The Bachelor of Science in Accounting with Specialization in Professional Accountancy, which is offered by the University of Macau's (UM) Faculty of Business Administration, becomes the first bachelor's degree programme in Macao accredited under the Qualification Programme (QP) of the Hong Kong Institute of Certified Public Accountants. The said programme, together with the Bachelor of Science in Accounting with Specialization in Accounting and Information Systems, were accredited by the Certified Practising Accountants of Australia in 2013. Students admitted in the Bachelor of Science in Accounting with Specialization in Professional Accountancy from academic year 2013/2014 to 2015/2016 are eligible for direct entry to the QP. After completion of the QP and having gained sufficient recognized work experience, the students can register as the Institute's Certified Public Accountants (CPAs). They can also register as CPAs (practising) practising public accountancy in Hong Kong provided that they have sat and passed the Aptitude Test/ Practising Certificate (PC) Examination on Hong Kong Law. The Institute was incorporated by the Professional Accountants Ordinance (Chapter 50, Laws of Hong Kong) since 1973. It is the only statutory licensing body of accountants in Hong Kong responsible for the professional training, development and regulation of the accountancy profession. Currently there are more than 35,000 members and 17,000 registered students around the world. Members of the Institute can use the initials "CPA" or "FCPA" for their appropriate status in the Institute. The Institute's QP is accorded recognition on five continents. The Institute has signed agreements with the chartered accountant institutes of Australia, Canada, England, Ireland, New Zealand, Scotland, South Africa, Wales and Zimbabwe, and with the Association of Chartered Certified Accountants, the Certified Practising Accountants of Australia, the Association of International Accountants, and the NASBA/AICPA International Qualifications Appraisal Board of the United States, for access to membership in their institutes and practicing rights in their countries. The QP is a combination of theory and practice and is designed in collaboration with the international experts to achieve the highest standards as a world-class accountancy programme. The QP requires self-study and completion of the workshops and open-book examinations of four modules, and an integrated final examination. QP graduates can also receive four paper exemptions of the PRC CPA Uniform Examination.