Celebrating the past, inuencing the future.
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Congratulatory message
18 Accounting for its success 24 Mentoring: a leadership call to action 26 Timeline of special moments 32 Keep it in the family 36 Delivering excellence around the globe 40 Join the club 44 A wealth of talent 48 Adding it all up 51 CPA Australia: a lifelong affair
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Congratulatory message
My congratulations to CPA Australia on its 60th anniversary in Hong Kong. Over the past six decades, CPA Australia has played a most commendable role in strengthening the accounting and auditing profession here in Hong Kong, training and supporting accounting professionals to meet the demands of our fast-changing economy. CPA Australia and its members have made significant contributions to a broad range of businesses and industries. Their expertise and experience have been crucial to bolstering Hong Kong’s status as an international financial and capital market. CPA Australia is also an active participant in the Government’s policy discussions related to the profession and the business environment in general. I am grateful for its valuable opinions over the years and look forward to its continuing contributions. CPA Australia’s presence and achievements in Hong Kong exemplify the strong bilateral relations that Australia and Hong Kong have long enjoyed. Indeed, they set a benchmark for other international organisations to follow. I wish CPA Australia and its members every success in the years to come. The Honourable C Y Leung, GBM, GBS, JP Chief Executive Hong Kong Special Administrative Region
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Congratulatory message
My heartiest congratulations to CPA Australia on its 60th anniversary of operations in Hong Kong! CPA Australia has taken on commendable initiatives to help forge Australia’s commercial linkage with the Greater China region since it set foot in Hong Kong. By offering comprehensive training and support to its members, CPA Australia has assisted the profession in meeting different challenges and upgrading practitioners’ competency throughout the years. Its commitment to professional integrity and best practice has helped raise the bar for corporate stewardship in Hong Kong. A reliable and highly competent accountancy sector is the key to Hong Kong’s continued success as an international financial centre. The accountancy profession has a long and proud tradition as in safeguarding robust governance of corporations as well as accuracy of financial reports. Proper and timely disclosure and reporting of information are essential for protecting investors’ interest and maintaining the reputation of our financial sector. I look forward to CPA Australia’s continuous efforts in upholding professional standards and integrity of the accounting sector of Hong Kong, and in bringing further positive changes to the industry. I wish CPA Australia and its members the greatest years ahead. Best wishes! The Honourable John C Tsang, GBM, JP Financial Secretary The Government of the Hong Kong Special Administrative Region
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Congratulatory message
At the core of Australia’s vibrant and longstanding commercial relationship with Hong Kong is a familiarity that is nurtured by strong and enduring interpersonal relationships. Australian CPAs, and Australian-trained CPAs, are well represented in Hong Kong and Greater China and play a vital role in an interconnected network of professional service providers who help to maintain existing relationships and foster new business links. For 130 years CPA Australia has understood the importance of engagement with its members and of their continuous professional development. It’s a crucial role that helps to underpin the success of individual CPAs, the companies they serve and, by extension, the broader economic fortunes of Australia and Hong Kong. With a 60 year presence here, CPA Australia lays claim to one of the longest continuous official associations between Australia and Hong Kong. We value CPA Australia’s contribution to Australia’s understanding of, and deepening engagement with Hong Kong. Congratulations to CPA Australia on two significant anniversaries and we wish it and its members continued success. Mr Paul Tighe Australian Consulate-General Hong Kong & Macau
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Congratulatory message
I would like to congratulate CPA Australia on its 130th anniversary. Founded in 1886, CPA Australia now has a global membership of more than 155,000 members working in 120 countries around the world including Hong Kong. Coming here 60 years ago, CPA Australia has provided members important services including education, training, technical support and advocacy. It has also represented the views and concerns of the profession to the government, regulators, industries, academia and the general public. I would like to thank CPA Australia for its work and my heartfelt congratulations to CPA Australia on its 130th anniversary once again. Professor the Honourable KC Chan, GBS, JP Secretary for Financial Services and the Treasury The Government of the Hong Kong Special Administrative Region
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Congratulatory message
It is my pleasure to extend my best wishes to CPA Australia for reaching its 130th anniversary and 60 years in Hong Kong. Australia and Hong Kong enjoy a well-established and mutually beneficial economic relationship for many decades and CPA Australia has played a key role in supporting and enduring the professionalism and goodwill in this valuable friendship. Members of CPA Australia are highly respected within the Hong Kong and Australian communities. CPA Australia members are known for their unwavering dynamism and extensive thought leadership in the accounting and finance industry. With the signing of the China Australia Free Trade Agreement in 2015, I am confident that CPA Australia members will continue to be respected ambassadors in advancing the financial services industry in Hong Kong and Australia. I pay tribute to the breadth and depth of contributions made by members of CPA Australia and I wish CPA Australia a successful and prosperous year ahead. The Honourable Paul Chan Mo-po, MH, JP Secretary for Development The Government of the Hong Kong Special Administrative Region Honorary Member, CPA Australia
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Congratulatory message
Many congratulations to CPA Australia on the 130th anniversary of its foundation in Melbourne, and particularly its 60th anniversary of its establishment in Hong Kong. The accounting profession plays an essential role in ensuring the economic success of our community. Hong Kong is a city of constant change, where the emphasis always seems to be on the new and the modern. But that dynamism is built on longstanding values, institutions and practices. Since 1955, when CPA Australia started here, Hong Kong has developed from a trading and manufacturing port to a financial hub to a world-class services centre for Greater China and Asia. This achievement has been built on traditional strengths, such as those represented by a highly skilled and dedicated accounting profession. As the future brings yet more progress, I wish CPA Australia continued success. The Honourable Bernard Charnwut Chan, GBS, JP President, Asia Financial Holdings Ltd. Honorary Member, CPA Australia
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Congratulatory message
Hong Kong is recognised as one of the world’s leading financial centres. Our accounting professionals have made valuable contribution by maintaining high service standards and professionalism. CPA Australia, a well recognised and respected global accounting organisation, has been in Hong Kong since 1955 and has played a key role in the development of our accounting professionals. Through the decades, it has established prominence in the profession and contributed significantly to the grooming and nurturing of accounting talents. On its 130th anniversary and 60 years in Hong Kong, I extend my heartiest congratulations to the CPA Australia for its achievements over the years. I wish the CPA Australia continued success in its future endeavours. Mr David Sun Tak-kei, BBS, JP Director of Audit The Government of the Hong Kong Special Administrative Region
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Congratulatory message
I warmly congratulate CPA Australia on its 130th anniversary and 60 years in Hong Kong. CPA Australia has over 155,000 members across 120 countries and it is pleasing to know that more than half of its members are female, revealing a growing recognition of female accounting and finance professionals in the global economy. For over a century, CPA Australia has played a central role in nurturing accounting professionals and the organisation has also been upholding international accounting standards across the world. Members of CPA Australia have been instrumental in elevating the economies of Australia, China and Hong Kong. CPA Australia has also broadened the opportunities for people who wish to pursue a career in professional accounting and finance. I am confident that CPA Australia will continue to lead its members to greater success and I wish you all the best in the years to come. Ms Sophia Kao, SBS, JP The Government of the Hong Kong Special Administrative Region Central Policy Unit, Member Honorary Member, CPA Australia
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Congratulatory message
