HOT NEWS

HKICPA Annual Dinner 2004 - "A Dash of Red"

Come and celebrate with "A Dash of Red" at this year's annual dinner on Thursday, 25 November 2004 at the InterContinental Hotel, Tsimshatsui, Kowloon. Join your fellow members for an evening with songs and dances, entertainment and food as well as the chance to win in the LUCKY DRAW.

The Institute issues an ED of proposed Preface to Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services. The proposed Preface sets out the objectives and due process of the Institute Council in respect of setting Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services, and explains the scope, authority and timing of application of these Standards. Comments are requested by 31 December 2004.

Invitation to Comment on IAASB ED on Audit Documentation

The Institute issues an Invitation to Comment on IAASB ED on ISA 230 (Revised), "Audit Documentation". Comments are requested by 7 January 2005.

The proposed revised ISA provides for greater rigour in documentation of key audit matters, which will ultimately drive improved auditor performance. It includes clarification on the form, content, and extent of audit documentation, guidance on changes to audit documentation after the date of the auditor's report, and matters to be considered in connection with confidentiality, safe custody, and retention of audit documentation.

Invitation to Comment on IAASB ED on Proposed Policy Statement on Clarifying Professional Requirements in International Standards

The Institute issues an Invitation to Comment on IAASB ED on Proposed Policy Statement, "Clarifying Professional Requirements in International Standards Issued by the IAASB" and a related Consultation Paper on "Improving the Clarity and Structure of IAASB Standards and Related Considerations for Practice Statements". Comments are requested by 6 December 2004.

The ED proposes to define two categories of professional requirements – "requirements" and "presumptive requirements" – and the corresponding language to be used in pronouncements. A requirement, to be fulfilled in all cases, would be identified by the word "shall" and a presumptive requirement by the word "should". In addition, the IAASB recommends that the use of the present tense be discontinued when referring to actions by the professional accountant. The related Consultation Paper seeks feedback on whether there is a need to change the way IAASB standards are drafted.

Invitation to Comment on IFAC ED of Proposed Revised Code of Ethics

The Institute issues an Invitation to Comment on the IFAC ED "Proposed Revised Code of Ethics for Professional Accountants" which seeks to clarify the independence requirements for professional accountants in public practice . Comments are requested by 19 November 2004.

The proposed changes in the independence section seek to conform to the International Framework for Assurance Engagements and the definitions contained in International Standard on Quality Control 1 "Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements". The IFAC ED also proposes an additional requirement to rotate the individual responsible for the engagement quality review in an audit of a listed entity.

HKICPA Study Mission to Shanghai 香港會計師公會上海考察團 (1-3 December 2004) (Reminder)

Co-organised with the Hong Kong Trade Development Council, this 3-day study mission to Shanghai provides an excellent opportunity for members who are doing business in/with the Mainland to understand the regulations/operations of the government machinery and business environment in Shanghai . Networking visits to various trade, commerce, tax, customs etc. authorities in Shanghai will be made during the trip. Please click here for details and register now.

Co-organised with the Hong Kong Polytechnic University , this half-day symposium (in Putonghua) features speakers from Mainland authorities and CPA practices. Madam Ying Wei ( 應唯 ), Deputy-Director General of the Accounting Regulatory Department of the PRC Ministry of Finance, Professor Huang Shizhong ( 黃世忠 ),Vice-President of Xiamen National Accounting Institute, and Mr. Zhu Qiheng ( 朱祺珩 ),Chief Partner of Pan-China Schinda Certified Public Accountants, will share their insights on the latest development of PRC accounting standards and system, common auditing pitfalls and risk management issues in the Mainland. Seats are limited. Enrol now.

Continuing Professional Development (CPD) Programmes – November & December 2004

To attend to members' diverse training needs, the Institute will be offering a variety of CPD programmes in November and December which include seminars and language courses. Seats are limited. Interested members, please register now to secure a seat.

Changes to HKICPA's Mandatory CPD Scheme

The Statement 1.500 "Continuing Professional Development" was revised in September 2004 to reflect the consequential changes required as a result of the passage of the Professional Accountants (Amendment) Ordinance (PAO) 2004. Under the revised Statement, compliance with CPD requirements was now made one of the conditions for membership renewal under Section 28(2)(c) and 30(8)(a) and (b) of the PAO. Furthermore, the reporting period for CPD compliance has now been changed to the period covering 1 December of each year to 30 November of the following year. The requirements in the newly revised Statement 1.500 are applicable to members' compliance with the CPD requirements for the reporting periods beginning on or after 1 December 2003. Therefore, the first reporting period under this revised Statement should be from 1 December 2003 to 30 November 2004.

For a copy of the revised Statement, please go to the HKICPA's website at http://www.hkicpa.org.hk/ebook/HKSA_Members_Handbook_Master/updates/update006.pdf. The FAQs on CPD requirements can also be found at http://www.hkicpa.org.hk/faq/member/cpd/cpd.php.

HKICPA Executive Program for Accountants
Information Technology Risk Management

Fourth intake commencing 30 October 2004 open for enrolment

Earn over 50 CPD hours in eight weeks at a cost as low as $3,600*. Upon completion, members will be awarded the HKICPA Executive Certificate in IT Risk Management for Accountants.  

Course Brochure and Registration Form  

* Applicable to members who apply for early bird discount and Continuing Education Fund reimbursement.

Information Security Summit 2004 (11-12 November 2004)

This international event will provide attendees with the opportunity to participate in a forum delivering a diverse range of practical information security experiences from all over the world. HKICPA members would enjoy preferential rate for supporting organisations.

Register NOW.

InfoCite – November & December 2004

BENEFITS & DISCOUNT OFFERS

HKICPA Personal Insurance Programme 2004/2005
The Institute has solicited a number of personal insurance plans for members and registered students with competitive premium rates. The salient features of various plans are detailed in the circular.

Singapore + Bintan Island Paradise Package 4 Days / 3 Nights HK$1,999

and more...

Toast to your new CPA brand with a premium wine selection

Download order form

FOR YOUR INTEREST

HKICPA Spoof Video
- Back by popular demand. Now available for your viewing.

Click here to enjoy the three spoof videos that have only been previewed once at the HKICPA brand launch cocktail reception. These are the creative videos that somehow did not get publicly released as TV commercials. However, we have since received numerous requests from members to view them. Here they are and please feel free to pass them on to your friends and share the fun.

2004 HKMA Annual Conference "Leadership and Success"

HKIFM and IFMA (HK Chapter) Joint Conference 2004