16 July 2019
The live concert and awards show put up by the satirical magazine 100Most was well-received by Hongkongers. Photo: YouTube
The live concert and awards show put up by the satirical magazine 100Most was well-received by Hongkongers. Photo: YouTube

What HKICPA could learn from 100Most concert

TVMost 1st Guy Ten Big Ging Cook Gum Cook Awards Distribution, the live concert and awards show put up by the satirical magazine 100Most, has been a huge success.

The event’s success shows the innovative and non-traditional way of communication among the young generation. They usually think out of the box and value the present the most.

In my opinion, the Hong Kong Institute of Certified Public Accountants (HKICPA) could learn something from the event, in terms of enhancing its communication with its young members.

As I’ve noted in this column before, the Mid-Tier Firm Alliance has criticized that the HKICPA consultations on proposals to improve the regulatory regime for auditors of listed firms have resulted in conclusions that are contrary to the views expressed by members and the general public.

However, the institute just ignored these voices.

Members of the Mid-Tier Firm Alliance are all seasoned and well-respected professionals in the accounting business.

Senior members like Raymond Cheng wouldn’t use other channels if the HKICPA had a good communication system for them to express their views.

If the privileged always serve vested interest groups and continue to neglect or ignore the aspirations of the less powerful group, what choice do the neglected have?

Public outcry is very much constrained; they may just start a revolution and overthrow the existing system.

There is no sign of reform agenda since the HKICPA elected a new chairwoman, Ivy Cheung Wing-han. The group’s annual election has become a routine, and the turnout has tumbled to a record low.

One of the major reasons is that many members are so disappointed with the HKICPA.

Any elected leader would just perpetuate the pro-establishment camp’s control over the industry. Benefits to members are just empty talk.

In a media interview, the new chairwoman said: “Although I was elected by the HKICPA council, I have already won some recognition for my work since I joined the council.”

That remarks show what her weak mandate.

The current system of electing the chairman and vice chairman is so opaque; members don’t even have an idea who the candidates are. The entire process known only to the council members.

HKICPA members have no say on who should run for the chairmanship. If they did, candidates would have far more aggressive agendas.

And the chairman’s one-year term ends so fast, after which he could easily find a good post in government consultancies.

What happens to the members’ benefits? Leave it for the next chairman.

Horace Ma Chun-fung is the writer of this article, which appeared in the Hong Kong Economic Journal on Jan. 15.

Translation by Julie Zhu

[Chinese version 中文版]

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