I take great pleasure in extending my heartfelt congratulations to CPA Australia on the 130th anniversary of its founding, and the 60th anniversary of the establishment of representation in Hong Kong. The accounting profession operates in a highly dynamic environment, and accounting professionals must keep themselves well-informed of evolving standards and regulations. As such, a pro-active members’ association, providing access to a range of peer support, training and certification programmes, is one of the most important determinants in the success of any CPA. With a global presence and active membership, CPA Australia provides one of the most extensive support networks for accounting professionals that I know. As such, CPA Australia is an integral part of Hong Kong’s success as an international business and financial centre. Hong Kong is home to many corporate head offices, and is Asia’s leading fund-raising centre. The active contribution of key enablers such as CPA Australia helps to ensure that Hong Kong will continue to grow and mature as a major global business and financial hub. I am therefore very grateful to CPA Australia for choosing Hong Kong as a base 60 years ago, and I wish CPA Australia and all its members great success and prosperity going forward. Dr. the Honourable Sir David K.P. Li, GBM, GBS, JP Chairman & Chief Executive The Bank of East Asia, Limited Honorary Member, CPA Australia
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Congratulatory message
I would like to extend my warmest congratulations to CPA Australia on its 130th anniversary and 60 years in Hong Kong. CPA Australia’s commitment to integrity, excellence and innovative thinking is the cornerstone of it being a leading international accounting body. CPA Australia has earned our utmost respect for its continuous contribution towards the training and education of accountants and business professionals worldwide. This 130th anniversary marks a significant milestone of achievements for the 155,000+ member accounting body. It is a great testament of how CPA Australia has flourished and contributed to society as more than 25,000 members are working in senior leadership positions. In Hong Kong, CPA Australia has had a reputable and important presence for 60 years. The Hong Kong office has provided excellent support to the resident members as well as contributing towards the development of the accounting and business sector in Hong Kong. Thank you for all the good work and congratulations to the Hong Kong office on the happy occasion of its 60th anniversary. I look forward to seeing CPA Australia continue to soar and scale new heights in the years to come. Mr Tim LUI Tim-leung, BBS, JP Deputy, National People’s Congress Senior Advisor, PricewaterhouseCoopers Honorary Member, CPA Australia
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Congratulatory message
Hong Kong has transformed in style from a manufacturing and trading base of China to become a leading international financial center in a short few decades. The unsung heroes making this legendary transformation possible were the legion of financial professionals in the frontline. They were obviously not coincidental workers but carefully trained and well qualified individuals. As a third generation local practitioner in Hong Kong, I have witnessed firsthand the fact that many of the earliest professional accountants were trained locally and qualified with CPA Australia. Their hard earned experiences and knowledge were instrumental in the formative years of this successful transformation. The real explosion of Hong Kong accountants’ population began in the 1980s. By now, we have probably the highest proportion of accountants to population anywhere in the world. Over these crucial years, the CPA Australia qualification has provided the capabilities, choice careers, hope and opportunities empowering countless aspiring young professionals to move up the social ladder. They had formed the backbone of our middle class society and their best took lead in our businesses, academia and politics. My heartfelt congratulations for a job well done to CPA Australia on its 60 years in Hong Kong and its 130th anniversary. You have helped to shape history in Hong Kong and we need you to take us forward in the years to come. Dr Eric Li Ka-cheung, GBS, JP Senior Partner, Li, Tang, Chen & Co. Member, 12th National Committee of Chinese People’s Political Consultative Conference Honorary member, CPA Australia
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Congratulatory message
I extend my heartiest congratulations to CPA Australia on its 130th anniversary and 60 years in Hong Kong. Through offering the high-standard CPA Program and pertinent services for its members, CPA Australia has remained at the forefront in equipping members to embrace for challenges in this ever changing business environment. Over the past 60 years, CPA Australia has been playing a prominent role in providing thought-provoking leadership, strategy and business insights to its members and the broader community of Hong Kong. CPA Australia’s steadfast commitment in extending professional development for accounting professionals is also profoundly inspiring. I am confident that CPA Australia will continue to provide influential guidance to the accounting and finance industry in Greater China and I wish CPA Australia and its members every success in the years ahead. Dr Moses M.C. CHENG, GBS, OBE, JP Chairman, Process Review Panel, Securities and Futures Commission, Hong Kong Chairman, Council of Hang Seng Management College, Hong Kong Honorary Member, CPA Australia
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President’s Message – Hong Kong 60th Anniversary
At CPA Australia we are deeply proud of our 60 years in Hong Kong – a wonderful milestone to celebrate as we enter our organisation’s 130th year. Our success in Hong Kong is in no small part due to the tireless work of those members who have volunteered their time, energy and expertise to the Divisional Council, committees, task forces and the many initiatives and activities driven by the Hong Kong office. I thank our local management and staff, past and present, for their vital role in helping CPA Australia fulfil its objectives and for upholding the principles and high standards of the CPA Australia designation. I pay tribute to the pioneering generation of CPA Australia members and staff who laid the foundation for our presence in Hong Kong. Our Hong Kong members are an important part of the CPA Australia family, which now spreads across the globe. The value of the CPA designation is reflected in our demographics. Collectively, around 17 per cent of our members hold senior leadership positions, including more than 25,000 members at CEO or CFO level, or in business ownership or partner roles. I thank each of you for your contribution over the past 60 years and for making the Hong Kong Division as successful and dynamic as it is today. On behalf of my Board colleagues, I congratulate all who have helped CPA Australia reach this important anniversary and congratulate you on 60 wonderful years in Hong Kong. Graeme Wade FCPA (Aust.) President & Chairman of the Board
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Chief Executive’s Message – Hong Kong 60th Anniversary
In the six decades that CPA Australia has had a presence in Hong Kong, the local Division has gone from strength to strength. With a local membership of nearly 12,000, Hong Kong has always been a significant contributor to our global membership footprint, which includes more than 155,000 finance, accounting and business professionals in 118 countries. I acknowledge the outstanding work of the Hong Kong Divisional Presidents, Councillors and Advisers in helping to establish CPA Australia as a leader in accounting, business and finance and thank them for representing the accounting profession with such distinction. I also thank our members, partners and friends in Hong Kong for their continued support of our initiatives which strengthen the reach and influence of the CPA designation. My sincere thanks also to CPA Australia staff for their dedication to our goal of being the world’s best member services organisation. Alongside service excellence and a commitment to our members, our Corporate Plan focuses on building the capability of our organisation, broadening our audience, providing a CPA Program of the highest quality, and protecting and advancing the public interest. We have achieved significant outcomes for our members and the wider business community in Hong Kong. We will also continue to work with regulatory and national bodies to advance the profession in Hong Kong and around the world. On behalf of CPA Australia, I congratulate all those who have contributed to the success of CPA Australia in Hong Kong over the past 60 years. It’s an achievement of which we can all be very proud. Alex Malley FCPA (Aust.) Chief Executive Officer 17
Accounting for its success
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PA Australia is one of the world’s largest and most respected professional accounting bodies. It is widely recognised for its high standards, comprehensive training programs, advocacy, and a membership network which extends throughout the global business community. Alex Malley FCPA (Aust.), Chief Executive of CPA Australia, says: “These
(From left to right) Country Head, Greater China - Deborah Leung, Chief Operating Officer (Commercial) – Adam Awty, Chief Executive - Alex Malley, Chief Operating Officer (Member Services) - Jeff Hughes. 18
achievements can be attributed to a forward-looking approach which puts a premium on innovation, engagement and thought leadership. But while the organisation is proud of its current success and ongoing growth, it has never forgotten the debt of gratitude it owes to the pioneers and distinguished members who established its principles, and charted the course for everything that was to follow.”
