Issue no. 65
(30 June 2005)		 www.hkicpa.org.hk change login id / password
    Dear Members/Member Practices,
In this issue
Mutual Recognition Agreements
Internal Control and Risk Management Guide

Rich Kid, Poor Kid

New HK Standards on Auditing and Review
Technical Update Evenings
Seminar on Audit Documentation
Sports News
For Your Information
New MRAs expand members' international recognition
T he Institute has concluded negotiations on mutual recognition agreements with CPA Australia and the
Canadian Institute of Chartered Accountants (CICA). The MRA with CPAA was signed on 24 June and the signing date with CICA is being arranged. The agreement with CICA will - for the first time - ensure our CPA QP is recognized on five continents - Asia, Australia, Africa, Europe and North America. Please click here to see the letter to members and students from the Chief Executive.
New "Internal Control and Risk Management Guide"
T
he Institute introduced its ninth corporate governance guide, entitled "Internal Control and Risk Management
- A Basic Framework," at a press briefing on 29 June. The Guide aims at helping companies improve their corporate governance and business performance.Please click here to view the Guide and press release.
Survey rolls out "Rich Kid, Poor Kid"
T
o kick off a six-month project by the Community Services Committee called "Rich Kid, Poor Kid," the
Institute commissioned a survey about Hong Kong teenagers' attitudes towards money. The survey results were well covered by print and broadcast media. The "Rich Kid Poor Kid" programme is aimed at teaching young people financial responsibility, and will include road shows to schools. Please click here to see the press release and the survey report.
Institute Issues 20 New Hong Kong Standards on Auditing and Review
T
he Institute issued 20 new Hong Kong Standards on Auditing and a new Standard on Review Engagements, under the
International Standards Convergence Project, after receiving strong support for the new Standards during the consultation stage. The adoption of the new Standards will enable audits in Hong Kong to benefit efficiently from the improvements to International Standards on Auditing and Review Engagements. Click here for details.
Technical Update Evenings
Come and exchange views with the Technical Directors
Revised Standard on Fraud Consideration (5 July)
21 Replacement Hong Kong Auditing Standards
(2 August)
Click here for details and registration.
Seminar on Audit Documentation - Lessons from Practice Review
A

seminar to assist practitioners to learn the factors identified which may be contributing to inadequate audit documentation and to gain a better

understanding of the application of documentation standard will be held on Saturday 6 August and 3 September (re-run).
Click here for more details. 
Sports News
Nine teams contested in the Institute's annual Basketball Competition. In the Final on 18 June at Western Park Sports Centre, Team PWC1 won the Championship while Team Challengers came as the first runner-up.  
The Institute's dragon boat teams, comprising some 50 members of the Dragon Boat/Water Sports Interest Group, participated in a number of races in the past three weeks. These included Discovery Bay races on 11 June, the Hong Kong International Dragon Boat Races at Tsimshatsui on 18-19 June, and the Summer Vigour Mini Dragon Boat Races at Sai Kung on 26 June. Click here to enroll as a member of the Sports Interest Groups.  
The Institute's Team-of-Four Contract Bridge Tournament took place on 25 June at Mariners' Club with four teams participating in a single round robin format. The team formed by Roger Ling, David Chan Yik Keung, Chung Wai Kuen and Andy Leung Kin On emerged as the champion.  
Please click here to see photos of the above events.
For Your Information
T
he Hong Kong Trade Development Council will organise a series of seminars on 7 July 2005 regarding investment opportunities in Guangzhou, Shenzhen and
Yangjiang. Click here for details.
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 andrew@hkicpa.org.hk
Mr. Anson Lok 2287 7041 anson@hkicpa.org.hk
Ms. Vian Tai 2287 7224 vian@hkicpa.org.hk
Mr. Kelvin Chiu 2287 7096 kelvin@hkicpa.org.hk

This email together with the file(s) transmitted is intended solely for addressee(s) only and may contain confidential and/or privileged information. If you received this email in error, please contact the sender and delete it together with its attachment(s) from your computer(s). You should note that the views and opinions expressed in this email are those of the author and do not necessarily represent those of the Hong Kong Institute of Certified Public Accountants. The recipient should check this email and all attachments for the presence of virus. The Institute will not accept liability for any damage caused by any virus transmitted with this email.