Important
Notice

The Hong Kong Institute of Certified Public Accountants announced that from Wednesday 15 July 2020 until further notice, the closure of the library facilities and the adjustment of the services hours of the counter on the 27th floor from 11:00 a.m. to 3:00 p.m. from Monday to Friday, whilst counter services hours on Saturday remains unchanged (from 9:00 a.m. to 12:00 noon).


In addition, all face-to-face CPD courses and member events from 15 to 31 July will be cancelled. We will closely monitor the situation to determine whether it is necessary to extend these measures. Arrangements for future events and refunds will be advised in due course.

 

Please click here to view the list of cancelled events.

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Practice Review Self-Assessment Questionnaire

Background

The Institute uses a mixed approach that includes cycle and risk based elements to select practice units (firm, corporate practice or practising certificate holders practising in their own name) for its revised Practice Review Programme (Programme). Practice units will be selected for reviews primarily based on their risk profiles identified from analysis of a practice unit’s responses to the Practice Review Self-Assessment Questionnaire (Questionnaire) and other relevant information.  Accordingly, each practice unit is required to complete the Questionnaire.

The Questionnaire consists of three parts. Part A (General), Part B (Audit and Assurance) and Part C (Anti-Money Laundering and Counter-Terrorist Financing (AML / CTF) Compliance). Practice units that (i) did not provide any services during the period from 1 April 2019 to 31 March 2020; and (ii) do not intend to do so for the period from 1 April 2020 to 31 March 2021, are only required to complete Part A.  The relevant practitioners are however required to make a declaration of inactive status and provide an undertaking to notify Quality Assurance Department (QAD) in writing within 1 month after their practice units commence or resume public practice to provide any services in future, in Part A of the Questionnaire.

 


 

Practice units concerned

All practicing units (that is firms, corporate practices, and practicing certificate holders practising in their own name) registered on or before 10 April 2020 are required to submit the Questionnaire.

 


 

Contents of the 2020 Questionnaire

The Institute’s revised Programme covers all practice units unless they are exempted because of their inactive status. After the Financial Reporting Council (Amendment) Ordinance (“FRC(A)O”) took effect on 1 October 2019, the remit of the Programme has changed to the regulation of non-public interest entity (non-PIE) engagements and AML / CTF compliance monitoring. Since then, practice units that have audit and assurance clients are separated into four categories (i.e. Standard and Tiers 1, 2 and 3) based on the numbers of their audit clients, regulatory clients and practising partners or directors. Practice units in higher categories will be subject to practice reviews more frequently.

 

The frequency of reviews of practice units that do not have audit and assurance clients will depend on whether “Specified Transactions” (as defined in the Guidelines on Anti-Money Laundering and Counter-Terrorist Financing for Professional Accountants included as part of the Institute’s Code of Ethics for Professional Accountants) have been carried out and, if so, the extent of those transactions. 

Accordingly, the 2020 Questionnaire has particular focus on collecting information about non-PIE engagements, including those falling outside the definition of “public interest entity engagements” in the FRC(A)O, and Specified Transactions carried out by practice units.

Part A (General)
Part A sets out questions to differentiate and direct practice units with different business activities to answer specific questions. Inactive practice units are required to make a declaration and provide an undertaking to notify the QAD in writing within 1 month of commencing or resuming public practice to provide any services detailed in Part A in the future. Practice units that provided audit and assurance services in the relevant period are required to answer Parts B and C. Practice units that did not provide audit and assurance services but that did provide other services in the relevant period are required to answer Part C.

Part B (Audit and Assurance)
Part B sets out questions to collect basic information about practice units’ quality control systems, audit methodologies, subcontracting and business referral arrangements, and statistics, such as numbers of practising principals, audit staff, non-PIE clients, etc.

Part C (AML / CTF compliance)
Part C sets out questions to collect some basic information about AML / CTF related matters for future practice review purposes. The Institute has plans to carry out an institutional assessment of money laundering and terrorist financing risks of the accounting profession in which further information about AML / CTF compliance and related matters will be collected from all CPAs and practice units, tentatively towards the end of 2020. The institutional assessment will assist the Institute in the future development of its supervisory function to ensure compliance with the AML / CTF Ordinance and Financial Action Task Force recommendations. Details of the institutional assessment will be communicated to members in due course.

 


 

User Manual and FAQ

To download the Questionnaire User Manual and FAQ, please click the following buttons.

 

 

 


 

Questionnaire

Important note: Please note that the Questionnaire is required to be completed online. Hard copy submissions will not be accepted.

 

However, to facilitate practice units ease of completing the Questionnaire, it is available to download a PDF version. Practice units can then prepare their answers for submission online.   

 

To download the Questionnaire, please click the following button.

 

 

To view and print PDF documents you need a Adobe Acrobat Reader. If it is not already installed on your computer, please click on the icon below to download it.

 


 

Click below to access the Questionnaire

 


 

Application for Login ID and Password

Practice units should have been provided with Login ID and Password. If a practice unit does not have or forget the Login ID and Password, please click here to apply.  To learn more about how to acquire, activate, or change your Login ID and Password, please click here.

 


 

Groups of Identical Practice Units

Groups of “Identical Practice Units” (as defined under the Institute's Policy on Determining a Group of Identical Practice Units) are those that have made a declaration to us that two or more practice units are closely connected in terms of ownership or management and share an identical system of quality control. Those groups are only required to complete one Questionnaire covering all the practice units within the group. The practice unit that has been selected to be the “Master Practice Unit” for the declared group should use its CPA Practice login to access the Questionnaire and complete it for the declared group.

 

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