Divisional Presidents, Councillors and Advisers of CPA Australia.
When the 45 founding accountants convened for the first time in Melbourne in 1886, they could hardly have imagined what their initiative and inspiration would lead to. CPA Australia now has a worldwide total of more than 155,000 members in 120 countries, working in almost every branch of trade, industry and financial services. “Our influence is continuing to expand in Asia and around the world,” says Deborah Leung FCPA (Aust.), CPA Australia’s Country Head of Greater China. Leung oversees offices in Hong Kong, Beijing, Shanghai, and Guangzhou which serve more than 17,000 members. “Besides meeting our core objective of providing high-quality training and development programs and professional support, we have built important relationships with governments, regulators, employers and academia. These allow us to participate in debates on important regional and international issues.”
While many factors have contributed to the success of CPA Australia over the years – passion, teamwork, community involvement, and the drive to improve the organisation – the loyalty and commitment shown by leading members in Hong Kong and China, from the 1950s onwards, certainly stands out. “My heartfelt thanks go to our three early representatives in Hong Kong, Mr Wong Wing-Seen, Mr Baldwin Wong and Mr Brian Chan. They worked hard in helping CPA Australia members in Hong Kong in the early days,” Leung recalls. Looking back at that era, Leung notes how the Australian government launched the Colombo Plan in the 1950s, a bold initiative designed to strengthen the country’s ties with Asia. The scheme provided opportunities for students to travel to Australia to study accounting. The Australian Society of Accountants, or ASA (now known 19
Divisional Presidents, Councillors and Committee Members of CPA Australia.
as CPA Australia), supported the plan and its students by conducting its exams in Asia, and actively encouraged returning students to establish their own independent accounting associations. Returning graduates also became members of the ASA so they could maintain their connection with Australia. Demand to sit ASA exams in Hong Kong grew steadily in the early 1950s to the point when, in 1955, a local Committee of Advice and a representative were appointed, making 2015 the 60th anniversary of CPA Australia’s formal presence in Hong Kong. The first local representative in the 1950s was Mr Wong Wing-Seen, who was followed by his son, Baldwin Wong, who took over as the local representative in 1961. Mr Brian Chan FCPA (Aust.) was appointed as the representative from 1985 to 1990 and
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then went on to become the Divisional President of Greater China in 1994. A major step in the development of CPA Australia’s presence in Hong Kong was the establishment of the ASA Hong Kong Group, which met regularly to exchange information on the latest developments in the accounting profession in Australia and Hong Kong. Peter Poon Wing-cheung FCPA (Aust.), one of the first class of graduates from the Australian Society of Accountants (ASA) Program (now known as the CPA Program) was one of those who attended the first meeting, nearly 50 years ago. Poon later served on many government committees, and became one of the first accountants in the Legislative Council, serving from 1983 to 1991. Poon was also the first Chinese president of the Hong Kong Society of Accountants (now known
as HKICPA) in 1975. He continued to provide advice and strategic direction to the accounting profession in Hong Kong. Robert Lee Shiu-hung FCPA (Aust.) attended the first meeting, along with senior government officials, legislative councillors, and luminaries from the world of business. Lee subsequently became founding Divisional President of CPA Australia in Hong Kong in 1986. “In the 1950s and 1960s, accountants were in great demand in Hong Kong, but there was no local professional accounting body,” Lee recalls. “After returning from Australia, many of us joined reputable multinationals as financial controllers or chief accountants, and this provided a solid foundation for the recognition of our professional body. Today, of course, the CPA Program can be completed in almost every part of the world, so access to knowledge
and information is much easier. We can see that members are playing an increasingly important part in many areas of international business.” From the 1960s to the 1980s, Lee was instrumental in organising seminars, workshops and social gatherings. This created the template for the wide range of activities which helped members meet and learn from peers, regulators, and other professionals. Over the years, such events have served to highlight developments affecting the accounting profession. Not least, individuals must now define themselves as advisers, business leaders, advocates, and mentors, rather than simply as ‘bean counters’. “These days, there are many more stakeholders to take care of, and new issues to consider. But I am proud to see that we are still going from strength to strength,” Lee says.
Female Divisional Presidents of CPA Australia (from left to right) - Loretta Shuen (2009), Vivian Sun (2000), Sarah McGrath (2003), Theresa Chan (2010). Vickie Fung (1992) who is not in the photo is currently residing in Australia.
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Francis Chan FCPA (Aust.), who took over as CPA Australia’s Divisional President of Greater China in 1989, made a point of offering first-rate training courses, in common with his predecessors and successors. Another key task for Chan was to set up the first office in 1990 at Tai Yau Building. This was a big step towards providing enhanced support and coordination for CPA Australia members in Hong Kong. “By doing this, I wanted to make information and services more easily accessible for our members whenever they needed help,” Chan says. “I paid a lot of attention to practical details, and I put a lot of emphasis on improving services and communication.” The current CPA Australia office is still situated within the Tai Yau Building, and today has a larger space for members’ use.
CPA Australia’s Hong Kong team.
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Those are achievements which Jeff Hughes FCPA (Aust.), the Chief Operating Officer – Member Services of CPA Australia, can identify with. Working in close collaboration with the Greater China team, Hughes has concentrated on developing the aspects needed to be a world-class member service organisation. “It starts with the hearts and minds of our own staff,” Hughes says. “We invest heavily in cultural and service training to ensure a high level of consistency and competency across all levels and activities.” A big part of this is a commitment to measuring performance by actively gathering feedback, and using both qualitative and quantitative means of self-assessment. Constant attention is also given to raising the organisation’s profile by building the CPA Australia brand
with employers, universities, government decision-makers, and other professional bodies. Engaging members is also a priority. This involves offering members opportunities to upgrade their qualifications, technical skills and general know-how. The organisation also helps members to expand their personal network and contacts beyond the accounting sector. “We have a huge number of volunteers who join committees and groups to share their knowledge and assist others with their advice and insights,” says Hughes, noting that CPA Australia now has a total of 19 staffed offices around the world. “It’s a rewarding experience for everyone involved, and it enables our staff to hear from members about their needs, wishes and expectations,” Hughes says.
they can maximise their career prospects. What’s more, we have migrated to the digital world by successfully establishing various online communities and social media groups in order to facilitate more interaction with our members. Our members remain as the core of our service focus. As CPA Australia celebrates its 130th anniversary, and 60 years in Hong Kong, we must thank our members for the wonderful contributions they have made, and the genuine dedication they have shown over the decades,” Leung concludes.
Noting that the traditional accountant’s role has evolved significantly in recent years, Leung emphasises that professional development programs must fully reflect such shifts. Broadly speaking, that means a greater focus on aspects like strategic thinking, tactical planning and forecasting, to ensure members have the ‘toolkit’ needed for a successful career in today’s global business environment. “We regularly assess all our programs and introduce new elements to ensure they are relevant and are making a positive contribution to the international accounting community as a whole,” says Leung, who has been with CPA Australia since 1993, says: “We also offer training for professionals in other industries, so
Jeffrey Chan, 2016 Divisional President – Greater China, CPA Australia.
