ACCOUNTING SURVEY
Raymund Chao, Chairman, PwC Asia Pacific
Top Hong Kong accounting firms beef up payroll in 2017 There is a huge demand for trust-related services due to looming data risks.
O
ur annual accounting survey revealed that PwC, EY, Deloitte, and KPMG cemented their positions last year, with PwC taking the lead with a total number of employees at 4,000, up 100 from last year’s figures. EY comes at second with 3,000 employees, also up 100 from last year’s 2,900. Deloitte Touch Tomatsu grew the most with 235 new recruits to add to its 2,265 employees in 2016. KPMG and BDO retained their fourth and fifth places with steady 2,200 and 1,100 employees, respectively. Deloitte’s global workforce increased by 70,000 new recruits in 2017 to meet the ever-expanding scope of the company’s work. The increase is 8% higher than that of the previous year, considering that Deloitte China is now 13,000-strong across 21 offices, with 2,500 based in Hong Kong. As the age of big data continues to transform business and recruitment models across sectors, the accounting industry has already stepped up to the challenge by revolutionising traditional tasks such as bookkeeping, tax, and audit. To attract top talent, top accounting 26
HONG KONG BUSINESS | JANUARY 2018
The accounting sector expects a huge demand for trust-related services as a result of uncertainties in information security, data privacy, corporate culture and governance, risk management, and regulatory compliance.
firms have also added more recruitment benefits such as flexible work schedules, health and wellness programmes, diverse interest classes, and mobile apps for work. Points of interest Over the next few months, the accounting sector expects a huge demand for trust-related services as a result of uncertainties in information security, data privacy, corporate culture and governance, risk management, and regulatory compliance. Major areas of public concern such as food safety, climate change, and sustainability are also
Wong Poh Weng, Chairman, RSM Hong Kong
expected to be on accounting executives’ recruitment agenda. Wong Poh Weng, chairman, RSM Hong Kong, believes that the biggest change in the industry during the year were the changes in auditing and accounting standards. According to him, significant provisions relate to the auditing standards requiring an extended format of audit reports and extending the auditor’s responsibilities to cover other information. Furthermore, the accounting sector may have a breakthrough in terms of audit regulatory reform. “The Financial Reporting Council (FRC) have already taken over the investigation of listed company audit failures from the Hong Kong Institute of Certified Public Accountants (Hong KongICPA), but the industry body still retains the duties of routine inspection and disciplinary roles. The reform will make FRC a fully independent audit industry regulator. We envisage the draft legislation may finally find its way to the Legco in the latter part of 2018,” said Johnson Kong, managing director of non-assurance, BDO. China’s Belt and Road Initiative will also remain a top consideration as it is expected to rake in huge profits from investments and developments. China’s new cybersecurity law will also have a significant impact on network operators and firms with operations in the mainland. Nevertheless, Hong Kong is set to benefit from China’s economic resilience, particularly from the Belt and Road