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Guide to Membership in the
Hong Kong Institute of CPAs
1 October
November 2006
2. The QP has been assessed by a number of overseas
The Hong Kong Institute of Certified Public accountancy bodies as meeting their standards of
Accountants (the Institute) is the only admission to membership. QP qualified members
statutory licensing body for professional of the Institute are eligible for exemption from the
accountants in Hong Kong. professional programme and practical experience
It is responsible for the registration and requirements of the following institutes:
regulation of certified public accountants
(CPA) and for granting statutory audit Institute of Chartered Accountants in Australia
(ICAA)
rights to practising CPAs.
Institute of Chartered Accountants in England
& Wales (ICAEW)#
Institute of Chartered Accountants in Ireland
(ICAI)#
ge
Institute of Chartered Accountants of Scotland
Pra
led
(ICAS)#
cti
ow
ce
Institute of Chartered Accountants of
Kn
Zimbabwe (ICAZ)
New Zealand Institute of Chartered
Accountants (NZICA)
University degree South African Institute of Chartered
Accountants (SAICA)
Canadian Institute of Chartered Accountants
I. Membership admission requirements (CICA)*
CPA Australia (CPAA)
1. To become a member of the Hong Kong Institute
The Association of Chartered Certified
of CPAs, a candidate needs to satisfy the following
Accountants (ACCA)
requirements:
#
• University degree or equivalent. This degree should Members of the Institute who qualified through the QP under the
mutual examination paper exemptions agreement for Mainland
be accredited or recognised by the Institute. and Hong Kong accountants are also eligible for consideration of
membership admission to ICAEW, ICAI and ICAS under the
• Completion of the Institute’s qualification extension of the reciprocal membership agreements.
programme (QP). The QP is a post-graduate * Subject to CICA’s vetting of an individual’s practical experience.
course of study including four modules of
advanced study via workshops and examinations 3. QP qualified members of the Institute also enjoy
in financial reporting, financial management, exemption for two out of five papers of the PRC
auditing and information management, taxation CPA Uniform Examination of the Chinese Institute
and a final examination that tests the integration of CPAs. All members of the Institute are eligible
of knowledge in the four module areas. for exemption from the Chartered Institute of
Management Accountants (CIMA) Certificate in
• A t l e a s t t h re e y e a r s o f p r a c t i c a l w o r k
Business Accounting and eight out of ten papers of
experience gained under an Institute-
the CIMA Professional Qualification programme.
authorised employer or supervisor.
• Verification of good character. Persons who 4. To apply for membership in the Hong Kong
wish to carry the title of CPA must demonstrate Institute of CPAs, please complete and submit
that they are of good character and this must to the Institute form R-3, which can be
be vouched for by referees. downloaded from the Institute’s website at
• At least 21 years of age. http://www.hkicpa.org.hk.
01 Guide to Membership in the
Hong Kong Institute of CPAs
II. Overseas qualifications recognition around the world. These agreements stipulate that
agreements members of overseas accountancy bodies who
have sat and passed the professional examinations
5. As the gatekeeper of Hong Kong’s accounting of such bodies are eligible for full or partial
p ro f e s s i o n , t h e I n s t i t u t e e n d e a v o u r s t o exemption from the Institute’s QP, depending on
accommodate overseas accounting body certain parameters and criteria agreed between
members who wish to join the Institute and enjoy the Hong Kong Institute of CPAs and the overseas
the rights and privileges of membership. bodies. All such applicants are required to be
6. One of the Institute’s main duties is to develop the current members in good standing of the relevant
accounting profession in Hong Kong. To that end, body and meet the Institute’s standard membership
it has introduced an independent qualification requirement of being of good character and fit and
assessment framework to review overseas proper to become a CPA.
qualifications, making sure that admission to 7. Persons who wish to join the Hong Kong Institute
the Institute’s membership of overseas qualified of CPAs must provide proof of qualification with
members is based on equivalent competency an overseas institute.
standards set by the Institute’s QP. Based on this
third-party assessment, the Institute has signed 8. The Institute has five types of agreements with
recognition agreements with accountancy bodies different recognition requirements:
Type 1 Membership and cooperation accounting bodies are, however, required to sit
agreement (MCA) and pass the Institute’s aptitude tests.