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Mentoring: a leadership call to action
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s a parent, business leader and former teacher, I am a firm believer that mentoring the next generation of leaders is the world’s greatest succession plan, a collective responsibility for all present-day leaders.
The success of economies and each individual organisation within them is centred on the quality of the people behind the decisions. It is therefore incumbent on all leaders to share their knowledge to help those with leadership potential. Leaders investing energy and time into offering guidance over and above what they’re employed to provide is the secret to building a positive culture and record productivity. Young people need to know that it is okay to dream about a big life, but must understand that this does not come easily. It will require great resolve, hard work and persistence. They need to understand that during the tough times they will be blessed from what they learn.
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It is important that we recognise that mentoring is not the same as managing – it’s more than managing. While supporting the development of your direct reports is naturally important, the mentoring I refer to is a function that sits over and above this. The strongest mentor relationships have independence about them. Unlike a manager, a mentor’s responsibility isn’t to deliver instructions to reach operational objectives. The role of the mentor is to provoke the individual into thinking about what they should be considering when faced with a challenging issue or circumstance. No one’s journey is the same, so no one solution can ever be proffered. The most effective mentors are those who say the least, but provide a sense of conscience that the individual may, or may not, be taking the correct path. It’s about stimulating thought processes rather than providing an on-demand instruction manual. I am constantly reminded of this during my interactions with young people via my online mentoring community, thenakedceo.com. Some 4 million young people from across the globe have visited the website and I have personally video responded to over 1,200 careerrelated questions. What drives this tremendous level of engagement is the ability for a young person to connect with a current leader who has no direct association with their life: my objectivity and experience are of equal importance to them. They know what I have to say comes from a completely impartial, rational place. The desire for career guidance is as universal as leaders’ responsibility to fulfil it. And in a world cluttered with information and messages, the value of honest and wise counsel for our young people has heightened exponentially, meaning the role of the mentor in society will be even more critical than it has historically been. We need more leaders to invest the necessary time and energy into helping prepare young people. We must together work to fill the mentoring void. Consider this my leadership call to action. Alex Malley Chief Executive CPA Australia
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Timeline of special moments
1950 - 1980
1976: Peter Poon and Robert Lee at the 6th CAPA in Singapore and Malaysia
1977: Executive committee meeting of the Hong Kong Group
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1990s 1989: Opening of the first office in Hong Kong
1995: China Liaison Committee
1996: Regional Conference 27
2000 - 2010
2004: Signing Ceremony of Memorandum of Cooperation between CPA Australia and CICPA
2006: Asian Regional Conference
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2008: Opening of the new Hong Kong office
2012: Young Achievers Committee - Christmas Fun Fair
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2000 - 2010 (Con’t)
2013: Memorandum of Understanding Signing Ceremony CPA Australia and The Taxation Institute of Hong Kong
2013: Guinness World Record event - The world’s largest business speed-networking event
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2014: Book launch of the Accounting
Hobby Lifestyle
2013: Lunch with The Hon. Prof. K C Chan ( front row, centre )
2015: Dinner with the representatives of the China Liaison Office 31
Keep it in the family
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ong Kong’s accounting industry has changed beyond all recognition over the last six decades. But for seven families something has remained consistent - their thirst for knowledge and their firm belief in the global value of the CPA Australia designation. Several generations of these families have worked as professional accountants, and been active CPA Australia members. Robert Lee FCPA (Aust.), completed his studies for the Australian Society of Accountants (ASA), the forerunner of CPA Australia, in the 1960s. He went on to enjoy a distinguished career, and played a crucial role in CPA Australia’s development. Robert was one of 12 members who initiated the inaugural meeting of the Hong Kong Group in May 1968. He is a recipient of the CPA Australia Lifetime Achievement Award for contributions to the professional body, and to the accounting profession as a whole. He became founding divisional president of the Hong Kong Branch Council when it was established in 1986. Robert and his fellow councillors have organised seminars and meetings, and provided knowledge exchange and networking platforms for professional
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accountants, since 1955. Robert also arranged for members with their families to participate in social and recreational activities including a Pool Side BBQ event at the Kowloon Cricket Club. His son Peter, FCPA (Aust.), was four at the time, and is the youngest person ever to participate in a CPA Australia event. Peter Lee FCPA (Aust.), grew up and became the 2013 Divisional President of Greater China, CPA Australia. He is equally committed to ensuring the body continues to help its members. “As the Asia business world becomes increasingly competitive, it’s important for us to maintain our leadership position, and ensure our members boost their professional competitiveness,” says Peter, who is the Managing Director of Veco Invest (Asia). Patrick Yeung FCPA (Aust.), and his son Eugene Yeung CPA (Aust.), work in different industry sectors. But they both feel their CPA Australia designation helps them make decisions. “I believe Eugene and I are good examples of how CPA Australia training prepares you to explore different career options,” says Patrick, Founder and Executive Chairman of Asian Capital Holdings Limited, a corporate finance specialist firm listed on the Growth
Robert Lee with son, Peter Lee.
Patrick Yeung with son, Eugene Yeung.
Enterprise Market (GEM) board of the Hong Kong Stock Exchange. Patrick is a professional accountant with over 25 years of financial management experience, a past president of CPA Australia – Greater China, and former representative councillor of CPA Australia. He says that one advantage of CPA Australia is that its membership service activities constantly enable members to be exposed to and identify business opportunities in the mainland. His son Eugene, a Senior Associate in the Hong Kong office of Mayer Brown JSM’s restructuring, bankruptcy and insolvency (RBI) practice, is also a lawyer. He says that there are benefits to practicing both disciplines. Eugene introduced fellow students to CPA Australia at university. “Connection to CPA Australia is invaluable, because it gives students practical insights, as well as the opportunity to connect which can really give them a head start in their career,” says Eugene. The late Ming-Kwong Yam, a member of the Australian Society of Accountants since 1964, motivated his family to become accountants, and also encouraged them to give back to society. His son, Ronald Yam
Ronald Yam with daughter, Alison Yam.
FCPA (Aust.), the 2014 Divisional President of CPA Australia, Greater China, says that the activities he and his daughter are involved in as accountants, along with their active membership of CPA Australia, helped them to maintain a sense of responsibility to the community. “I have always felt it’s important to return something to the community,” says Ronald, a Partner with RSM Hong Kong, who uses his knowledge and experience to help charities and non-government organisations. Ronald’s daughter, Alison Yam CPA (Aust.), is an accountant, and is currently a Senior Consultant at Deloitte Advisory. “As my father told me many times, we need to be professional and uphold integrity and honesty,” says Alison, who regularly joins in community activities with her firm, charities, and CPA Australia. She mentors youths, raises funds for food banks, volunteers at organic farms, and she also helps to promote environmental protection awareness. “I like to join colleagues, CPA Australia members and friends to help a variety of causes,” says Alison, Deputy Chairperson of the CPA Australia Young Achievers Committee, which consists of young CPA Australia members who share 33
a goal of helping others in need. Years working in the mainland as a Tax Partner have given Stephen Kwok-hung Lee FCPA (Aust.) plenty of opportunities to put his CPA Australia knowledge into practice. “I have served multinational companies including Australian and New Zealand clients,” says Lee, who, before his retirement, played a significant role in the development of Ernst & Young’s mainland practice. “Clients have the feeling that they are talking to someone from ‘home’, instead of a stranger,” says the Past President of CPA Australia Greater China, and former member of the CPA Australia North China Committee and East & Central China Committee. “Obviously this was a natural result of my CPA Australia membership,” he says. Stephen’s daughter Irene Lee CPA (Aust.), gained an understanding of the industry from her father. Irene works as Senior Manager in the KMPG Global Transfer Pricing team in Hong Kong, and recalls that when she chose to switch from a focus on corporate tax, she turned to her dad for advice. “As an experienced professional accountant, he gave me insights into what transfer pricing was about, and the challenges I would face,” says Irene. “He was very supportive
Stephen Lee with daughter, Irene Lee.
