ACCA programme aims to put the accountancy books to rights

IN THE WAKE of various high-profile financial scandals, the accountancy profession has taken a battering in the past few years.

Realising public confidence has been shaken, significant efforts are being made to repair that tarnished reputation and set a new level of professional standards.

'You can't underestimate the damage caused to the profession,' said Stephen Heathcote, head of training and development for the Association of Chartered Certified Accountants (ACCA), which represents about half of Hong Kong's 30,000 accountants.

In response, ACCA is now insisting that all members worldwide keep up-to-date with regulations and best practices through compulsory lifelong learning.

This new continuing professional development (CPD) programme, ACCA Realise, requires the completion of 40 one-hour units of learning every year.

The focus is on four main areas: online learning; work-based mentoring, discussion groups and networking; researching technical and business material; and attending courses or study programmes. Members must complete an annual CPD return, similar to a tax return, confirming the skills maintained or enhanced and declare their continuing compliance with professional ethics standards.

ACCA Realise comes into force from this month for those admitted since 2001. Next year, those admitted from 1995 to 2000 must comply and by 2007 every member must do so.