Hong Kong Institute of Certified Public Accountants
The Hong Kong Institute of Certified Public Accountants (HKICPA) is the only statutory licensing body in Hong Kong responsible for registering and granting practising certificates to Certified Public Accountants in Hong Kong. The HKICPA operates under the Professional Accountants Ordinance and evolved from the Hong Kong Society of Accountants, which was established on 1 January 1973.
CPA Australia and the HKICPA first signed a mutual recognition agreement in May 2000 (old MRA) under which CPA Australia members are eligible to apply for full membership of the HKICPA. This MRA ended on 30 June 2005 and transitional arrangements are in place to provide members with a pathway to obtain the HKICPA membership.
On 24 June 2005, the two bodies signed a new MRA which became effective on 1 July 2005 and will cover members of CPA Australia who were admitted as Associates on or after 16 August 2004, and HKICPA students who register for the HKICPA's CPA Qualification Programme on or after 1 July 2005.
CPA Australia members who have previously joined the HKICPA under the old MRA are not affected. In addition, the MRA with the HKICPA has no impact on those CPA Australia members who do not choose to join the HKICPA after obtaining their CPA (Aust.) or FCPA (Aust.) status.
New MRA arrangements (for Associate members of CPA Australia admitted on or after 16 August 2004)
Under the new agreement, CPA Australia members who wish to apply for membership of the HKICPA need to meet the following conditions:
hold a university degree accredited or recognised by CPA Australia which is: awarded by an Australian university and wholly undertaken in Australia; accredited by the HKICPA, excluding a university degree awarded by a university in Hong Kong; or recognised by the HKICPA subject to an individual assessment
pass the CPA Program, including three compulsory segments and three specific elective segments required by the agreement (Financial Reporting and Disclosure, Financial Risk Management, Assurance Services and Auditing) and complete workshops in any one segment of the CPA Program
meet the HKICPA's practical experience requirements under the Authorised Employer or Authorised Supervisor Practical Experience Framework (PEF)
pass the CPA Australia course in Hong Kong Law and Tax by the HKICPA
be of CPA (Aust.) or FCPA (Aust.) status and a member in good standing of CPA Australia
Old MRA arrangements (for Associate members of CPA Australia admitted before 16 August 2004)
Under the transitional arrangements of the old MRA, CPA Australia members who wish to apply for membership of the HKICPA need to meet the following conditions:
be admitted as an Associate member of CPA Australia before 16 August 2004
on or before 30 June 2007 pass all relevant CPA Program examinations
fulfil HKICPA's other membership requirements including work experience
be of CPA (Aust.) or FCPA (Aust.) status and a member in good standing of CPA Australia
Members are exempted from complying with the PEF requirement if work experience gained on or before 30 June 2005 is sufficient to satisfy the HKICPA work experience requirements. Such experience will be assessed by the HKICPA on a case-by-case basis. The practical experience acquired by members on or after 1 July 2005 must be gained under the PEF in order to be recognised for HKICPA membership under the MRA.
Members who fulfil the requirements under the old MRA will be exempted from the Aptitude Test.
MRA arrangements for members of HKICPA
Members of the HKICPA who wish to apply for membership of CPA Australia under the new MRA need to meet the following conditions:
hold an accredited or recognised university degree
pass the HKICPA's CPA Qualification Programme
meet the HKICPA's practical experience requirements as recognised by CPA Australia
hold the CPA or FCPA status of HKICPA and be a member in good standing
when an applicant has taken up permanent residency in Australia (as opposed to working or residing temporarily in Australia) pass university examinations offered on behalf of CPA Australia or the HKICPA in the appropriate subject or subjects of Australian Company, Taxation or Other Laws as prescribed by the By-Laws from time to time of CPA Australia
Practising certificate in Hong Kong
CPA Australia does not issue Practising Certificates in Hong Kong. For those wishing to practise public accountancy in Hong Kong, a Practising Certificate must be obtained from the HKICPA. CPA Australia members who have been granted full membership of the HKICPA and who wish to obtain a Practising Certificate are required to complete HKICPA's PC-Law and PC-Tax Planning papers and fulfil the relevant work experience requirements as stipulated by the HKICPA. Members who have not completed CPA 101 Assurance Services and Auditing in the CPA Program must also complete HKICPA's PC-Auditing paper to become eligible to apply for a Practising Certificate with the HKICPA.
Practising certificate in Australia
For further details about offering public accounting services and obtaining a Public Practice Certificate in Australia, please visit the Membership section of the website.