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of my choice, and that gave me the confidence to take the next step.” Irene is also a member of the Young Achievers Committee, and regularly volunteers at a non-profit organisation which assists families with children who have cancer and other chronic illnesses. Proud of the way his CPA Australia designation gives his clients confidence, Irving Luk FCPA (Aust.), principal of S. K. Luk & Co., is pleased that his children have earned their CPA Australia designations. His eldest daughter Alice Luk CPA (Aust.), is the Manager of the Corporate Finance Department in the family firm. Alice says the CPA Program helped her adjust from being a graduate to a professional. Younger sister Doris Luk CPA (Aust.), says her CPA Australia designation is invaluable in her work, which focuses on Hong Kong SME projects and subsidiaries of mainland enterprises. The youngest family member, Steven Luk CPA (Aust.), makes significant contributions to the firm’s internal appraisal and training. He also ensures that the firm is updated with the changes in financial reporting and auditing. Marcellus Wong FCPA (Aust.), Senior Advisor, Tax Services, PwC, says that
Irving Luk with his children, Alice, Doris and Steven Luk.
Marcellus Wong with son, David Wong.
CPA Australia has helped facilitate new business for Hong Kong accountants in the mainland. “We have a close friendship with the Chinese Institute of CPAs,” says Marcellus, who served as the 2004 Divisional President of Greater China, CPA Australia. “CPA Australia has maintained a close collaborative relationship with the CICPA, HKICPA and the TIHK, and together we are able to work together to uphold the accounting standards in Greater China.” Marcellus encouraged his son David Wong CPA (Aust.), Senior Consultant, PwC to gain his qualifications through CPA Australia, as he felt that international experience would help him find a niche. “David could learn about more than just auditing – you have to learn more skills to survive in this industry,” Marcellus says. David was encouraged to become an accountant by watching his father succeed as a partner of PwC. “CPA Australia designation has been useful,” David says: “In six years, I have moved from auditing to the marketing department, to research, and now tax risk management. Various training modules have helped me and allowed me to move around in these areas.”
Cheong Tat Chan (CT) with his son, Dennis Chan.
Cheong Tat Chan FCPA (Aust.), known as “CT”, the former Assistant Commissioner with the Inland Revenue Department (in charge of the field and audit / investigation unit), feels that success is measured by giving back to the profession. “Tax regulations are constantly changing, so as a tax specialist, I try to help our members by conducting seminars and workshops,” says CT, who operates his own tax consultancy company and is a seasonal speaker at CPA Australia’s seminars. His son, Dennis Chan CPA (Aust.), is an investment banker. He believes the CPA Program can lead to a global career. Dennis’ parents let him choose his own path but family and friends still influenced him: “There were accountants at family gatherings who would tell me if I became a banker, I would lose my hair at an early age. It was only when I was a bit older that I realised they were joking,” confesses Dennis, who is a proud member of CPA Australia and a Vice President of SMBC Nikko Securities (Hong Kong) Limited. Dennis is also an occasional speaker for CPA Australia in Hong Kong and Shanghai.
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Delivering excellence around the globe
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longstanding emphasis on comprehensive training and continuing professional development (CPD) is central to the success of CPA Australia. The CPA Program, which takes candidates from entry point through to qualification, is regularly updated to meet the changing needs of candidates, employers, and the evolving business environment. It provides the technical skills and learning essentials for those beginning their career in audit and accounting, as well as the key principles of financial management, strategy, and effective leadership. As a result, everyone who completes the CPA Program embarks on their professional life with a world-class qualification which opens the door to roles with blue-chip companies, multinationals, the ‘Big Four’ accounting firms, and enterprises and organisations which need broad-based expertise. To keep up with the constant evolution
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Jeffrey Chan FCPA (Aust.)
of the industry, CPA Australia has established its own Professional Qualifications Advisory Committee to keep a close eye on the content and relevance of the CPA Program, which has ISO 9001 quality management certification. This
means that members are given the most current knowledge, skills and breadth of insight to boost their competitiveness, and to make a real contribution to the growth of the Hong Kong economy. Over the years, CPA Australia’s dedication to helping professionals achieve the highest standards has been recognised in numerous ways. In 2014, CPA Australia won the Business Excellence Award for Education and Training at the Australia China Business Awards. In 2015, the Hong Kong-Australia Business Association (HKABA) presented CPA Australia with an award for Business Development, acknowledging the organisation’s contribution to promoting education and trade relations between China, Australia and Hong Kong. At the most recent Asia Pacific Stevie Awards, which recognise outstanding organisations, CPA Australia won the Gold Award for being the most innovative company of the year. The spirit for innovation and embracing change is infused into members of CPA Australia, and it is this confidence and courage that constantly puts CPA Australia members in the driver’s seat in the global business environment. Jeffrey Chan FCPA (Aust.), CPA Australia’s 2016 Greater China Divisional President, is the Finance Director for the Extended Southeast Asia Region of Triumph International Services (APAC). He believes his accountancy training in CPA Australia was a good foundation for his success. “My current role involves budgeting, forecasting, performance tracking, change implementation, and strategic measures to add value to the group,” says Chan, who has more than 25 years’ experience with multinationals including
Ivan Au FCPA (Aust.)
Deloitte, Hutchison Whampoa and Royal Dutch Shell. “I am seeing revolutionary changes in all industries. With advances in technology such as 3-D printing and virtual simulation, new products and models are coming in at a much faster pace. That means the vagaries in the business can be greater, making it necessary for CFOs to monitor business performance more closely. I see the role of CFOs expanding rapidly as they make greater impact on business decision.” “Any hint of a shortfall in sales or profitability requires decisive action to bridge the gap. Seen strategically, that could entail an increase in promotional spending or a reduction in overheads. Any such analysis must also take due note of the underlying shift in direct retail costs and revenue streams, and how best to improve margins and achieve economies of scale,” says Chan. “In today’s ‘disruptive’ economy, traditional industries have to evolve,” Chan says. “With
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the rise of e-commerce and new online and offline models, a CFO must be able to provide strategic insights on financial restructuring and M&As, plus creative ideas on the introduction of different business models. Overall, resources must be redeployed to tasks which are less transactional and more analytical and strategic.” For Ivan Au FCPA (Aust.), a specialist in leading global audit and assurance projects, the scope of work covers China’s outbound investments, initial public offerings (IPOs), and M&As. With clients including conglomerates, bigname retailers and consumer product companies, the implementation of new standards agreed by the IAASB (International Auditing and Assurance Standards Board) looks sure to present opportunities as well as challenges for the accounting and auditing industry. Resilient to challenges, Au sees the positive side of the new standards, “This marks a move to auditor’s reports that are more informative,” says Au, 2016 Divisional Deputy President of Greater China, CPA Australia and an Assurance Partner at PricewaterhouseCoopers (PwC) in Hong Kong. “The changes are welldefined, the new standards centre around three key aims: insight, transparency and 38
Paul Ho FCPA (Aust.)