Based on the membership and cooperation The Hong Kong Institute of CPAs has RMAs with:
agreement, the Institute recognises both
the professional examinations and practical • Canadian Institute of Chartered
experience training of its counterpart accounting Accountants (CICA)
body in full. Members of counterpart accounting • Institute of Chartered Accountants in
bodies are eligible for full exemption from Australia (ICAA)
the Institute’s QP, aptitude tests and practical • Institute of Chartered Accountants in
experience training. Ireland (ICAI)
The Hong Kong Institute of CPAs has an MCA with: • Institute of Chartered Accountants of
Scotland (ICAS)
• Institute of Chartered Accountants in
England & Wales (ICAEW) • Institute of Chartered Accountants of
Zimbabwe (ICAZ)
There are no prerequisites to become members • New Zealand Institute of Chartered
of the Hong Kong Institute of CPAs. Accountants (NZICA)
• South African Institute of Chartered
Type 2 Reciprocal membership Accountants (SAICA)
agreement (RMA)
Based on the reciprocal membership agreement, Prerequisite(s) to become members of the
the Institute recognises both the professional Institute under RMA:
examinations and practical experience training of
• Aptitude tests on Hong Kong law and
the other body in full. Members of corresponding taxation
Guide to Membership in the
Hong Kong Institute of CPAs 02
Type 3 Mutual recognition agreement agreement and are eligible for full exemption
(MRA) from the Institute’s QP and aptitude tests.
Based on the mutual recognition agreement,
the Institute recognises the professional Type 4 Mutual examination paper
exemptions (MEPE)
examinations of the other body. Members of
the counterpart accounting body are eligible Based on mutual examination paper
for exemption from the Institute’s QP but need exemptions, the Institute grants exemptions to
to satisfy the practical experience requirement, certain agreement papers of the Institute’s QP
and sit and pass the Institute’s aptitude tests. to members of the corresponding accounting
body. Members of the other body still need to
The Hong Kong Institute of CPAs has an MRA
take the non-exempt part(s) of the Institute’s
with:
QP and satisfy the practical experience
• CPA Australia (CPAA) requirements of the Institute.
Prerequisite(s) for CPA Australia members to MEPE arrangements are in operation for:
become Institute members: • Chinese Institute of Certified Public
Accountants (CICPA)
• Hold an accredited or recognised degree
from an Australian university • Chartered Institute of Management
Accountants (CIMA)
• Pass the CPA Australia CPA Program,
including three compulsory core subjects Prerequisite(s) to become members of the
and three specific elective subjects (financial Institute under MEPE:
reporting & disclosure, financial risk • University education
management, and assurance services &
• Modules not under exemption
auditing) required by the agreement, and
complete workshops in any one segment of • Final examination of the Institute’s QP
the CPA Australia programme or workshops • Meet the Institute’s practical work
in any QP module of the Institute experience requirements
• Obtain at least three years of practical work Members of CICPA need to satisfy the following
experience requirements under an Institute- criteria:
authorised employer or supervisor (CPAA has
• Hold a university degree accredited or
adopted the Institute’s authorised employer
recognised by the Institute
/ supervisor scheme in Hong Kong.)
• Pass the PRC CPA Uniform Examination of
• Pass the Institute’s aptitude tests or the CPA the CICPA
Australia course in Hong Kong law and tax
accredited by the Institute • Complete and pass Module A (financial reporting)
and module D (taxation) of the Institute’s QP
These terms are part of a new MRA signed on (i.e., exemption from modules B and C)
1 July 2005 and will be in force until 30 June
• Pass the final examination of the Institute’s QP
2010. The terms apply to members of CPAA
registered as associate members (students) of • Meet the Institute’s practical work
CPAA on or after 16 August 2004. experience requirements
Members of CIMA need to satisfy the
Transitional arrangements under former MRA: following criteria:
Members of CPA Australia who were registered
• Hold a university degree accredited or
as associate members (students) of CPAA on
recognised by the Institute
or before 15 August 2004 and complete the
CPAA programme by 30 June 2007 (see the • Pass the CIMA Professional Qualification
Institute’s website for details) are covered by programme
the transitional arrangements of the former • Complete and pass the workshops of either
03 Guide to Membership in the
Hong Kong Institute of CPAs
Module A (financial reporting) or Module examination in Hong Kong or the U.K.,
C (auditing and information management) which must include the four specified papers
of the Institute’s QP and the module including audit and assurance services.
examinations of both these two modules Applicants who have been exempted
(i.e., exemption from modules B and D) from ACCA papers will be assessed by the
• Pass the final examination of the QP Institute on a case by case basis
• Pass the Institute’s aptitude tests on Hong iii. Complete and pass the workshops of any
Kong law and Hong Kong taxation one of the four modules of the Institute’s QP
• Obtain at least three years of accounting- iv. Pass the final examination of the Institute’s
related work experience under an Institute- QP
authorised employer or supervisor v. Pass the Institute’s aptitude tests on Hong
Type 5 Agreement for recognition Kong law and taxation or the ACCA Hong
arrangements (ARA) Kong variant tax and law papers
Based on the agreement for recognition vi. Obtain at least three years of accounting-
arrangements, the Institute grants exemptions related work experience under an Institute-
to a large part of the Institute’s QP to members authorised employer or supervisor
of the corresponding accounting body.
