Issue no. 33
(12 January 2005) change login id / password
    Dear Members / Member Practices,
In this issue
Disaster Relief
Invitation to Comment on IAASB EDs
HKICPA Intermediate Insolvency Training Course 2005
Mainland & International Affairs
Benefits & Discount Offers


We know many of our members are contributing to the relief and reconstruction agencies doing the grueling work of helping tsunami survivors across Southeast Asia. The Council has decided to donate HK$200,000, which is slightly more than half of the money in the Institute's Charitable Fund, to the International Red Cross.

In the meantime, we will be looking for other initiatives whereby the Institute can support the relief and reconstruction agencies dealing with the mammoth job of helping people recover their lives and communities. We know our members will continue to help the many millions of people who are struggling now, and should you have any other suggestions regarding how the Institute could contribute to the aid effort, we would be glad to hear them.

Sincere regards,

Winnie Cheung


Invitation to Comment on IAASB EDs of revised ISAs on Audit Materiality and Auditing Accounting Estimates

The Institute issued an Invitation to Comment on IAASB EDs of Proposed ISA 320 (Revised) "Materiality in the Identification and Evaluation of Misstatements" and Proposed ISA 540 (Revised) "Auditing Accounting Estimates and Related Disclosures (Other than Those Involving Fair Value Measurements and Disclosures)". Comments are requested by 8 April 2005.

The proposed revised ISA 320 establishes standards and provides guidance on audit materiality and how it is used in the identification and evaluation of misstatements when performing an audit of financial statements. It indicates that the auditor's judgment as to matters that are material to users of the financial statements is based on consideration of the needs of users as a group and not individual users whose needs may vary widely.

The proposed revised ISA 540 establishes standards and provides guidance on auditing accounting estimates and related disclosures. It conforms the approach to auditing accounting estimates to the IAASB's new audit risk and revised fraud standards.


Last Call for HKICPA Intermediate Insolvency Training Course 2005

The HKICPA Intermediate Insolvency Training Course 2005 will be held on five Saturday mornings from 19 February 2005 to 2 April 2005. It features many of the practical issues relating to the financial, management, legal and accounting aspects of insolvency administration. Experienced practitioners will be invited to share their practical knowledge and discuss related issues.

Interested parties who are involved in insolvency administration, please register by 18 January 2005 by completing the registration form and returning it to the HKICPA.


Professionals Exchange Tour to Foshan (佛山巿專業交流團) (4-5 March 2005)

The Hong Kong Coalition of Professional Services (HKCPS) will organise an exchange tour to Foshan on 4-5 March 2005 (Friday-Saturday). The programme is aimed at helping Hong Kong professionals develop networks with their Mainland counterparts and facilitate cross-disciplinary collaboration.

You are encouraged to participate in the trip. Details of the exchange tour are as follows:-

Date: 4-5 March 2005 (Friday-Saturday)
Location: Foshan
Tour Leader: Mr. C.Y. Leung, Chairman of HKCPS
Tour fee for HKICPA member: $1,000 (twin sharing)
$1,200 (single room)
$900 (day trip with no hotel accommodation)
Tour size: 80 persons (on a first-come-first-served basis)
Enrolment deadline: 25 February 2005

The leaflet of the programme and enrolment form are obtainable at the following website:-

The leaflet of the programme and enrolment form are also available at the Institute's counter.

If you have any queries on this matter, please contact Ms. Fung or Ms. Chan (tel.: 2788 6153) of the Hong Kong Productivity Council, the implementing agent, direct.



PRC Executive Orientation Programme for Hong Kong Young Professionals (香港青年專業人士內地市場導向課程) – REMINDER for Urgent Enrolment.

The Hong Kong Coalition of Professional Services will organise a PRC Executive Orientation Programme during the period from 15 January to 5 March 2005. The courses of this programme are aimed at enhancing the Hong Kong professionals' competitiveness and understanding of the development and prospect in the Mainland.

The enrolment deadline of the programme has been extended to Friday, 14 January 2005. Please click here for the leaflet of the programme and enrolment form.

If you have any queries on this matter, please contact Ms. Yeung (tel. 2788 6178) or Mr. Ho (tel.: 2788 5419) of the Hong Kong Productivity Council, the implementing agent, direct.

Bloomsbury Events

Come and meet Leo Goodstadt - Leo Goodstadt will meet his readers at Bloomsbury and introduce his new book Uneasy Partners: The Conflict between Public Interest & Private Profit in Hong Kong on Thursday 13 January 2005 6:00 p.m. – 7:30 p.m.

Download Reply Slip/Order Form ...

Caltex StarCard promotion
From now till 31 August 2005, HKICPA members who successfully applied for the Caltex StarCard can:
Enjoy up to HK$1.20 per litre gasoline discount.
Accumulate bonus points to redeem rewards under the Caltex "We Are Family" Bonus Points Rewards Programme.
Receive monthly statements to conveniently keep track of the fuel spending.
Apply now ...

Holiday and travel packages:
Shanghai Chinese New Year Package 4 Days 3 Nights from HK$2,270
Mission Hills Resort - Chinese New Year Special Package HK$580
Four Seasons Hotel Tokyo at Chinzan-so 3 Days 2 Nights Hotel Package from HK$4,488
Australia Winner Promotion
(Perth - HK$4,390 up, Cairns/The Gold Coast, or Adelaide/Brisbane/Melbourne/Sydney - HK$5,890 up)
and more ...

If you require any technical assistance on this transmission, please do not hesitate to contact any of the following staff:

Telephone no. E-mail address
Mr. Andrew Wong 2287 7245
Mr. Tomas Chan 2287 7041
Ms. Vian Tai 2287 7224
Mr. Kelvin Chiu 2287 7096

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