improved readability.” The new standards will come into effect towards the end of 2016 and require careful navigation. “We will all be on a learning curve,” says Au. “But where similar proposals have already been rolled out, for example in Britain, auditors have embraced the transformation, and shareholder reaction has been very positive.” Au remains confident and optimistic about the changes. Au encompasses the full spirit of CPA Australia when it comes to embracing challenges. He is one of the outstanding members who achieved high distinctions in all subjects when completing the CPA Program. In 2012, Au was chosen as one of the winners for the “Top 40 under 40” of INTHEBLACK magazine in Australia. According to Paul Ho FCPA (Aust.), a Partner at Ernst & Young (EY) Hong Kong who specialises in business and tax advisory services for major financial institutions, the prospect of new tax laws
will concentrate minds in the months ahead. In particular, there is legislation aimed at increasing Hong Kong’s attractions as a corporate treasury centre (CTC) for multinationals. The relevant bill proposes a concessionary tax rate on qualifying profits. The bill also contains amendments regarding the treatment of distributions made on regulatory capital securities (RCS) issued by banks. “The proposed amendments for RCS generally align Hong Kong with corresponding tax legislation in places like London and Singapore and the proposal for CTC may facilitate the drive of mainland enterprises to go global,” says Ho, who is also the 2016 Divisional Deputy President of Greater China, CPA Australia. Having the agility to welcome new changes, Ho believes the key for tax professionals “is to keep abreast of all these changes and developments, so as to provide timely advice which meets clients’ needs.” Changes in the industry are not confined to audit and tax. There will be upcoming revisions to Hong Kong’s insolvency law and the future corporate rescue bill and these are of particular interest to Kenneth Chen FCPA (Aust.), Partner of ZHONGLEI
Kenneth Chen FCPA (Aust.)
Specialist Advisory Services and the Immediate Past Divisional President of Greater China, CPA Australia. “The insolvency administration regime will be undergoing some important changes in the next 12 to 18 months,” says Chen, “The objective is to increase protection of creditors, streamline the winding-up process, and further enhance the integrity of that process. Practitioners need to prepare themselves to adapt and to overcome any new challenges.” Chen believes the new amendments will make a positive impact on the government, corporates and the insolvency practitioners. “The government needs a revised and improved insolvency administration and corporate rescue regime in order to cope with any upcoming challenges. There are many positive changes in the revision; a notable change is the new section on ‘Transactions at an Undervalue’ before the commencement of company’s winding-up,” Chen says. 39
Join the club
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ustralia plans to play an important role in the Belt and Road Initiative, which aims to connect Asia, Europe and Africa along five key routes. The initiative has already seen a mixture of agreements get under way for the Silk Road Economic Belt and 21st Century Maritime Silk Road development strategies. Dr George Lam FCPA (Aust.), Honorary Fellow of CPA Australia, and Chairman - Indochina, Myanmar and Thailand, and Senior Adviser - Asia of Macquarie Infrastructure and Real Assets, Australia, as well as President of Hong Kong - ASEAN Economic Cooperation Foundation, believes that Hong Kong is in a good position to strengthen partnerships with China under its 13th Five-Year Plan and the Belt and Road Initiative. Lam says strategic industries like agriculture, food, resources, education, healthcare, information technology, infrastructure, environmental protection, and clean energy show particular promise. “China aims to further upgrade the quality of the economy and its capacity to reach out to Belt and Road markets,” he explains. In 2014, then Australian Prime Minister Tony Abbott and President Xi Jinping announced the China-Australia Free Trade 40
Professor Richard Petty FCPA (Aust.)
Agreement (ChAFTA), which is set to grow trade and investment between the two countries. Australia already places a high priority on China, which is the country’s largest two-way trading partner for goods and services, valued at almost AU$160 billion (HK$893 billion) in 2013-14. It is also Australia’s largest goods export destination, and was valued at AU$100 billion in 2013-14. This historic agreement between Australia and China, will support future economic growth, job creation and higher living standards through increased goods and services, trade, and investment for both nations. China has a growing middle
class, so it is believed that ChAFTA is providing enormous opportunities for Chinese and Australian businesses. The ChAFTA and the Belt and Road strategies are giving Hong Kong the chance to become a vital link between Australia and the mainland. Lam counts Hong Kong’s world-class infrastructure, its financial and professional services, and its tax system and legal system, as important factors. “It’s the natural and ideal international financial centre of the Belt and Road markets,” he says. Australia is a founding member of the Asia Infrastructure Investment Bank (AIIB), the key public-sector international financial institution in support of major Belt and Road projects, and that means CPA Australia members are in a good position to advise and oversee developments during this period. Areas ripe for opportunities, according to Lam, range from accounting services like cross-border M&A transactions, asset management, and public-private sector partnerships (PPP), as well as instigating and managing international joint ventures, issuing debt or IPOs for related projects, and managing family office and trust operations. Professor Richard Petty FCPA (Aust.), Past President and Chairman of the Board, Board Director, and Life member of CPA Australia, has some concerns. “Few main
Dr George Lam FCPA (Aust.)
board directors and senior executives in Australia have direct experience of the Asia-Pacific region – there is room to better understand the higher levels of how to engage,” he says. Australia’s proximity to Asia, and its developed status, have traditionally allowed the country to act as a provider of knowledge and services to the region. But things have changed. “Such a future isn’t guaranteed. Several Asian economies are now as advanced, if not more so, than Australia. Some have easier business environments and incentive structures for economic growth 41
than Australia, and are geographically and culturally better aligned,” Petty states. “To integrate more closely with the APAC region, Australia requires an understanding of the cultures and business practices in Asia,” he says. The Australian government’s New Colombo Plan (NCP) hopes to provide Australian students and the future workforce with a better understanding of the political, economic and social systems in Asia. The Australian government has pledged funding of AU$100 million to the NCP over the next five years, to aid student exchanges and internships, with Hong Kong as a pilot location. “Ties created through policy initiatives like these are important in ensuring that Australia continues to be seen as a nation that is friendly, and open to doing business,” says Petty. “To prosper on the rise of Asian economies, Australia will have to sell high-value goods and services, becoming more important in the managerial, communication and financial fabric of the region,” he adds. Opportunities are ripe. Petty believes that education, agribusiness and general services like tourism, will expand under ChAFTA. Like Lam, he believes that his fellow CPA Australia members are well positioned to take advantage of the agreement. “They are leaders in business, and well placed to assist businesses. There are 17,000 members in Greater China, with experience of doing business in Australia, Hong Kong and mainland China,” Petty notes. Peter Kung FCPA (Aust.), Vice Chairman, KPMG China and President of the South 42
Peter Kung FCPA (Aust.)