Members of the other body still need to take vii. Have qualified in Hong Kong or the
the non-exempt part(s) of the Institute’s U.K.(which are jurisdictions covered by the
examinations and meet practical work independent assessment)
experience requirements of the Institute. The agreement covers students who enrolled
The Hong Kong Institute of CPAs has an ARA in ACCA on or after 16 August 2004. It is
with: retroactive to 1 July 2005 and will be in force
until 30 June 2010.
• Association of Chartered Certified
Accountants (ACCA) for its U.K. and Transitional arrangements under former MRA:
Hong Kong qualified members
Members of ACCA who were registered as
Members of ACCA need to satisfy the students of ACCA on or before 15 August
following criteria: 2004 and completed the ACCA professional
examinations by specified deadlines are
i. Hold a university degree accredited or
covered by the transitional arrangements of
recognised by the Institute
the former agreement and are eligible for full
ii. Pass all of the 14-paper ACCA professional exemption from the QP and aptitude tests.
Guide to Membership in the
Hong Kong Institute of CPAs 04
Practical experience
9. All membership applicants must acquire on or after 1 January 2008 must have obtained
at least three years of relevant practical their whole required length of experience
experience in accountancy in Hong Kong under an Institute authorised employer or
or a recognised jurisdiction. The practical supervisor.
experience acquired by members of the 10. Members of CICA, ICAA, ICAEW, ICAI, ICAS,
recognised bodies on or after 1 July 2005 ICAZ, NZICA and SAICA who have completed
must have been obtained under an authorised the practical experience training programme
employer or supervisor complying with the of their parent institutes are deemed to have
Institute’s practical experience requirements. satisfied the Institute’s practical experience
Those applying for the Institute membership requirements.
III. Practising certificate (75%) of the accounting experience must be in
auditing and at least one year of such experience
11. A member of the Institute is designated as certified must be gained in Hong Kong within three years
public accountant (CPA). A CPA who wishes to prior to the date of application.
sign statutory audit reports must apply to the
13. A p p ro v e d a c c o u n t i n g e x p e r i e n c e m e a n s
Institute for a practising certificate. The applicant
experience gained in the office of:
needs to meet additional requirements, including
ordinarily resident in Hong Kong, practising • A CPA holding a valid practising certificate
certificate examinations, auditing experience, issued by the Institute and practising full-time
continuing professional development, and non- public accountancy; or
bankruptcy requirements, etc.
• A person practising full-time public accountancy
in the jurisdiction of an accountancy body
Practising certificate requirements
accepted by the Institute
12. CPAs may apply for a practising certificate, issued
annually on application, if they have had a period 14. In addition, applicants shall satisfy the council that:
of not less than four years of full-time approved • They are ordinarily resident in Hong Kong
accounting experience of which at least one year
is post-qualifying (i.e., acquired after registration • They have passed the examinations prescribed
as a CPA with the Institute or after becoming a by the Institute including audit, local law and
member of an accountancy body recognised by practice
the Institute). The four-year period may be reduced 15. A person holding a practising certificate may
to 30 months if the experience acquired is all post- describe herself or himself as a CPA (practising)
qualifying. In either case, a substantial proportion and practise public accountancy in Hong Kong.
05 Guide to Membership in the
Hong Kong Institute of CPAs
IV. Enquiries
16. For enquiries, please contact the Institute’s
admission department on telephone number
2287 7228 or email to hkicpa@hkicpa.org.hk.
Note: The information in this booklet is for general
guidance only. Please confirm with the Institute
on details applicable to your situation. You
may also browse the “Recognition of overseas
bodies” section in the Institute website at
http://www.hkicpa.org.hk for more details.
Guide to Membership in the
Hong Kong Institute of CPAs
Hong Kong Institute of Certified Public Accountants
37th Floor, Wu Chung House
213 Queen’s Road East, Wanchai, Hong Kong
Tel: (852) 2287 7228
Fax: (852) 2865 6603
Email: hkicpa@hkicpa.org.hk
Website: www.hkicpa.org.hk
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