul 2005
• Bridging Programmes for conversion to QP
  framework (under approval by Council)

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Accreditation Process for Recognition

• Document entitled Information for Professional
  Bodies seeking Recognition published on HKICPA
  website www.hkicpa.org.hk
• Outline review process
• To assess overseas qualifications for mutual
  recognition purpose
• Process, procedure and criteria Open, clear and
  transparent

18
Review Process

• Indepth assessment of
• Tertiary education
• The professional programme
• Practical experience
• Also cover to a lesser extent assessment of
• The profession and general environment
• Requirements for maintenance of membership e.g.
  continuing professional development

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Review Process 3 step approach

• Step 1
• Professional body to complete Questionnaire
  (Appendix 1)
• Desk Review To establish if there is substantial
  gap and whether to proceed to Step 2
• Agree reviewer (independent consultant)

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Review Process 3 step approach

• Step 2
• Submit detailed information (Appendix 2)
• Reviewer to conduct a desk review of information
  submitted

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Review Process 3 step approach

• Step 3
• Only when Steps 1 and 2 desk review completed to
  the satisfaction of HKICPA for full recognition
  status
• Site Visit by Reviewer to Professional Bodys
  home country to assess (Appendix 3)
• Quality of personnel involved
• Quality of implementation of procedures
  documented, etc
• Covering the areas under reviews

22
Outcome of Review Process

• Detailed Review Report
• Based on HKICPA requirements ie QP framework as
  the benchmarks
• HKICPA will use Report and other information to
  determine the level of recognition to be given
• HKICPA Committees and Council to deliberate on
  recommendation
• Discussion with Professional Body
• HKICPA will formally advise the Professional Body
  of its decision

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Accreditation Process

• Consistency and uniformity of standards are our
  aims
• This is our responsibility as the statutory body
  for the profession in Hong Kong

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• Thank-you very much!