China Committee, CPA Australia, says those wanting to expand their careers into China should take note of its growth pattern. “The country is shifting its economic growth from a low-cost labouroriented export centre to an innovative, high value-added production and service centre. In China, technology and innovative industries will flourish,” he says. Qianhai is a new economic zone and financial centre in Shenzhen. It has financial innovation at its core, and there are initiatives for Hong Kong and foreign enterprises to invest there. A 15% tax rate for Hong Kong companies in qualifying industries and Hong Kong individuals, and investment subsidies, are among the offerings. Nansha District is a free-trade zone focusing on shipping and logistics, special
financial services, international trade, and high-end manufacturing. “These are breakthrough policies under China’s economic reforms, and we’ve seen new pilot policies and business models, like the gradual internationalisation of the renminbi,” Kung says. Kung expects there to be opportunities for new investors – and thinks that accounting and finance professionals will be able to play their part. Under the current Closer Economic Partnership Arrangement (CEPA), Hong Kong professionals with the Chinese CPA qualification are allowed to become partners in firms in Qianhai, on a pilot basis. Meanwhile, Hong Kong Certified Tax Advisers (HKCTA) can practise in Qianhai after completing a 40-hour course. With CPA Australia’s Memorandum of Understanding with The Taxation Institute of Hong Kong on its Hong Kong and PRC Tax Paper, CPA Australia is facilitating members to advance into the taxation market in China much faster. Vincent Lam FCPA (Aust.), Chairman of Asiaray Media Group, has worked in China for over 20 years, focusing on airport, metro and building wrap advertising. Vincent has changed the look of airports in China. He moved from putting large TVs in waiting areas to considering the environment as a whole, and using light-boxes, billboards and other untraditional means. Vincent says he thanks China for its market-driven economy and the growing business opportunities in the service industry for his success.
Vincent Lam FCPA (Aust.)
Vincent has the rights to provide advertising media to 26 airports and 12 metro lines in China, and considers his work to be “space management”. “We’re adding to the overall ambience, creatively using different technology and know-how to tickle the five senses,” he says. His accounting skills played an important part in his success. “My accounting knowledge gave me a good framework to set up a business, and I also used my analytical and organisational skills,” he says. “My solid accounting and business skills gave me the confidence to make thorough business plans. With the business planning part taken care of, I actually have more time to be creative and to think outside the box in my business venture.”
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A wealth of talent
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he members of CPA Australia are talented individuals whose skills have earned them highprofile jobs, accolades, and success. There are also some members whose lives are less ordinary. Bernard Poon FCPA (Aust.), CPA Australia’s 2012 Divisional President – Greater China, is Managing Director, Transaction Advisory Services Leader for Hong Kong and Macau Region, at Ernst & Young. Poon has been with the company for more than 20 years in various roles, and says that tenacity comes high on his list of values. Along with spending time with his family, the energetic accountant enjoys activities outside of the office. He’s an active member of the Hong Kong Cricket Club, and takes part in various mentorship programs with different universities and student associations. But his true passion is sport. In the 1990s, Poon completed Ironman Australia, making headlines as the first Hong Kong Chinese to finish an Ironman triathlon event. He has since completed nine Ironman triathlon events, and he wants to make that 12 before he turns 50. The Ironman World Championship in
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Bernard Poon FCPA (Aust.)
Kona, Hawaii is something he would like to try. “Being an active sportsman has extended my horizons beyond anything I could imagine,” Poon explains, saying that through these activities, he has learned the importance of discipline and consistency. “With endurance sports you need to set timetables, keep logs, plan ahead and train hard. I set different goals for myself in each competition too.”
This way of thinking has helped Poon expand his comfort zone as an accountant. “I have learned to set realistic goals for my career. I have always adapted to the evolving business and accounting worlds,” he notes. Poon’s diverse interests have helped him build a wide network, even though he has to manage his time creatively. “I believe in achieving a work-life balance, but I have to work long hours. I’ve run up and down stairs or commuted by bicycle to keep fit,” he admits. “My favourite motto is ‘do the right thing’ – I always play by the rules and never take advantage.” Derek Lai FCPA (Aust.), the Regional Managing Partner (Southern China) at Deloitte and CPA Australia’s 2006 Divisional President – Greater China, knows a thing or two about determination. Lai, who has 26 years of experience specialising in corporate restructuring and insolvency, describes the company as purpose-led, and committed to making an impact that matters to clients and society. He also leads Pass the Torch, one of Deloitte’s corporate social responsibility programs in Southern China, and provides mentorship to secondary school students in Hong Kong.
Derek Lai FCPA (Aust.)
Lai also has a personal triumph to be proud of. He overcame Spondyloepiphyseal dysplasia, the bone disease he was born with. “I don’t let it define me, I’m defined by what I do. I have learned to appreciate what I have and never give up,” he says, mentioning a love for travel, movies and monthly birthday parties for staff. Lai champions staff programs that improve well-being and raise a sense of belonging. 45
Passion is one of Lai’s ingredients for success, and it stops him getting bogged down by his heavy workload. “I do what needs to be done, because it is my responsibility to do it, and I take ownership,” he says. Faith is another quality he feels is important: “Vision without execution is meaningless, and sustained success is unlikely when there is execution without passion.” Lai believes that it’s too easy to give up without realising how close success is. “If I can get to be what I am today, anyone can. Failure comes from not trying,” says Lai. A passion for quality drives Patrick Kwok FCPA (Aust.), CPA Australia’s Divisional Councillor – Greater China. His accounting career has taken him from Director of Accounting and Finance of McDonald’s Hong Kong to Head of Operations of Starbucks (Hong Kong and Macau), where he oversees strategic management, operations, market and store developments. Kwok cites his 20 years in multinational corporations as the source of his love for quality. “We put extensive attention and effort into quality management, building up systems, and implementing standards and policies to measure the quality of the business and its operations,” he says. But he also knows the staff need something extra. “For staff to achieve high-quality work you have to stimulate their love for what they do,” he advises.
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Patrick Kwok FCPA (Aust.)
Kwok says that quality motivates him to refine everything. “My passion for quality developed from my traditional accounting training with CPA Australia. A business can really thrive with the help of a good financial report to base the right decisions around,” he says. Kwok likes to work with others, so he feels operations is the right role for him. “I’m willing to go the extra mile to explore options in doing things differently,” he says. “I’m a very imaginative guy, but I believe a strong foundation is necessary too. Thanks to 16 years of accounting knowledge, I think before I act.”
Albert Yip FCPA (Aust.), has over 26 years of experience in corporate finance, internal auditing, risk management, compliance and information security across APAC and the USA. He’s Chairperson, Financial Services Committee of Greater China, CPA Australia, and Senior Vice President, Regional Head of Corporate Audit, APAC, State Street Corporation. That might seem a weighty role, but Yip says he enjoys challenges and loves extreme sports including fencing and shooting. He admits that he has dreamt of being a hero in a SWAT team: “An auditor is like a team member of a special task force, well equipped and trained, and being the third line of defence in protecting assets and the best interest of both the company and stakeholders,” he explains. During his career, Yip has experienced global financial crisis and their resulting regulatory regimes, as well as constant changes in technology, and the evolving transformation of the world economy. “It’s all emerging or even unpredictable,” he says: “You have to be an energetic, versatile professional with a broad knowledge and an all-round skillset. These changes have motivated me to learn, and they have made me a strong believer in teamwork,” he explains. Yip likes to draw on a pool of many different talents to resolve difficult
Albert Yip FCPA (Aust.)
