DISASTER RELIEF

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

PROFESSIONAL PRONOUNCEMENTS

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.

HKICPA INTERMEDIATE INSOLVENCY TRAINING COURSE 2005

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.

MAINLAND & INTERNATIONAL AFFAIRS

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:-

The leaflet of the programme and enrolment form are obtainable at the following website:-
http://www.hktrainingonline.com/eng/training/coursedetail/10023911.pdf.

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.