Professional risk management

Professional risk management is the term applied to the practical measures that can be taken by accountants to manage the extent of potential professional liability risks.

 

Risk Management Guidance

The Institute publishes Technical Bulletins, drawing members' attention to the principal areas in which actions for negligence may be brought against them by clients or third parties and suggesting steps which they may properly be able to take to reduce the risk of such claims.

No. Subject
Issue Date
PRMB 2Auditors' Duty of Care to Third Parties and The Audit Report
27/5/2003
PRMB 1

Managing the Professional Liability of Accountants

15/7/1999

 

Reference Materials


PIIBs


The Institute publishes on a regular basis Professional Indemnity Insurance Master Policy (Policy) Bulletins (PIIBs) which are prepared by the appointed brokers of the Policy highlighting issues of interest in the area of Professional Insurance Indemnity.

No.Theme articlesIssue Date
PIIB 102003-2004 renewal of the Institute PII Master Policy02/04
PIIB 9
  • Master Policy Terms of Renewal
  • Zelino Pty Ltd v Budai
  • Cave v Robinson Jarvis & Rolf
11/02
PIIB 8
  • Receivers Owe No Duty of Care
  • Master Policy Update
  • Members' Questions Answered
10/02
PIIB 7
  • The Insurance Market Following The World Trade Center Attack
  • Causal Relationship between Breach of Contract and Loss Suffered
  • Policy Renewal
  • Claims Arising Out of WebTrust Activities
  • Collapse of HIH and Independent
11/01
PIIB 6
  • The Duty of Care When Auditing and Advising Smaller Companies
  • WebTrust Activities
3/01
PIIB 5Auditors' Duty to Shareholders5/99*
PIIB 4Year 2000 Exposure6/98*
PIIB 3Issues Relating to the Renewal of the PII Master Policy10/97*
PIIB 2PII Master Policy Scheme Update9/97*
PIIB 1PII Master Policy Coverage6/97*

* If you would like to obtain any of these back issues, please contact the Department of Operation & Finance of the Institute.

 

Articles

IssueSubject
A PLUS May 2006Liability reform: who pays?
Hong Kong Accountant
May 2005
Liability reform is the top priority for Hong Kong Institute of CPAs
Hong Kong Accountant
December 2004
Reporting suspicions about proceeds of crime
Hong Kong Accountant
December 2004
Exclude me in: when is an exclusion clause not an exclusion clause?
Hong Kong Accountant
December 2004
The first principle of risk management – know your client
Hong Kong Accountant
December 2004
Limited liability partnerships may soon be a reality
Hong Kong Accountant
January 2004
HKICPA continues its advocacy action on the proposal for an equitable system of liability
Hong Kong Accountant
August 2003
HKICPA advocacy action on the proposal for an equitable system of liability
Hong Kong Accountant
August 2003
Prevention better than cure
Hong Kong Accountant
June 2003
Auditors beware : the dangers of taking on duties to banks without realising
TechWatch March 2003The UK Bannerman Case - Recent Legal Development In Relation To Auditors' Duty Of Care To Third Parties
Hong Kong Accountant
November 2002
Limitation periods - no cause for alarm