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A monthly e-newsletter for registered students of Hong Kong Institute of CPAs
 
 
 
 
 
 
 

Dear Registered Students,

Welcome to the maiden issue of the Prospective CPA, a monthly e-newsletter for our registered students. This e-newsletter will provide students with the most up-to-date news you can use. In this issue, you will find news about the latest mutual recognition arrangements, the practical experience framework, the CPA QP and other exam-related matters, jobs and salary trends and information about student functions. If you have not already provided us with your e-mail address, please do so to make sure you receive our news faster and in an environmentally-friendly format. Should you have any comments or suggestions about this e-newsletter, we're keen to hear from you: email us at etd@hkicpa.org.hk.

Yours truly,

Georgina Chan
Executive Director
Qualification Division

 

 

 

Our Institute has reached agreement with the prestigious Canadian Institute of Chartered Accountants (CICA). This will mean that for the first time, our Institute members who qualified through the QP can become a Chartered Accountant in five continents, which can lead to practising rights in eight countries. Please click here for details, including Mutual Recognition Agreement with CPA Australia, update on negotiations with the Association of Chartered Certified Accountants (ACCA) and Chartered Institute of Management Accountants (CIMA).

 



 
 

 

The Institute's competency-based Practical Experience Framework (PEF) is now mandatory for all registered students. Experience acquired on or after 1 January 2005 counted for membership admission has to be acquired under an Authorised Employer/ Authorised Supervisior. This structured framework helps students obtain the appropriate type and level of practical experience with an authorised employer or supervisor, who has registered with the Institute. A pre-designed record form, which is included in the PEF Support Manual at our website; should be used to document students' practical experience.

To help registered students better understand the practical experience requirements, the Institute has prepared a Training Package, which consists of the manual and a training programme contained in a CD-Rom. This package is now available for collection free-of-charge, at the Institute until 15 July 2005. After this date, the package costs HK$200. The training programme is also accessible on-line from our website. You can refer to the package for full details of practical experience requirements for membership admission, together with a list of Frequently Asked Questions. The full list of Authorised Employers/Authorised Supervisors is also accessible from our website.

 

Date Seminar/ Workshop
16 & 23 July 2005 Training Workshop "Consolidation Skills"
If you are interested participating in these functions, please click here for details of the courses and how to apply.
 

 


The Institute will offer Revision Courses for candidates sitting the CPA QP Modules A & C examinations in September 2005. Please click here for more information.


The Institute's Student Social Activities Sub-Committee organised a firm visit activity to Shenzhen on 5 March 2005. Please visit our website for the highlights.
 



Technical Update Seminars on tax, financial reporting and assurance for CPA QP candidates and PC Exam candidates were held in April 2005. Webcasted videos for these seminars are now available at the CPA QP Learning Support Centre.



Tune in to Cable TV News Channel 1 at 8:20 p.m. every Monday to see the programme "CPA ±Ð§AÚ»½L¼Æ" with fellow CPAs explaining a range of accounting subjects, including preparation of financial statements, goodwill amortization, contingencies and liability. The programme is part of the Institute's public education on how to read financial statements. The first show aired on 23 May and it will run for a total of 12 weeks. Please click here to view the program.


(Ting Chui Yan, top candidate in the Final Professional Examination June 2004 session)

The biggest challenge in passing the FPE is mastering the volume of material tested.
The critical factor to get through difficult times of study is to have a tangible goal to focus on ¡V picture that QP Graduate certificate that you are shooting for and the joy and excitement that comes from passing the exam.

(Lo Oi Yin, top candidate in the Module B May 2004 session)

It is essential to have a comprehensive knowledge about the subject when taking the Module B exam since it is rather broad. An extensive index can be very useful when you have limited time in answering the questions. Most importantly, try to answer all questions. It may help you pass, or even get a prize.

(Chu Sze Nam , top candidate in the Module D May 2004 session)

The way to tackle the exam is totally different from what you are used to in traditional examinations. Good preparation of questions is essential to succeed in the workshops. In addition, you should be pro-active and creative in order to impress the Workshop Facilitators. When it comes to the written examination, don't bring along all your notes and past questions: instead just bring a concise file with a user-friendly index.

Please click here for more study tips.

     



Now, members can gain advance standing in 13 Masters Programmes offered by seven universities and institutes. Members will be granted exemptions when taking these programmes. Please click here for full list.



The Institute has completed its accreditation of the Bachelor of Accountancy ( Hong Kong ) Programme offered by the University of South Australia in collaboration with School of Continuing Education of the Hong Kong Baptist University. We are pleased to announce that the programme has been accredited as an approved accountancy degree for direct entry to the Institute's CPA QP for the next two years. For the full list of accountancy programmes accredited by the Institute, please refer to our homepage.
     

The Hong Kong accounting and audit job market is at its most buoyant for four years. This is good news for job seekers but rising salaries and staff turnover have made it difficult for employers.

Guy Day, Managing Director for Asia at Ambition, believes internal audit is the single biggest specialist area of growth in the accounting recruitment industry. "Internal audit has always been around but changes in the corporate governance landscape have led to dramatic increases in demand."

Ambition's research suggests that accountants and auditors moving job within the financial services sector are receiving increments of 10-20%. Within commerce and industry, raises are slightly lower at 10-15%. Day asserts that pay is behind staff turnover in Hong Kong and encourages employers to re-evaluate their retention strategies. "Money is not the only factor but it's pretty important. It's critical you pay the staying rate and not the going rate."

For more details of the Ambition's research, please refer to their latest market trends and salary reports.

 
     

     
 
Dr. Stella Cho Associate Professor, School of Accounting and Finance, the Hong Kong Polytechnic University (Chairperson)
Ms. Amy Chow
Director, Financial Intelligence Training Limited (Deputy Chairperson)
Mr. Nelson Lam
CPA, Nelson & Company (Deputy Chairperson)
Mr. Vincent Hoe
Chief Financial Officer, Jiwa Bio Pharm Holdings Limited
Ms. Helen Hsu
Partner, Assurance & Advisory Business Services, Ernst & Young
Ms. Ruth Kung
Senior Manager, PricewaterhouseCoopers
Mr. Wilson Kwok
Partner, Lam Kwok Kwan & Cheng CPA Limited
Ms. C. K. Lam
Tax Manager, Tax Department, Deloitte Touche Tohmatsu
Mrs. Richa Lath
Assistant Manager, Training Department, KPMG
Dr. Peter Lau
Associate Professor, Department of Accountancy & Law, Hong Kong Baptist University
Dr. Richard S. Simmons
Assistant Professor, Department of Accounting & Finance, Lingnan University
Mr. Thomas Wong
Director of China Program Development and Adjunct Associate Professor in Accounting, School of Business and Management, Hong Kong University of Science and Technology
Dr. Joseph Yau
Assistant Professor, School of Business & Administration, Open University of Hong Kong
Mr. David Yip
Visiting Associate Professor, Department of Accountancy, City University of Hong Kong
Mr. Eric Chu
CPA QP Student Representative

 
 

Student Education & Training Department
Hong Kong Institute of Certified Public Accountants
4/F, Tower Two, Lippo Centre, 89 Queensway, Hong Kong
Tel: 2287 7236/ 2287 7099

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