In a recent article of the UK magazine (Feb issue), The Accountant, entitled "Resources challenge heads agenda", Albert Au, Managing Director of BDO McCabe Lo Limited cum President of the Hong Kong Institute of Certified Public Accountants (HKICPA), talked about the shortage of professional accountants in Hong Kong. 'I think that is one of the main challenges for many of us,' he said. 'The overtime that accountants are putting in I think is a reflection of the scarcity of resources, the scarcity of accountants.'

Au then went on to cite the importance of enhancing and deepening the educational thrust of the institute to the future growth of accounting industry. His main goal for his term as president, on the one hand, is to promote HKICPA qualification for new entrants; on the other hand, to assist existing members by offering more continuing professional development (CPD) programmes. ' We have a lot of changing accounting and auditing regulations at the moment. We need to help our members to cope with all these challenges.' Au said.

The article also touched upon the significance of building on strong global links, as illustrated by mutual recognition agreements between the HKICPA and a number of major accounting institutes. The HKICPA had also worked closely with Chinese Ministry of Finance (MOF) and signed a joint declaration to identify the difference between Hong Kong Financial Reporting Standards and auditing standards with those of the Mainland, so as to help the convergence of the Mainland and international accounting standards.