Celebrating the past, influencing the future.

Celebrating the past,
influencing the future.
4
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
3
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
4
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
5
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
6
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
7
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
8
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
9
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
10
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
11
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
12
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
13
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
14
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
15
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
16
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
C
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
20
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.
21
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.
22
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.
23
Mentoring:
a leadership
call to action
A
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.
24
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
25
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
26
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
28
2008: Opening of the new Hong Kong office
2012: Young Achievers Committee - Christmas Fun Fair
29
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
30
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
H
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
32
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.
34
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.
35
Delivering excellence
around the globe
A
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
36
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
37
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
A
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.”
43
A wealth of talent
T
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
44
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.
46
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.”
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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.”
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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
50
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
52
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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