Issue no. 170 (30 August 2007)
Dear Members / Member Practices,
 
  Institute news
Remembering Sir Gordon
The Institute is holding a memorial service on 10 Sept. for its founding president, Sir Gordon Macwhinnie, at St. John's Cathedral on Garden Road, Central. If you'd like to pay your last respects to Sir Gordon, please join the service from 4:30 p.m. to 5:30 p.m. on that day. Seats are available on a first come, first serve basis. For enquiries: Kennes Lui at 2287-7002.
Ruling on judicial review

The Court of First Instance has ruled on a judicial review case brought against the Institute by the LegCo representative of the accountancy functional constituency in regard to the distribution of her newsletters to members. It has set aside the decision of the Institute's council not to distribute her newsletters to members. The Institute has said it respects the court's decision and will discuss next steps at its Sept. meeting. Click here for the Institute's media statement.

Institute hosts Chinese conference
The Cross-straits, Hong Kong and Macau Accounting Profession Conference on 21-23 Sept. is an opportunity you can't miss. More than 300 CPAs from the four destinations will join the HKSAR Financial Secretary John Tsang to discuss the issue of practising risks. Enrol as a group to enjoy a discount or join as a sponsor.
Celebrating national day
  The national day dinner for the accounting profession is taking place on 20 Sept. at Inter-Continental. Book a table for your firm to meet other CPAs and senior government officials from Hong Kong and the mainland.
Soaring demand for practice review forum

Due to popular demand, one more forum has been arranged on 26 Oct. on the use of the electronic practice review self-assessment questionnaire. Reserve your place now. +
MPF updates
The latest developments in mandatory provident funds is the topic of the financial services interest group's lunch seminar on 27 Sept. +
IT tour to Cyberport
IT interest group visited the high-tech offices of Microsoft and ESRI China, a software company, at Cyberport on 24 Aug. Click here to see the visit.
 
  CPD
Exploring Islamic opportunities

Come join the Institute's CPD programmes organized with FTC Kaplan to explore investment opportunities in emerging Islamic economies. +
 
  Business news
Big Four called to fix subprime crisis

A U.S. senator is calling on Big Four accounting firms to make sure their clients understand new SEC and FASB guidance that has bearing on subprime loans, CFO.com. reports. +

Audit fees rocket 345%

Audit fees at the world's leading firms climbed by 345% between 2001 and 2006, according to U.S. research examining 100 audit firms and 1,300 companies. The rapid rise was attributed to Sarbanes-Oxley and the growing varieties of audit-related services, Financial Director reports. +

Independent oversight in New Zealand

The New Zealand Securities Commission and Big Four accounting firms are urging independent audit regulation and oversight in line with international best practice, according to Infonews.co.nz. +
Refco sues three accounting firms

Refco Inc., a failed U.S. commodities brokerage, is suing Grant Thornton, PwC and Ernst & Young in the U.S. and other related parties for more than US$2 billion in damages for their role in an initial public offering scandal. Refco collapsed in 2005 shortly after its IPO, and was found to have hidden US$430 million in debt, CFO.com reports. +
 
  For your information
The Asian Financial Forum 2007 organized by the HKSAR government and Trade Development Council is taking place on 21 Sept. +
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The "Business news" section contains information from outside sources. We endeavour to link to reputable sources but the Institute is not responsible for the accuracy of the content and the content does not necessarily represent the views of the Institute.

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