challenges. “We are all unique, and we all have different talents. We should also accept other people’s weaknesses, and admit our own,” he says. His belief in individuals, and in teamwork, enabled his past teams to gain the highest staff engagement scores – and he has received the highest manager effectiveness scores too. “This is an imperfect world that is full of grievances, but we are all normal people,” Yip says. “Integrity and appreciation are at the core of everything I do. These qualities can make this world a better, happier place.” 47
Adding it all up CPA Australia, one of the world’s largest accounting bodies, provides a range of useful services to its members. Education, training and networking support are available, along with some more subtle, equally useful services provided for new generations of graduating accountants. These include giving members the inspiration to succeed, sharing knowledge, and forging leadership skills. Nelson Hon CPA (Aust.), a Trust Relationship Manager at HSBC Trustee (Hong Kong) Limited, is Chairperson of CPA Australia’s Young Achievers Committee (YAC). The networking platform offers activities for young professional accountants, the aim of which, Hon says, is to create a relaxed atmosphere in which they can get to know each other and share their knowledge. The YAC organises an annual CPA Australia Christmas Charity Santa Race to raise money for children in need, and YAC has been recognised for their work with a Volunteer of the Year award from the Evangelical Lutheran Church of Hong Kong in 2015. Events like this have made Hon feel thankful, he says. “When I attended an event for underprivileged children, I realised how lucky I was as a child,” Hon explains. “I was able to focus on what I wanted, and I didn’t have to worry about the cost.” he says. “Nowadays, I want to help those in need. Christmas is a special time for everyone, and a good opportunity to serve the community and bring joy and happiness to the underprivileged.” 48
Nelson Hon CPA (Aust.)
Hon’s sense of social responsibility encompasses the whole community. “Everyone should serve the community they live in. A donation is one way to give, but serving in a more hands-on way also means a lot,” he explains. Hon’s community spirit demonstrates that he leads by example. He feels the networking and social elements are a bonus, as he enjoys meeting professionals from different areas of accounting through the activities at CPA Australia. Like Hon, Chris Pang CPA (Aust.), enjoys connecting with members and involving himself in charitable community work. Pang has served in the YAC for the past three years and is currently its Deputy Chairperson. Pang
has experience in different types of accounting, and is known as much for his sociable nature as his business insights. Pang’s friendship with Hon illustrates the benefits of the social aspects of YAC. Although they work in different companies, Pang and Hon spend time together on YAC activities, and this has enabled them to share their work knowledge and their life experiences. “The experience I gain from organising events in CPA Australia is enormous,” says Pang. “I have expanded my network to more than 100 professionals, and built real friendships. We have bonded over diverse issues like career, health and sports, and charity work. It guides my work and life, and I see a benefit too.” Hosting events for CPA Australia has enabled Pang to meet various delegations and representatives from governments, organisations, and businesses. As communication and interpersonal skills are vital to his work, Pang says he benefits from meeting CEOs in listed companies, and those in different business sectors. CPA Australia has improved his communication skills, he says: “Its status gives me an intangible confidence when I meet important people.” It’s also useful for young accountants to meet entrepreneurs, as it gives them a greater understanding of business, Pang says. “Our business knowledge comes from very different perspectives, but the synergy is still there and it’s important. It’s good to exchange what we know.” Pang is the Assurance Manager at PricewaterhouseCoopers (PwC), he has been involved in the start-up ecosystem in the Science Park and Cyberport, where he helps to identify potential companies and entrepreneurs.
Chris Pang CPA (Aust.)
Pang has two roles. He coordinates postdeal transactions for portfolio companies in private equity firms or venture capital funds, and also advises the start-ups. “I help them tackle difficult tasks like accounting and fundraising when they are looking for investment from venture capital funds and angel investors,” he explains. Trust, he notes, is imperative for such tasks. Meeting Raymond Tam and Ronald Tam at a CPA Australia event may entail a double take – they’re twins. Raymond Tam FCPA (Aust.), studied engineering, and worked briefly as a civil and structural engineer, then went on to work for 11 years in investment and corporate banking. After this, he worked at the Australian mining conglomerate, Mineralogy Group, as a CFO and Project Director. He now serves as CFO of a Hong Kong listed biotech company and Vice President (Asia Convention) of the World Leadership Alliance – World Economic Council. 49
Raymond Tam FCPA (Aust.) and Ronald Tam FCPA (Aust.)
Ronald Tam FCPA (Aust.), studied commerce, before working in mergers and acquisitions (M&A), corporate finance, and working on IPOs for Chinese companies at Barings, BOC, UBS and Jefferies. Ronald is now pursuing an interest in entrepreneurial ventures in biotech/tech and education, industries which he thinks will profoundly impact global societies in the future. Facing adversity early in his career made Ronald adaptable – he graduated in 1997, when the Asian financial crisis was prompting large-scale layoffs. “I couldn’t get into investment banking immediately, so I got a job at Ernst & Young as an auditor, before moving to a management trainee program at HSBC,” he explains. This was the quickest and most secure path to his goal, he notes. Ronald waited three years, and then moved into investment banking. Ronald says the practical skills he learned from CPA Australia have proved the most beneficial: “As an investment banker, my
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chief financial officer clients want me to speak the same financial language as them. CPA Australia has equipped me with these vital ‘hard’ skills.” But he is also quick to mention the leadership and teamwork training, meetings with professionals, and his exposure to committee level meetings and activities in CPA Australia as positives. Raymond says being a CPA Australia member is exciting because it exposes him to people from different business and cultural backgrounds. He loves learning, he says, “It motivates me to move forward and address challenges.” He also says he enjoys giving to charity. Above all else, Raymond values the soft skills he’s learned from CPA Australia, like leadership, decision-making, and innovative thinking. “It has helped me learn the core competencies that are essential in today’s ever-changing world, where change is the only constant,” he says, noting that flexibility and adaptability are important.
CPA Australia : a lifelong affair
“The best thing for having a CPA Australia designation can be summarized into 4 Rs, responsibility, reputation, respect, recognition.” Roy Lo FCPA (Aust.) Managing Partner, SHINEWING (HK) CPA Limited
“CPA Australia helps me to expand my accounting business globally.” Thomas Wong FCPA (Aust.) Partner, CWCC Certified Public Accountants
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CPA Australia : a lifelong affair
“CPA Australia is an accounting body for the people – one that promotes a warm and caring culture for the profession and the public.” Arnold Chan FCPA (Aust.) Project Finance Director, Dragages Hong Kong Limited
“CPA Australia’s designation is a trampoline for life long professional success.” Tatyana Klauzner FCPA (Aust.) Director, Head of Corporate Communications, Asia Legg Mason Global Asset Management
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CPA Australia : a lifelong affair
“CPA Australia is the best professional platform where I am able to gain knowledge, networking opportunities and invaluable friendship!” Vickie Fan CPA (Aust.) Partner, Fan Chan & Co.
“The CPA Australia designation is an important qualification for developing my CPA practice” Ronnie Choi CPA (Aust.) Managing Director, Choi & Lo C.P.A Limited
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CPA Australia : a lifelong affair
“Members of CPA Australia are globally recognised as finance professionals with commercial insight.” Angus Yiu CPA (Aust.) Head of Investor Relations & Corporate Planning, Li Ning Sportswear Company Limited
“CPA Australia - Master Of Many.” Spencer Ma FCPA (Aust.) Chief Consulting Officer, Stonehenge Consulting Limited
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Platinum sponsors
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