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Standard setting
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Live webinar: Interaction between Risk-based Capital and HKFRS 17 Insurance Contracts
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The Hong Kong Insurance Authority is developing a new Hong Kong Risk-based Capital (HKRBC) regime for the insurance industry in Hong Kong, and the HKRBC is expected to be effective in 2024. The live webinar on 10 October will explain the key elements of the HKRBC including the key assumptions and methodology for the HKRBC, as well as how the HKRBC would interact with HKFRS 17 and the related impact on the Hong Kong insurers.
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Live webinar: Accounting considerations for a Special Purpose Acquisition Company (SPAC)
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A listing regime for SPACs in Hong Kong was effective from 1 January 2022. The structure of a SPAC could give rise to a number of complex financial reporting issues at different points during its lifecycle. The live webinar on 1 November will highlight the key financial reporting considerations observed or expected in typical SPAC structures in the two distinct phases of a SPAC’s lifecycle, and cover any related and latest developments from the IFRS Interpretations Committee.
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Invitation to comment
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The Institute is seeking comments on Exposure Draft Practice Note 851 (Revised), Reporting on the Annual Financial Reports of Non-Governmental Organisations on proposed updates to align the practice note with Hong Kong Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information and the current version of the Lump Sum Grant Manual published by the Social Welfare Department of the Government of the HKSAR.
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Workshop for new auditors (re-run)
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The workshop on 11, 13 and 18 October is a tailor-made programme that provides the core concepts and practical skills essential for new auditors of financial statement audits. It applies an interactive learning format through discussions, case studies and role-play. Speakers will teach auditing concepts and practical skills, as well as share their practice experience relevant to new auditors.
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Circular on Reporting for Certification of Funds under Schedule 16D to the Inland Revenue Ordinance (Cap. 112)
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This circular provides guidance to practitioners when undertaking engagements to report on a fund’s compliance with the Guideline on Certification of Funds Issued by the Monetary Authority under Schedule 16D to the Inland Revenue Ordinance (Cap. 112).
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Digital transformation & innovation in auditing: insights from a review of academic research
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This article by International Federation of Accountants (IFAC) discusses a research on digital transformation in the external audit setting. The research has provided valuable insights into digital transformation within audit engagements and delineates person-specific, task, and environmental factors that influence adoption of technology. It recommends audit firms and practitioners take a methodical approach to technology adoption by involving all necessary parties and ensuring there are sufficient resources (e.g. human capital and technology) to enable the adoption of specific types of data analytic tools.
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ICAEW audit and assurance resources
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The Institute of Chartered Accountants in England and Wales (ICAEW) has the following resources that may be of interest to members:
- ISQM 1 Implementation: 100 days to go offers tips and recommended reading for very small practices.
- Quality Management: ISQM 1 in practice – experience sharing from a practitioner in designing and implementing the new and revised quality management standards in practice, by making references to the available resources provided by various professional bodies and making uses of the firm’s existing documentation regarding its quality control system.
- Resources to help audit firms prepare for the new and revised quality management standards.
- The podcast – What are the issues with tackling fraud? highlights the common types of fraud, the challenges of trying to combat it, the red flags that accountants might come across, and how professionals should respond.
- Summary of links to technical help, webinars, publications and events to all stages of an audit.
- Resources and support tools on auditing accounting estimates under ISA 540 (Revised), such as webcasts and articles with practical illustrations.
Institute members can subscribe to ICAEW’s International Standards platform for free to access a wide range of resources on auditing and ethics.
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HKICPA resource centre
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Access resources and publications at the Institute’s revamped Resource Centre to the Code which will keep you updated on the latest ethics pronouncements.
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Bringing the Code of Ethics to life
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This article by ICAEW introduces a publication on ethical dilemmas case studies released by the Consultative Committee of Accounting Bodies (CCAB) which gives helpful advice for accountants to apply to real-life situations. The case studies examine the practical considerations, including how to communicate the issue with the client and possible courses of actions to address the issue; address suspected non-compliance with laws and regulations (NOCLAR), including bribery and cover-up of breaches of environmental laws and regulations, and consider any legal reporting obligations for the firm, etc. The case studies provide an interesting and illuminating way to engage with the Code of Ethics for Professional Accountants while also increasing awareness of some threats to ethical conduct that can arise in an accountancy firm.
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Leading financial market participants call for stronger alignment of regulatory and standard setting efforts around sustainability disclosure
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Sixty-five companies, investors and professional accounting firms from across the world add their voices to the call for major standard-setting efforts to more closely align with and support a global baseline for reporting sustainability-related information.
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IFAC and A4S to host a virtual event on net-zero commitments and climate transition on 21 September
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To better understand how finance leads are enabling their organization’s decarbonization strategies and transition planning and what obstacles they are facing, the IFAC and the Accounting for Sustainability (A4S) are partnering to host a virtual event on 21 September.
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