Becoming a Trust Services (WebTrust & SysTrust) licensee

CPA firms must meet certain pre-qualification criteria before they can be granted the Trust Services license by HKICPA.

The sub-license agreement includes stipulations which ensure the service is performed in accordance with professional and assurance standards in Hong Kong and with the Trust Services principles and criteria, and that timely procedures to refresh the WebTrust report and the WebTrust Seal are carried out at least every twelve months. It also demands that the CPA firm participates in the HKICPA's quality assurance programme and meet specific training and competency requirements. Firms that engage in WebTrust work must also demonstrate that their engagement team meets the required level of IT competency.

HKICPA Trust Services Licensing Kit

•  Application Form for Trust Services License (Form TS-1)
•  Trust Services License – Hong Kong Practitioner's Sub-license Agreement (Form TS-2)
•  Explanatory Memorandum (Form TS-3)
•  Guide to Assessment of Competency for Trust Services (Form TS-4)

Standards Adaptation and Development

With HKICPA becoming a WebTrust licensing body, local accountants will be able to join the expanding global family of WebTrust practitioners and participate in the use and future development of the WebTrust principles and criteria. HKICPA is adapting the WebTrust standards to local context so as to incorporate the local legislative and regulatory requirements, for example, the Hong Kong Privacy Law.

Quality Assurance

HKICPA is developing a quality assurance programme to monitor licensed firms' performance of WebTrust service and to ensure consistent application and high standard of performance of the WebTrust audit.

Marketing and Promotion

HKICPA has carried out regular promotional activities to establish broad market recognition of WebTrust as the global e-commerce best practice standards. These include submission to the government and public bodies on e-commerce related regulatory framework, and monitoring the development of the e-business market environment, etc.

How to get a WebTrust Seal

To obtain a WebTrust Seal, an on-line business must undergo a formal WebTrust review conducted by a CPA firm licensed to provide WebTrust services at least every twelve months. The review assesses the e-commerce activities conducted through the company's website against globally developed standards on e-commerce "best practice". Such standards are set forth in defined WebTrust Principlesand Criteria to which the company undergoing review must successfully meet in order to be given the WebTrust Seal for display on its site.

WebTrust reviews are currently available in Hong Kong for On-line Privacy, Security, Business Practices / Transaction Integrity, Availability and Certification Authorities areas of e-commerce activity. Consult your local Trust Services Practitioners for more information on these services.

Click here for a list of Licensed Trust Services Practitioners.